Chairman Compensation Letter Agreement between Panamerican Beverages, Inc. and Woods W. Staton

Summary

Panamerican Beverages, Inc. has agreed to pay Woods W. Staton an annual fee of $135,000 for his role as Chairman, starting from the date he assumed the position. In addition to this fee, Mr. Staton will continue to receive standard director benefits, including a $35,000 director retainer, stock options, reimbursement of expenses, and a $3,000 annual fee for chairing a board committee. The agreement outlines his compensation and benefits as Chairman and director, with payments accruing monthly.

EX-10.60 19 ex10_60.txt LETTER AGREEMENT -- WOODS W. STATON EXHIBIT 10.60 February 5, 2003 Mr. Woods Staton McDonald's Argentina Arcos Dorados, S.A. R. Saenz Pena 432 Olivos Buenos Aires, Argentina Re: Panamerican Beverages, Inc. (the "Company") Dear Woods: On behalf of the Company and the Compensation Committee of the Board of Directors of the Company, I am pleased to confirm in writing for you that the Company has agreed to pay you an annual fee of $135,000 per year for your services as Chairman of the Company, with such fees commencing on the date you became Chairman of the Company and accruing monthly. With the exception of the per day fee payable to directors (currently $1,000) and any per conference call fee, you will continue to receive all the other payments and benefits made available to the other directors generally, including, without limitation: (i) the $35,000 retainer as a director of the Company; (ii) options under the Stock Option Plan for Non-Employee Directors; (iii) reimbursement of director's expenses consistent with the Company's policy; and (iv) fees (currently $3,000 per year) for serving a chair of a committee of the Board of Directors. Sincerely, /s/ Wade Mitchell -------------------------------- Wade Mitchell Compensation Committee, Chairman cc: Mr. Abilio Gonzalez