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This excerpt taken from the GMCR DEF 14A filed Jan 25, 2007. Fiscal Year-End Option Values
On September 14, 2000, the Board of the Company adopted a resolution establishing the Green Mountain Coffee, Inc., Employee Stock Ownership Plan (“ESOP”). The ESOP is qualified under sections 401(a) and 4975(e)(7) of the Internal Revenue Code. All employees of the Company, including the Named Executive Officers, with one year or more of service who are at least 21 years of age are eligible to participate in the Plan, in accordance with the terms of the Plan. The Company may, at its discretion, contribute shares of Company stock or cash that is used to purchase shares of Company stock. Company contributions are credited to eligible participants’ accounts pro-rata based on their compensation. For Plan participants hired before January 1, 2002, Plan benefits vested ratably over five years from the date of hire of the employee. For Plan participants hired after January 1, 2002, Plan benefits vest after five years of employment. The Company recorded ESOP compensation costs of $200,000 annually for each of the fiscal years ended on September 30, 2006, September 24, 2005, and September 25, 2004. The Company loaned the ESOP $2,000,000 during the fiscal year ended on September 29, 2001 pursuant to a Loan Agreement dated April 16, 2001. During fiscal 2001, the ESOP purchased 86,300 shares of the Company’s common stock in open market purchases. As of September 30, 2006, 9,770 of those shares remained unallocated to Plan participants.
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