Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
DAVE > SEC Filings for DAVE > Form 8-K on 16-Aug-2013All Recent SEC Filings

Show all filings for FAMOUS DAVES OF AMERICA INC

Form 8-K for FAMOUS DAVES OF AMERICA INC


16-Aug-2013

Change in Directors or Principal Officers, Financial Statements and E


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

Following the October 2012 Chief Executive Officer transition from Christopher O'Donnell to John F. Gilbert, and consistent with the continued focus of Famous Dave's of America, Inc. (the "Company") on realigning its general and administrative expenses, Mr. O'Donnell, President and Chief Operating Officer of the Company, and Diana G. Purcel, Chief Financial Officer of the Company, agreed to amend their respective compensation packages effective August 12, 2013. The Company's compensation committee believes that Mr. O'Donnell's and Ms. Purcel's amended compensation packages support the Company's desire to reduce general and administrative expenses while preserving continuity within its executive management team. The changes will bring Mr. O'Donnell and Ms. Purcel to the midpoint of the Company's identified peer comparison group for similarly situated officer positions.

As amended, Mr. O'Donnell will receive an annualized base salary of $300,000 and, commencing for fiscal 2014, will be eligible for an annual cash bonus under the Company's annual incentive compensation plan and will be entitled to participate in the Company's annual long-term compensation plan, each at a target amount equal to 75% of his base salary. Mr. O'Donnell will continue to be eligible to receive annual cash bonus and long-term compensation plan incentives of up to 75% of his previous ($400,000) base salary for fiscal 2013.

In addition, Mr. O'Donnell agreed to enter into a Second Amended and Restated Severance Agreement with the Company. As amended, this agreement entitles Mr. O'Donnell to receive $400,000 in severance payments in installments over eighteen months if his employment is terminated without "cause" (as defined in the agreement), or is terminated for any reason or no reason (including his voluntary resignation) within six months following a "change of control" (as defined in the agreement), in each case subject to his signing and delivering a general release of claims. If Mr. O'Donnell commences employment during the severance period (including the change-in-control severance period), the Company's obligation to make severance payments will cease. To the extent not exempt from rules governing deferred compensation under Section 409A of the Internal Revenue Code of 1986, severance payments to Mr. O'Donnell are intended to comply with Section 409A and are subject to corresponding requirements regarding the timing of such payments. The Second Amended and Restated Severance Agreement between the Company and Mr. O'Donnell is attached as Exhibit 10.1 to this report.

Under Ms. Purcel's amended compensation package, commencing for fiscal 2014, she will be eligible for an annual cash bonus under the Company's annual incentive compensation plan and will be entitled to participate in the Company's annual long-term compensation plan, each at a target amount equal to 50% of her base salary. Ms. Purcel will continue to be eligible to receive executive cash bonus and long-term compensation plan incentives of up to 75% of her base salary for fiscal 2013.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1 Second Amended and Restated Severance Agreement dated August 12, 2013 by and between Famous Dave's of America, Inc. and Christopher O'Donnell


  Add DAVE to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for DAVE - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.