Whole Foods 2007 Annual Report Download - page 70

Download and view the complete annual report

Please find page 70 of the 2007 Whole Foods annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 76

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

64
On July 17, 2007, the Company announced that the Company’s Board of Directors had formed a Special Committee to
perform an independent internal investigation regarding the online financial message board postings related to Whole Foods
Market and Wild Oats Markets and retained the firm of Munger, Tolles & Olson LLP to advise it during its investigation.
The result of the Company’s internal investigation had no impact on the Company’s consolidated financial statements for the
year ended September 30, 2007. Additionally, the Company announced that it has been contacted by the staff of the SEC
regarding an inquiry related to the same matter. The Company is fully cooperating with the SEC as they work through their
inquiry. As of the date of this filing, the SEC’s inquiry is not complete.
The Company has entered into Retention Agreements with certain executive officers of the Company or its subsidiaries
which provide for certain benefits upon an involuntary termination of employment, other than for cause, after a “Triggering
Event.” A Triggering Event includes a merger of the Company with and into an unaffiliated corporation if the Company is
not the surviving corporation or the sale of all or substantially all of the Company’s assets. The benefits to be received by the
executive officer whose employment is terminated after a Triggering Event occurs include receipt of his or her annual salary
through the one-year period following the date of the termination of employment and the immediate vesting of any
outstanding stock options granted to such executive officer.