Office Depot Increases and Extends Existing Stock Repurchase Program

Office Depot, Inc. (NASDAQ:ODP), a leading provider of business services and supplies, products and technology solutions, today announced that as part of its ongoing commitment to drive shareholder value, its Board of Directors approved an increase in the authorization of its existing stock repurchase program to $200 million and an extension of the program until the end of 2021. The new authorization includes the remaining authorized amount under the Company’s previous stock repurchase program. Accordingly, the Company will have approximately $190 million available for share repurchases. The authorization permits the Company to repurchase common stock from time-to-time through a combination of open market repurchases, privately negotiated transactions, 10b5-1 trading plans, accelerated stock repurchase transactions and/or other derivative transactions. The stock repurchase program may be modified, extended, suspended or discontinued at any time. The exact number and timing of share repurchases will depend on market conditions and other factors, and will be funded through available cash balances.

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