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GRIL > SEC Filings for GRIL > Form 8-K on 5-Jan-2009All Recent SEC Filings

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Form 8-K for GRILL CONCEPTS INC


5-Jan-2009

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective December 4, 2008, Grill Concepts, Inc. (the "Company") revised its previously implemented temporary plan (the "Plan") pursuant to which each officer at the Vice President level and higher agreed to accept equity in the Company in lieu of cash in an amount equal to10% of their salary and each director agreed to accept equity in the Company in lieu of cash in an amount equal to100% of their compensation (the "Salary Reduction Amount").

The revision to the Plan consisted of implementation of a minimum per share price for Restricted Stock Units issued under the Plan. Under the revision to the Plan, Restricted Stock Units issued in lieu of cash will be issued at the average closing price of the Company's common stock over the three trading days ended on the date of issuance, but not less than $2.26 per share.

See Form 8-K filed October 30, 2008 for a more complete description of the Plan.

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