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GMCR » Topics » Changes to Compensation of Named Executive Officers

This excerpt taken from the GMCR 8-K filed Mar 19, 2008.

Changes to Compensation of Named Executive Officers

On March 13, 2008, the Company’s Board of Directors approved changes to the compensation payable to Robert P. Stiller, the Company’s founder and former president and chief executive officer who currently serves as the Chairman of the Board of Directors. Mr. Stiller was a named executive officer in the Company’s 2008 proxy statement. Pursuant to the compensation arrangement, Mr. Stiller will serve as a non-executive employee of the Company through September 27, 2008, and is entitled to receive the following payments and benefits:

 

  •  

A Board of Directors chairman fee of $50,000 per fiscal year.

 

  •  

The standard retainer and annual meeting attendance fees payable to all Company directors.

 

  •  

An annual stock option grant of 7,400 shares to be granted at close of business on the date of the Company’s annual meeting.

 

  •  

Base salary in the amount of $5,000 per month through September 27, 2008, at which time the Company will re-evaluate whether Mr. Stiller will continue to serve as a non-executive employee.

 

  •  

Speaking fees in the amount of $ 10,000 per engagement.

The compensation arrangement described above wholly supersedes the prior compensation agreements between Mr. Stiller and the Company.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

10.1 Green Mountain Coffee Roasters, Inc. 2008 Change-in-Control Severance Benefit Plan

 

10.2 Green Mountain Coffee Roasters, Inc. Amended and Restated Employee Stock Purchase Plan

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