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Staples' limits severance benefits for senior executives

A shopping cart is seen outside a Staples office supplies store in the Chicago suburb of Glenview, Illinois, February 4, 2015. REUTERS/Jim Young

(Reuters) - Office supplies retailer Staples Inc (SPLS.O) said on Tuesday that it would limit severance benefits payments for senior its executives.

The company said it would without seek shareholder approval to pay an executive severance benefits that amounts to more than 2.99 times the sum of their base salary plus target annual cash incentive award.

Chief Executive Ron Sargent has elected to amend his severance agreement to align with the terms of the new policy, the company said.

(Reporting by Subrat Patnaik in Bengaluru; Editing by Savio D'Souza)