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Starboard retains Vassalluzzo, Nardelli for Office Depot stake

Starboard Value, owner of 14.8% of Office Depot's outstanding shares, disclosed that it retained both Joseph Vassalluzzo and Robert Nardelli as advisors in relation to its investment in Office Depot. Starboard agreed to pay each of the advisors an upfront fee equal to $40,000 in cash. Each advisor agreed to use the after-tax proceeds to acquire securities of Office Depot, no later than twenty-eight business days after receipt of the compensation.