Starbucks Corporation (NASDAQ:SBUX) Files An 8-K Changes in Control of RegistrantItem 5.01Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officer.
On June28, 2018, Starbucks Corporation (the “Company”) issued a press release announcing that Scott Maw, executive vice president and chief financial officer, will retire on November30, 2018 (the “retirement date”) and that the Company has commenced a search process for his successor. The Company entered into a transition agreement with Mr.Maw on June27, 2018, which provides that:
| • | if the Company hires a chief financial officer prior to the retirement date, Mr.Maw will transition to a senior advisor role but remain employed (with the same compensation and benefits) through the retirement date, |
| • | between the retirement date and March31, 2019, Mr.Maw will serve as a senior consultant to the Company in exchange for $250,000 per month (the “consulting fees”), |
| • | subject to his execution of a release of claims and continued employment through the retirement date, Mr.Maw will receive a $400,000 cash transition bonus (the “transition bonus”), and |
| • | the agreement also addresses treatment of included bonus and consulting payments and equity awards in the event of certain early involuntary terminations as set forth in the agreement, which specifies the amounts payable under such limited circumstances. |
The foregoing summary of the transition agreement is qualified in its entirety by reference to the full text of the agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. A copy of the press release is attached as Exhibit 99.1 for reference.
Item 5.01Financial Statements and Exhibits.
(d) Exhibits.
STARBUCKS CORP ExhibitEX-10.1 2 d802843dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 June 27,…To view the full exhibit click here
About Starbucks Corporation (NASDAQ:SBUX)
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development. The Company’s Americas, CAP, and EMEA segments include both company-operated and licensed stores. Its Channel Development segment includes roasted whole bean and ground coffees, Tazo teas, Starbucks- and Tazo-branded single-serve products, a range of ready-to-drink beverages, such as Frappuccino, Starbucks Doubleshot and Starbucks Refreshers beverages and other branded products sold across the world through channels, such as grocery stores, warehouse clubs, specialty retailers, convenience stores and the United States foodservice accounts.
