GREEN MOUNTAIN COFFEE ROASTERS INC FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits
(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Departure of Named Executive Officer
On October 10, 2013 Green Mountain Coffee Roasters, Inc. (the "Company") and
Gerard Geoffrion agreed that Mr. Geoffrion will retire from the Company
effective December 31, 2014 (the "Retirement Date"). Mr. Geoffrion will
continue in his current capacity as President-International Business Development
until March 31, 2014. From April 1, 2014 until December 31, 2014, Mr. Geoffrion
will assume the position of Executive Advisor, Strategic Initiatives. The
information provided in Item 5.02(e) of this Current Report on Form 8-K is
hereby incorporated by reference into this Item 5.02(b).
(e) On October 10, 2013, the Company and Mr. Geoffrion entered
into a letter agreement (the "Letter Agreement") which governs the terms of his
retirement. The Letter Agreement has the following material provisions:
† Until March 31, 2014, Mr. Geoffrion will continue in his current
capacity as President-International Business Development;
† From April 1, 2014 until December 31, 2014, Mr. Geoffrion will assume
a new position of Executive Advisor, Strategic Initiatives;
† Mr. Geoffrion will continue to receive his current annual salary
until his Retirement Date, subject to a merit increase for 2014;
† Mr. Geoffrion will be entitled to his fiscal year 2013 annual
incentive, and be eligible for his fiscal year 2014 annual incentive and his
time pro-rated fiscal year 2015 annual incentive, in each case pursuant to the
terms of the short-term incentive plan at a target of 65% of his annual base
salary, based on actual Company performance;
† Mr. Geoffrion's existing equity grants will remain subject to the
terms of the respective grant agreements; Mr. Geoffrion will also be eligible to
receive a long-term equity compensation grant for fiscal year 2014; and
† The Company will continue Mr. Geoffrion's health care benefits until
he reaches the age of 70, per the terms of his employment agreement, at a cost
to the Company not to exceed $5,000.00 CAD per year.
This summary is qualified in its entirety by the terms of the Letter Agreement.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description99.1 Press release issued on October 15, 2013 announcing retirement of
Gerard Geoffrion and appointment of Paul O'Brien, President, Asia
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