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IRG > SEC Filings for IRG > Form 8-K on 1-Apr-2013All Recent SEC Filings

Show all filings for IGNITE RESTAURANT GROUP, INC. | Request a Trial to NEW EDGAR Online Pro



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.

(e) On April 1, 2013, Ignite Restaurant Group, Inc. (the "Company") entered into a separation and release agreement ("Agreement") with Kevin T. Cottingim, the Company's current Senior Vice President and Chief Administrative Officer, whereby Mr. Cottingim will discontinue full time employment with the Company effective April 1, 2013.

Pursuant to the terms of the Agreement, the Company will continue to employ Mr. Cottingim as a consultant through March 31, 2014. Mr. Cottingim will receive bi-weekly severance payments equal to his current base salary for a period of 52 weeks, along with continued payment of the Company's contribution towards his health benefits, and such payments shall also serve as Mr. Cottingim's compensation for his services as a consultant. The Agreement contains customary confidentiality provisions and a mutual release of claims between the Company and Mr. Cottingim, and Mr. Cottingim and will be subject to customary non-solicitation and non-competition covenants.

The foregoing description is only a summary and is qualified in its entirety by reference to the actual Agreement, which will be attached as an exhibit to the Company's next Quarterly Report on Form 10-Q.

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