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GCFB > SEC Filings for GCFB > Form 8-K on 20-Aug-2013All Recent SEC Filings

Show all filings for GRANITE CITY FOOD & BREWERY LTD.

Form 8-K for GRANITE CITY FOOD & BREWERY LTD.


20-Aug-2013

Change in Directors or Principal Officers, Financial Statements


ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

(b) On August 16, 2013, Steven J. Wagenheim resigned from his position as a director of Granite City Food & Brewery Ltd. (the "Company").

(e) On August 16, 2013, the Company entered into a separation agreement and release with Mr. Wagenheim (the "Agreement"). Pursuant to the Agreement, Mr. Wagenheim will receive payments aggregating $206,250, separate bonus payments aggregating $25,000, and payment of the Company's portion of medical (COBRA) premiums for 12 months (if eligible). The Agreement further provides that the Company will continue to pay for the lease of Mr. Wagenheim's car through August 31, 2014. In addition, the Agreement made certain modifications to the scope of the non-competition provisions contained in Mr. Wagenheim's amended and restated employment agreement, dated January 1, 2013.

As a result of his separation from the Company, Mr. Wagenheim's outstanding stock option for the purchase of 69,958 shares of common stock at $2.00 per share, which had already vested to the extent of two-thirds, became fully vested. Furthermore, the requirement that Mr. Wagenheim exercise his stock options within three months of the end of his employment was eliminated. Mr. Wagenheim held the following stock options immediately following his separation from the Company:

  Shares
Underlying   Exercise    Vesting   Expiration
  Option       Price     Status       Date
     8,333   $    2.00       100 % 10/24/2013
    25,000   $    2.00       100 % 3/15/2015
    16,666   $    2.00       100 % 2/22/2016
    16,666   $    2.00       100 % 4/13/2017
    12,500   $  1.0752       100 %  4/2/2019
    75,000   $    2.25       100 % 5/26/2020
    69,958   $    2.00       100 % 12/28/2020
   224,123

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement itself, a copy of which is filed as Exhibit 10 to this Current Report on Form 8-K and incorporated herein by reference.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

See "Exhibit Index."


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