50 of the Top 250 law firms use our Products every day
Mr. John
Culver
2401 Utah Avenue South
Seattle, WA 98134
Thank you for
your contributions to the Company’s success and
congratulations on your promotion to executive vice president;
president, Global Consumer Products, Foodservice and
Seattle’s Best Coffee, effective February 20,
2009.
Here are the
specifics of your offer:
You will be
paid bi-weekly at a base salary that annualizes to
$425,000.
Executive
Management Bonus Plan
You will be
eligible to participate in the Executive Management Bonus Plan
(EMBP) for fiscal year 2009. Your bonus target will be 50% of
your eligible base salary. Payout will be based on achievement of
Company, business unit/department, and individual
objectives.
For more
information about the bonus plans, or a copy of the plan document,
please talk to your Partner Resources generalist. Starbucks
reserves the right to review, change, amend, or cancel incentive
plans at any time.
You will be
granted stock options to purchase additional shares of Starbucks
common stock with an economic value of $170,000 USD under the Key
Employee Sub-Plan to the 2005 Long-Term Equity Incentive Plan,
subject to formal approval by the Compensation and Management
Development Committee of the Board of Directors. The exercise price
of the options will be the regular trading session closing price of
a share of Starbucks stock on the date of the grant. The grant date
of your options will be after you assume your new role and
otherwise effective in accordance with the Company’s equity
grant timing policy. The options will be non-qualified and will
vest in equal installments over a period of four (4) years,
beginning on the first anniversary date of the grant, subject to
your continued employment.
As a senior
executive the Company’s executive stock ownership guidelines
will apply to you. The guidelines require covered executives to
achieve a minimum investment
in Starbucks
stock within five years. The minimum investment for executive vice
presidents is $750,000. A copy of the guidelines will be provided
to you.
Management
Deferred Compensation Plan
|
