- Current report filing (8-K)
April 02 2010 - 11:10AM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
and Exchange Act of 1934
Date of
Report (Date of earliest event reported): March 29, 2010
Peet's Coffee & Tea,
Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Washington
(State
of jurisdiction)
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0-32233
(Commission
File No.)
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91-0863396
(IRS
Employer Identification No.)
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1400 Park
Avenue
Emeryville,
California 94608-3520
(Address
of principal executive offices and zip code)
Registrant's
telephone number, including area code: (510) 594-2100
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:
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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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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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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SECTION
5 – Changes in Control of Registrant
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers
On March
29, 2010, the Compensation Committee of the Board of Directors (the “Committee”)
of Peet's Coffee & Tea, Inc. (the "Company") performed a review of the
2010 compensation for its named executive officers other than the chief
executive officer and modified the incentive compensation
program. The cash incentive compensation was increased from either
24% or 27% to 30% of base salary for all named executives. The equity incentive
portion was changed from either 16% or 18% of base salary to an annual stock
option grant valued at the 50
th
percentile of Company’s peer group, subject to discretion.
The
Company's cash incentive compensation will continue to be based on an incentive
target value expressed as a percentage of base salary and will be payable based
on the Company meeting certain specified financial and strategic performance
objectives with the opportunity for 2010 for the executive officers to earn up
to 67% above the target. The Compensation Committee had previously
made similar changes to the incentive compensation for the Company’s chief
executive officer.
In
addition, the Committee approved a 6% salary increase to $308,990 for Ms.
Bogeajis, effective March 15, 2010.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, Peet's Coffee &
Tea, Inc. has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Peet's
Coffee & Tea, Inc.
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Dated:
April 2, 2010
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By:
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/s/ Thomas P. Cawley
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Thomas
P. Cawley
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Chief
Financial Officer
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