Summary
This filing is an amendment to Starbucks Corporation's (SBUX) 2003 Form 10-K, primarily correcting clerical errors in executive compensation related to relocation and temporary housing expenses for James L. Donald and David A. Pace. The amendment focuses on the Summary Compensation Table for fiscal years 2001-2003, detailing salaries, bonuses, long-term compensation, and other compensation for key executives. Investors should note the significant relocation and housing expenses incurred for Messrs. Donald and Pace, as well as the substantial annual bonuses and stock options granted to top executives like Orin C. Smith and Howard Schultz.
Key Highlights
- 1Amendment corrects clerical errors in executive compensation reporting for relocation and temporary housing expenses for James L. Donald and David A. Pace.
- 2Summary Compensation Table provides details on executive pay for fiscal years 2001, 2002, and 2003.
- 3Top executives, including President and CEO Orin C. Smith and Chairman Howard Schultz, received substantial salaries and bonuses in the $1 million+ range, along with significant stock options.
- 4James L. Donald, President of North America, received a $400,000 hiring bonus and an $800,000 annual bonus in fiscal 2003, along with $156,468 in relocation and housing expenses.
- 5David A. Pace, Executive Vice President, Partner Resources, incurred significant relocation and temporary housing expenses of $351,143 in fiscal 2003.
- 6The filing includes details on other compensation, such as matching contributions to 401(k) and deferred compensation plans, imputed income for personal use of corporate aircraft, and group life insurance premiums.
Frequently Asked Questions
This filing is an amendment to Starbucks' 2003 Form 10-K, specifically to correct clerical errors in the executive compensation section, particularly regarding relocation and temporary housing expenses for two named executives, James L. Donald and David A. Pace.
In fiscal 2003, President and CEO Orin C. Smith and Chairman and Chief Global Strategist Howard Schultz each received a salary of $1,132,762 and a bonus of $1,417,000. They were also granted 512,000 stock options, along with other compensation components.
Yes, the filing highlights substantial relocation and temporary housing expenses. James L. Donald incurred $156,468 in fiscal 2003, and David A. Pace incurred $351,143 in fiscal 2003 and $57,143 in fiscal 2002 for these purposes.
Beyond salary and bonus, the filing details long-term compensation in the form of stock options. It also lists 'Other Compensation,' which includes matching contributions to retirement plans (401(k) and Management Deferred Compensation Plan), imputed income for personal use of corporate aircraft, and premiums for group life insurance.