Attached files
file | filename |
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EXCEL - IDEA: XBRL DOCUMENT - STARBUCKS CORP | Financial_Report.xls |
10-Q - 10-Q - STARBUCKS CORP | v54197e10vq.htm |
EX-32 - EX-32 - STARBUCKS CORP | v54197exv32.htm |
EX-31.2 - EX-31.2 - STARBUCKS CORP | v54197exv31w2.htm |
EX-10.1 - EX-10.1 - STARBUCKS CORP | v54197exv10w1.htm |
EX-31.1 - EX-31.1 - STARBUCKS CORP | v54197exv31w1.htm |
EX-10.2 - EX-10.2 - STARBUCKS CORP | v54197exv10w2.htm |
Exhibit 10.3
Mr. John Culver
17087 SE 65th Place
Bellevue,WA 98006
17087 SE 65th Place
Bellevue,WA 98006
Dear John:
Thank you for your contributions to the Companys success and congratulations
on your promotion to president, Starbucks Coffee International, effective
December 1, 2009.
Here are the specifics of your offer:
You will be paid bi-weekly at a base salary that annualizes to $525,000.
Executive Management Bonus Plan
You will continue to be eligible to participate in the Executive Management Bonus
Plan (EMBP) for fiscal year 2010. Your bonus target will be 75% 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 plan, 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.
Stock Option Grant
You will be granted stock options to purchase additional shares of Starbucks
common stock with an economic value of $400,000 USD under the Key Employee
Sub-Plan to the 2005 Long-Term Equity Incentive Plan. 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 Companys
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 Companys 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
president, SCI is $2,000,000. A copy of the guidelines will be provided to you.
John Culver
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Page 2
Management Deferred Compensation Plan
You will continue to be eligible to participate in the Management Deferred Compensation Plan (MDCP)
because you are on our U.S. payroll and meet the eligibility criteria. The MDCP provides eligible
partners with the opportunity to save on a tax-deferred basis. If you have questions about the
MDCP, please contact the Starbucks Savings Team at savings@starbucks.com. You may obtain
more information about the MDCP on the Savings link at http://LifeAt.sbux.com.
Executive Life Insurance
As an executive, you and your family have a greater exposure to financial loss resulting from your
death. You will continue to receive partner life coverage equal to three times your annualized base
pay, paid for by Starbucks. You may purchase up to an additional two times your annualized base pay
(for a total of five times pay) to a maximum life insurance benefit of $2,000,000.
Executive Physical Exam
You will continue to be eligible to participate in Starbucks executive physical program. If you
have questions about this physical, please contact Kelley Hardin at (206) 318-7756.
Benefits
To understand how your new role may affect your benefits, please contact the Starbucks Partner
Contact Center at 1-866-504-7368 or your Partner Resources generalist. Please note that although it
is Starbucks intent to continue these plans, they may be amended or terminated at any time without
notice.
Insider Trading
As an executive, with access to sensitive business and financial information about the Company, you
will continue to be prohibited from trading Starbucks securities (or, in some circumstances, the
securities of companies doing business with Starbucks) from time to time in accordance with the
Companys Insider Trading Policy and Blackout Procedures.
Coffee Hedging
As an officer of the Company, a member of the Coffee Management Group, or a partner involved in
coffee procurement and trading on behalf of the Company, you are prohibited from trading in coffee
commodity futures for your own account. If you have further questions, please contact your Partner
Resources generalist.
In your position, you will remain employed at will, meaning that either you or your employer can
end the employment relationship at any time, for any reason not prohibited by law.
John Culver
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On behalf of the entire team, I wish you the best in your new role and look forward to your
continued success.
Warm regards,
Howard Schultz
chairman, president and chief executive officer
chairman, president and chief executive officer
cc: | partner file Stock Administration (S-HR3) Kalen Holmes |
I accept employment with Starbucks Corporation, and its wholly-owned subsidiaries, according to the
terms set forth above.
/s/ John Culver
|
Nov. 30, 2009 | |||
John Culver
|
Date |
Please sign and return one copy of this letter to Kalen Holmes.