Document:

Offer Letter to John Costello

			
	  
  
  

 

	 	  
 Exhibit 10.15

 

 

  
 Offer of Employment

 
 September 30, 2009

 
 Mr. John H. Costello

4716 Northside Drive
 NW Atlanta, GA
30327
  
 Dear John,

 
 On behalf of Dunkin’ Brands, Inc. (the “Company”), I am pleased to
offer you employment on the terms set forth below.
  
 This offer of
employment is contingent upon the satisfactory completion of:
  
 •      a background screening,
  

•      reference checks regarding your past employment,

 

•      satisfactory completion of all legal documents including
non-competition and intellectual property protection documents, and
  
 •      documented release from all binding non-competition agreements (Dunkin’ Brands, Inc. reserves the right to verify status of agreements and
releases).
  
 Position

 
 You will serve in a full-time capacity as Chief Global Customer and Marketing Officer
reporting directly to Nigel Travis, Chief Executive Officer.
  
 Start
Date
  
 Your anticipated start date is still to be determined but
anticipated no later than Thursday, October 1, 2009. You will work in the capacity of “Consultant” until your new position becomes affective on October 8, 2009.

 
 Cash Compensation

 
 Base Salary

 
 You will be paid a bi-weekly salary of $19,230.77 which is equivalent to $500,000.00
on an annual basis, payable in accordance with Dunkin’ Brands’ standard payroll practices for salaried employees.
  
 Your base salary will be reviewed annually, based on market competitiveness and performance, and may be adjusted at that time.

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 	

			
	

	 	
 

  
 Short-Term Incentive

 
 In addition to your base salary, you will be eligible to participate in the
Dunkin’ Brands’ Executive Short-Term Incentive (STI) Plan with a target of 50% of your annual salary. The actual percentage of your Short-Term Incentive will be paid on a prorated basis based upon days employed during the 2009 Plan year,
as well as Dunkin’ Brands’ overall performance, your individual job performance, your ability to meet established goals and objectives, and the terms of the plan as they exist at any given time. A participation letter as well as a plan
document, which explains the program in detail, will be provided to you at a later date.
  
 Please note that for 2009, Company goals have been established to provide for Short Term Incentive plan funding at both Budget and Target levels. While achievement of Target goals provides an opportunity
for 100% funding of the Short Term Incentive, achievement of goals at the Budget level for 2009 will provide for a level of funding that is approximately 44% of the total award opportunity, prorated accordingly as stated above.

 
 Long-Term Incentive

 
 You will be eligible to participate in the Dunkin’ Brands’ 2006 Executive
Incentive Plan. You will be recommended for a grant of 400,000 shares of Restricted Stock at the then current valuation as of the date of the grant. This grant is subject to approval of the Board of Directors at the first grant meeting following
your first day of employment. A Restricted Stock Agreement containing the terms and conditions of this grant and a plan document that governs the Plan will be provided to you at a later date.

 
 Other Compensation

 
 Flexible Perquisite Allowance

 
 You will be entitled to a flexible perquisites allowance of $20,000.00 per annum paid
bi-weekly ($769.23).
  
 Board Memberships

 
 It has been agreed that while you are employed by Dunkin Brands, Inc. you will
continue to serve on one external board as well as three charitable boards. Currently you are serving with Ace Hardware and the American Film Institute, Yellowstone Park Foundation and Grand Teton Music Festival. If you choose to resign from one of
these boards and pursue different memberships you agree to consult with your CEO to agree appropriate board memberships.
  
 Relocation
  
 You will be
eligible for relocation from Atlanta, GA to the Canton, MA area. Our expectation is that you will complete your relocation within 12 months of your hire date. Specifically, you will be eligible for movement of household goods as well as an allowance
of $150,000.00 for rental reimbursement. This allowance will be paid to you over an 18 month time period in equal installments of $3846.15 for 39 pay periods beginning November 1, 2009. All required taxes will be deducted from each
payment.

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 	

			
	

	 	
 

  
 Benefits

 
 Dunkin’ Brands offers an attractive benefits program. Upon election, medical and
dental coverage is effective the first of the month following your start date. Most company-paid benefits are effective upon hire. Employee elected benefit contributions are handled via payroll deduction.

 
 Insurance

 
 You will be eligible for medical, dental and disability coverage and various life
insurance programs. Details are attached.
  
 Retirement

 
 Dunkin’ Brands will provide you with the opportunity to participate in the
Company’s 401(k) plan for retirement savings.
  
 Deferred
Compensation
  
 You will be eligible to participate in the 2005
Non-Qualified Deferred Compensation Plan. The plan provides an opportunity for pre-tax savings to assist you in accumulating assets for planned events during your working life and retirement. Details are attached.

 
 Vacation

 
 You will begin eligible to accrue vacation at a rate of 3 weeks per year as of your
first day of employment with the company.
  
 Proof of Right to
Work
  
 For purposes of federal immigration law, you will be required to
provide to Dunkin’ Brands documentary evidence of your identity and eligibility for employment in the United States within (3) business days of your date of hire.

 
 Period of Employment

 
 Your employment with Dunkin’ Brands will be “at will”, meaning that
this offer of employment does not constitute a contract of employment. If employed, you may elect to resign at any time and Dunkin’ Brands may elect to terminate your employment at any time for any reason.

 
 Severance

 
 In the event of your termination by Dunkin’ Brands for something other than
“cause”, you will be eligible for severance equal to 12 months of your then-current base compensation, conditioned on the return of a full release of claims by you. “Cause” means fraud; material neglect (other than as a result of
illness or disability) of your duties to Dunkin’ Brands; conduct that is not in the best interest of, or injurious to, Dunkin Brands; acts of dishonesty in connection with the performance of your duties; or conviction of a felony or crime
involving falsehood or moral turpitude.
  
 Without our receipt of the full
release of claims, you will not be entitled to the aforementioned severance, which is in lieu of and replaces the Dunkin’ Brands’ Severance Program generally applicable to eligible Dunkin’ Brands employees.

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 	

							
	

	 	
 

  
 Code of Conduct/Non-Compete

 
 Before you make your decision regarding this position, you should carefully review
the attached Code of Conduct that you will be required to adhere to once employed by Dunkin’ Brands. As set forth in the conflict of interest section, you will be expected to devote your full-time and attention to Dunkin’ Brands and not be
actively involved in any other business.
  
 While you are employed by
Dunkin’ Brands, the Company (Dunkin’ Brands, Inc.) will not utilize the services of any business in which you have held an ownership interest. Further, you will have to recuse yourself from any hiring decision involving an employee or
former employee of a business in which you have held an ownership interest.
  

Consistent with other senior executives, you will be asked to sign a Non-Compete Agreement with the Company. That document will be provided to you under
separate cover.
  
 Entire Agreement

 
 This offer of employment contains all of the terms of your employment with
Dunkin’ Brands, Inc. and supersedes any prior understandings or agreements, whether oral or written, between you and Dunkin’ Brands.
  

Term
  
 This offer will expire at 5:00PM on Thursday, October 8, 2009.
  
 We hope that you find the foregoing terms acceptable. You may indicate your agreement with these terms and accept this offer by signing and dating the enclosed letter and returning it to me. We look
forward to your decision to join Dunkin’ Brands.
  

Sincerely,
  

 

 Nigel Travis
 Chief
Executive Officer
 Dunkin’ Brands, Inc.
  

I ACCEPT THE ABOVE OFFER OF EMPLOYMENT:

	 	
 

	 	
        9/30/09        

	 	
	 		 	Date	 	
	 	 cc:    Christine Deputy

         Personnel FileOffer Letter to Paul Twohig

 Exhibit 10.16 
 Offer of Employment 
 September 10, 2009 

Mr. Paul Twohig 
 49 Ribaut Drive

 Hilton Head Island, SC 29926 
 Dear
Paul, 
 On behalf of Dunkin’ Brands, Inc. (the “Company”), I am pleased to offer you employment on the terms set forth below.

 This offer of employment is contingent upon the satisfactory completion of: 

 

	 	•	 	 a background screening, 

  

	 	•	 	 reference checks regarding your past employment, and 

 

	 	•	 	 satisfactory completion of all legal documents including non-competition and intellectual property protection agreements.

 Position 

You will serve in a full-time capacity as Brand Operations Officer - Dunkin’ Donuts US, reporting directly to Will Kussell, President &
Chief Brand Officer - Dunkin’ Donuts Worldwide. 
 Start Date 
 Your anticipated start date is Monday, October 5, 2009. 
 Cash Compensation

 Base Salary 
 You will be
paid a bi-weekly salary of $14,423.08, which is equivalent to $375,000.00 on an annual basis, payable in accordance with Dunkin’ Brands’ standard payroll practices for salaried employees. 

Your base salary will be reviewed annually, based on market competitiveness and your and the Company’s performance, and may be adjusted at that time
in the Company’s discretion. 

 Short-Term Incentive 
 In addition to your base salary, you will be eligible to participate in the Dunkin’ Brands’ Executive Short-Term Incentive (STI) Plan with a target of 40.0% of your annual salary. The actual
percentage of your Short-Term Incentive will be paid on a prorated basis based upon days employed during the 2009 Plan year, as well as Dunkin’ Brands’ overall performance, your individual job performance, your ability to meet established
goals and objectives, and the terms of the Plan as they exist from time to time. A participation letter as well as a Plan document, which explains the program in detail, will be provided to you at a later date. 

Please note that for 2009, Company goals have been established to provide for Short -Term Incentive Plan funding at both Budget and Target levels. While
achievement of Target goals provides an opportunity for 100% funding of the Short -Term Incentive, achievement of goals at the Budget level for 2009 will provide for a level of funding that is approximately 44% of the total award opportunity,
prorated to reflect your partial year of service as stated above. 
 Long-Term Incentive 

You will be eligible to participate in the Dunkin’ Brands’ 2006 Executive Incentive Plan. You will be recommended for a grant of 250,000 shares
of Restricted Stock at the then current valuation as of the date of the grant. This grant is subject to and conditioned upon the approval of the Board of Directors at the first grant meeting following your first day of employment. A Restricted Stock
Agreement containing the terms and conditions of this grant and a Plan document that governs the Plan will be provided to you at a later date. 

Other Compensation 
 Flexible
Perquisites Allowance 
 You will be entitled to a flexible perquisites allowance of $13,858.00 per annum, payable bi-weekly ($533.00).

 Relocation 
 You will be
eligible for relocation expense reimbursement in connection with your move from Hilton Head Island, SC to the Canton, MA area. Our expectation is that you will commence relocation after a mutually agreeable date and complete your relocation within
12 months of your hire date. The details governing the Company’s relocation policy will be provided to you under separate cover. The Company will provide temporary living support for up to 12 months. 

 Benefits 
 The Company offers an attractive employee benefits program. Upon election, medical and dental coverage is effective the first of the month following your start date. Most Company-paid benefits are
effective upon hire. Employee-elected benefit contributions are handled via payroll deduction. 
 Insurance 

You will be eligible for medical, dental and disability coverage as well as various life insurance programs. Details are attached. 

Retirement 
 Dunkin’ Brands will
provide you with the opportunity to participate in the Company’s 401(k) plan for retirement savings. 
 Deferred Compensation

 You will be eligible to participate in Dunkin’ Brands’ 2005 Non-Qualified Deferred Compensation Plan. The Plan provides a
vehicle for pre-tax savings to assist you in accumulating assets for planned events during your working life and retirement. Details are attached. 
 Vacation 
 You will begin eligible to accrue vacation at a rate of three (3) weeks per
year as of your first day of employment with the Company. 
 Proof of Right to Work 

For purposes of federal immigration law, you will be required to provide to Dunkin’ Brands documentary evidence of your identity and eligibility for
employment in the United States within three (3) business days of your date of hire. 
 Period of Employment 

Your employment with the Company will be “at will”, meaning that this offer of employment does not constitute a contract of employment. If
employed, you may elect to resign at any time and the Company may elect to terminate your employment at any time and for any reason. 

Severance 
 In the event of your
discharge by the Company for something other than “cause”, you will be eligible for severance equal to six (6) months of your then-current base salary, conditioned on the return and non-revocation of a full and effective release of
claims by you. “Cause” means fraud; material neglect (other than as a result of illness or disability) of your duties to the Company; conduct that is not in the best interest of, or injurious to, the Company; acts of dishonesty in
connection with the performance of your duties; conviction of a felony or crime involving falsehood or moral turpitude; or other circumstances that render you unable to perform the functions for which you are being hired by the Company. 

 Without our receipt of the full and effective release of claims, you will not be entitled to the
aforementioned severance, which is in lieu of and replaces the Dunkin’ Brands’ Severance Program generally applicable to eligible Company employees. 
 Code of Conduct 
 Before you make your decision regarding this position, you should
carefully review the attached Code of Conduct that you will be required to adhere to once employed by the Company. As set forth in the conflict of interest section, you will be expected to devote your full time and attention to the Company and not
be actively involved in any other business. 
 While you are employed by Dunkin’ Brands, the Company will not utilize the services of any
business in which you have held an ownership interest. Further, you will have to recuse yourself from any hiring decision involving an employee or former employee of a business in which you have held an ownership interest. 

Obligations to Former Employers 
 In
accepting this offer, you hereby certify that you have not taken any trade secret, confidential or proprietary documents or information belonging to any former employers, and that you will under no circumstances use or disclose any such information
during your employment with the Company. You further certify that you will adhere scrupulously to the confidentiality and non-solicitation provisions of your agreement with Starbucks Corporation, and will promptly notify Dunkin’ Brands
management in the event you believe that any work assignment for the Company threatens to bring you into breach of any such obligations. Although the Company has concluded that the non-competition provisions of your agreement with Starbucks are
unenforceably overbroad, the Company remains committed to ensuring that your former employer’s legitimate business interests (i.e., in respect to the protection of its trade secrets and confidential business information, the non-solicitation of
its employees, customers and prospective customers, and the like) are honored in every particular. You should consider this an express condition of your continuing employment at Dunkin’ Brands. 

Non-Compete/Non-Solicitation/Confidentiality Agreement 
 Consistent with other senior executives, you will be asked to sign a copy of this Agreement with the Company. That document will be provided to you under separate cover. 

Entire Agreement 
 This offer of
employment contains all of the terms of your employment with the Company and supersedes any prior understandings or agreements, whether oral or written, between you and the Company. 

 Term 
 This offer will expire at 5:00 PM on Monday, September 14, 2009. 
 We hope that you find the
foregoing terms acceptable. You may indicate your agreement with these terms and accept this offer by signing and dating the enclosed letter and returning it to me. We look forward to your joining Dunkin’ Brands. 

 

	
	Sincerely,
	
	/s/ Will Kussell
	
	Will Kussell
	President, Dunkin’ Donuts Worldwide

 I ACCEPT THE ABOVE
OFFER OF EMPLOYMENT 
  

					
	 /s/ Paul Twohig
	 		 	 10/5/2009

		 		 	Date

  

	cc:	Christine Deputy 

	    	Personnel File

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]