Summary by Moomoo AI
On November 19, 2024, Starbucks announced amendments to CEO Brian Niccol's offer letter, initially dated August 11, 2024. The amendments aim to align Niccol's performance-based equity grants with the company's grant practices, focusing on target value rather than grant date fair value.The board approved a Replacement Grant for Niccol, with a target value between $75M and $80M, calculated using the closing stock price on the grant date. Additionally, Niccol is eligible for a 2025 annual grant with a target value of $23M, subject to performance-based adjustments by the board.These changes ensure clarity in Niccol's compensation structure, reflecting Starbucks' commitment to aligning executive incentives with company performance.