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): April 27, 2005
MOLSON COORS BREWING COMPANY
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation) |
1-14829 (Commission File Number) |
84-0178360 (IRS Employer Identification No.) |
1555 Notre Dame Street East Montréal, Québec, Canada, H2L 2R5 |
311 10th Street Golden, Colorado 80401 |
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(Address of principal executive offices, including Zip Code) |
(303) 279-6565 (Colorado)
(514) 521-1786 (Quebec)
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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:
Item 1.01 Entry into a Material Definitive Agreement.
On April 27, 2005, Molson Coors Brewing Company (the "Company") entered into a letter agreement with Daniel J. O'Neill. Mr. O'Neill is a member of the Company's Board of Directors (the "Board") and the Company's Vice Chairman, Synergies and Integration. Pursuant to the letter agreement, Mr. O'Neill will resign from all of his positions with the Company at the conclusion of the Board meeting on May 12, 2005, conditioned on the Board approving Mr. O'Neill's synergies and integration plan (the "Synergies Plan"). Mr. O'Neill's employment with the Company will cease on May 31, 2005.
The letter agreement supersedes Mr. O'Neill's previous employment agreement with the Company. Pursuant to the letter agreement, Mr. O'Neill will be entitled to: 36 months' salary continuation at Cdn.$83,333 (approximately U.S.$66,709) per month, beginning on June 1, 2005; insurance and other perquisites for 36 months (subject to termination upon new employment or self-employment); a special bonus of Cdn.$2,800,000 (approximately U.S.$2,431,434) conditioned on delivery of a Synergies Plan satisfactory to the Board (half of which shall be payable on or before May 31, 2005, with the remaining half payable on May 12, 2006). The letter agreement also provides for vesting of Mr. O'Neill's performance-based options, which will be exercisable until May 31, 2006, conditioned on delivery of a Synergies Plan satisfactory to the Board. The letter agreement also contains other provisions, including non-competition and non-solicitation clauses, confidentiality provisions and a waiver by Mr. O'Neill of potential claims against the Company related to his employment. The letter agreement is attached as Exhibit 99.1 hereto and is incorporated into this Item 1.01 by reference. The Company's press release announcing Mr. O'Neill's resignation is attached as Exhibit 99.2 hereto and is incorporated into this Item 1.01 by reference.
Item 2.02 Results of Operations and Financial Condition.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
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Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1 |
The Letter Agreement dated April 27, 2005, between Daniel J. O'Neill and Molson Coors Brewing Company. |
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Exhibit 99.2 |
Press release of Molson Coors Brewing Company dated April 28, 2005, announcing the resignation of Daniel J. O'Neill. |
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Exhibit 99.3 |
Press release of Molson Coors Brewing Company dated April 28, 2005, reporting Molson Coors Brewing Company financial results for the first fiscal quarter of 2005 ended March 27, 2005. |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MOLSON COORS BREWING COMPANY |
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/s/ ANNITA MENOGAN |
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Date: April 28, 2005 | Name: | Annita Menogan | ||
Title: | Vice President, Secretary and Deputy General Counsel |
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Exhibit Index
Exhibit 99.1 |
The Letter Agreement dated April 27, 2005, between Daniel J. O'Neill and Molson Coors Brewing Company. |
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Exhibit 99.2 |
Press release of Molson Coors Brewing Company dated April 28, 2005, announcing the resignation of Daniel J. O'Neill. |
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Exhibit 99.3 |
Press release of Molson Coors Brewing Company dated April 28, 2005, reporting Molson Coors Brewing Company financial results for the first fiscal quarter of 2005 ended March 27, 2005. |