This excerpt taken from the GMCR 8-K filed Mar 19, 2008.
Adoption of Change-in-Control Severance Benefit Plan
On March 13, 2008, the Board of Directors of Green Mountain Coffee Roasters, Inc. (the Company) approved and adopted the 2008 Change-in-Control Severance Benefit Plan (the Plan) for certain key employees of the Company and its subsidiary. Participants in the Plan include Kathryn S. Brooks, Vice President of Human Resources and Organizational Development, R. Scott McCreary, Chief Operating Officer and James Travis, Vice President of Sales.
Under the Plan, if a Change of Control (as defined in the Plan) occurs and the covered employees employment is terminated by the Company without Cause (as defined in the Plan) or by the covered employee for Good Reason (as defined in the Plan) in the twelve months immediately following, or in the three months immediately prior to, the change in control, the covered employee will be entitled to the following payments and benefits:
No covered employee shall be eligible to receive benefits payable under the Plan if he or she is a party to an employment agreement, severance agreement, change in control agreement or similar agreement with the Company or any of its subsidiaries that provides for payments or benefits in connection with a change of control of the Company unless the covered employee waives his or her rights under such agreement.
The foregoing summary of the Plan is qualified in its entirety by reference to the complete text of the Plan, which is filed as Exhibit 10.1 hereto.