Green Mountain Coffee (GMCR) Enters Offer Letter for International Execs
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October 15, 2012, Green Mountain Coffee Roasters, Inc. (Nasdaq: GMCR) entered into an offer letter with Gerard Geoffrion, age 60, pursuant to which Mr. Geoffrion will serve as the Company's President, International Business Development effective immediately.
Mr. Geoffrion has most recently served as President, GMCR Canada Holding, Inc. and President, Canada Business Unit. In his new role, Mr. Geoffrion will lead the exploration of business opportunities outside North America. Pursuant to the terms of the Geoffrion Offer, Mr. Geoffrion will work for the Company on a full-time basis and will receive an annual base salary of $390,000 and other benefits, including short-term (with an opportunity at target for Fiscal Year 2012 of 60% of base salary) and long-term incentive (with an opportunity at target for Fiscal Year 2012 of 120% of base salary) bonus compensation based upon the Company achieving certain operational and financial goals, as determined by the Company’s board of directors in its sole discretion.
There are no family relationships between Mr. Geoffrion and any of the Company’s directors or executive officers and the Company has not entered into any transactions with Mr. Geoffrion that are reportable pursuant to Item 404(a) of Regulation S-K.
Also on October 15, 2012, the Company entered into an offer letter with Sylvain Toutant, age 49, pursuant to which Mr. Toutant will serve as President, GMCR Canada Holding, Inc. and President, CBU effective immediately. Pursuant to the terms of the Toutant Offer, Mr. Toutant will work for the Company on a full-time basis and will receive an annual base salary of $375,000 and other benefits, including short-term (with an opportunity at target for Fiscal Year 2012 of 60% of base salary) and long-term incentive (with an opportunity at target for Fiscal Year 2012 of 100% of base salary) bonus compensation based upon the Company achieving certain operational and financial goals, as determined by the Company’s board of directors in its sole discretion. Upon acceptance of the Toutant Offer, Mr. Toutant was granted a long-term incentive award valued at $187,500, consisting of 80% options and 20% RSUs. The options will vest in four equal annual installments and the RSUs will vest in three annual installments; 25% the first installment, 25% the second installment and 50% the third installment.
There are no family relationships between Mr. Toutant and any of the Company’s directors or executive officers and the Company has not entered into any transactions with Mr. Toutant that are reportable pursuant to Item 404(a) of Regulation S-K.
Mr. Geoffrion has most recently served as President, GMCR Canada Holding, Inc. and President, Canada Business Unit. In his new role, Mr. Geoffrion will lead the exploration of business opportunities outside North America. Pursuant to the terms of the Geoffrion Offer, Mr. Geoffrion will work for the Company on a full-time basis and will receive an annual base salary of $390,000 and other benefits, including short-term (with an opportunity at target for Fiscal Year 2012 of 60% of base salary) and long-term incentive (with an opportunity at target for Fiscal Year 2012 of 120% of base salary) bonus compensation based upon the Company achieving certain operational and financial goals, as determined by the Company’s board of directors in its sole discretion.
There are no family relationships between Mr. Geoffrion and any of the Company’s directors or executive officers and the Company has not entered into any transactions with Mr. Geoffrion that are reportable pursuant to Item 404(a) of Regulation S-K.
Also on October 15, 2012, the Company entered into an offer letter with Sylvain Toutant, age 49, pursuant to which Mr. Toutant will serve as President, GMCR Canada Holding, Inc. and President, CBU effective immediately. Pursuant to the terms of the Toutant Offer, Mr. Toutant will work for the Company on a full-time basis and will receive an annual base salary of $375,000 and other benefits, including short-term (with an opportunity at target for Fiscal Year 2012 of 60% of base salary) and long-term incentive (with an opportunity at target for Fiscal Year 2012 of 100% of base salary) bonus compensation based upon the Company achieving certain operational and financial goals, as determined by the Company’s board of directors in its sole discretion. Upon acceptance of the Toutant Offer, Mr. Toutant was granted a long-term incentive award valued at $187,500, consisting of 80% options and 20% RSUs. The options will vest in four equal annual installments and the RSUs will vest in three annual installments; 25% the first installment, 25% the second installment and 50% the third installment.
There are no family relationships between Mr. Toutant and any of the Company’s directors or executive officers and the Company has not entered into any transactions with Mr. Toutant that are reportable pursuant to Item 404(a) of Regulation S-K.
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