UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2008
STARBUCKS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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| Washington
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0-20322
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91-1325671 |
| (State or Other Jurisdiction of
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(Commission File Number)
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(IRS Employer |
| Incorporation or Organization)
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Identification No.) |
2401 Utah Avenue South, Seattle, Washington 98134
(Address of principal executive offices)
(206) 447-1575
(Registrant’s Telephone Number, including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On November 5, 2008, Peter J. Bocian, executive vice president, chief financial officer and chief
administrative officer of Starbucks Corporation (the “Company”), notified the Company that he will
resign from his position effective on or about November 25, 2008 to pursue another opportunity.
Effective on or about November 25, 2008, Troy Alstead will assume the position of executive vice
president, chief financial officer and chief administrative officer. Mr. Alstead, age 45, joined
Starbucks in 1992 and has served as the Company’s senior vice president, Global Finance since
September 2007. Mr. Alstead also served as chief operating officer, Starbucks Greater China from
April 2008 to September 2008, senior vice president, Corporate Finance from September 2004 to
August 2007, interim president, Starbucks Europe/Middle East/Africa from April 2003 through August
2004, and senior vice president, Starbucks Coffee International from March 2003 through March 2004.
Mr. Alstead served in a number of other senior positions with Starbucks prior to 2004.
The Company has entered into a letter agreement with Mr. Alstead in connection with his promotion
to executive vice president, chief financial officer and chief administrative officer. The letter
agreement is attached as Exhibit 10.1 and is incorporated herein by reference. The material terms
and conditions of this letter agreement were approved by the Compensation and Management
Development Committee at a meeting held on November 6, 2008. Mr. Alstead will be paid a base
salary that annualizes to $450,000. For the 2009 fiscal year, Mr. Alstead will be eligible to
participate in the Company’s Executive Management Bonus Plan at an incentive target of 50% of his
eligible base salary. In connection with his promotion, Mr. Alstead will receive a stock option
grant with an economic value of $210,000, such stock options to be non-qualified options which will
vest in equal installments over a four-year period, beginning on the first anniversary of the date
of the grant. The exercise price of each stock option will be equal to the closing price of the
Company’s common stock on the date of grant. Mr. Alstead will continue to be eligible to
participate in the Company’s Management Deferred Compensation Plan, which allows him to save on a
tax-deferred basis upon meeting certain required criteria. He will also continue to receive a
partner life insurance coverage benefit paid for by the Company equal to three times his annual
base salary, subject to a maximum benefit of $2,000,000.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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| Exhibit No. |
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Description |
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10.1
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Letter Agreement dated November 6, 2008 between Starbucks
Corporation and Troy Alstead |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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STARBUCKS CORPORATION |
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Dated: November 11, 2008 |
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By:
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/s/ Howard Schultz
chairman, president and chief executive officer
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