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BAGL > SEC Filings for BAGL > Form 8-K on 25-Sep-2013All Recent SEC Filings

Show all filings for EINSTEIN NOAH RESTAURANT GROUP INC

Form 8-K for EINSTEIN NOAH RESTAURANT GROUP INC


25-Sep-2013

Change in Directors or Principal Officers, Financial Statement


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

On September 25, 2013, Einstein Noah Restaurant Group, Inc. (the "Company") announced the appointment of John A. Coletta as Chief Financial Officer of the Company, effective October 21, 2013.

Mr. Coletta, age 47, has served as the Chief Financial Officer of Quiznos, a quick-service restaurant chain, since September 2012. Prior to that, he served as Chief Financial Officer of Real Goods Solar/RGS Energy (RSOL) from March 2012 to September 2012. He served as global Chief Financial Officer of Cartridge World from October 2008 to August 2011 and President from September 2011 to January 2012. From April 1998 to July 2008, Mr. Coletta was Chief Financial Officer & Executive Vice President of Rock Bottom Restaurants, Inc., a multi-brand (Old Chicago, Rock Bottom, Chophouse, Sing Sing, & Boulder Beer) national restaurant chain. Mr. Coletta received a Bachelor of Science in Accounting from Loyola Marymount University in 1990 and he is a Certified Public Accountant in the State of Colorado.

Pursuant to the terms of his offer letter, Mr. Coletta will receive an annual salary of $330,000 and will be eligible to earn an annual cash target bonus of 75% of his base salary through our Corporate Bonus Plan. The 2013 annual bonus will be prorated based on Mr. Coletta's start date, with a minimum guaranteed amount for 2013 of $50,000. The actual amount of the bonus will be based on the Company's EBITDA performance and Mr. Coletta's individual performance. Mr. Coletta also will be entitled to receive vacation, health and other benefits available to the Company's employees generally. The Company has agreed to provide Mr. Coletta with a one-time payment of $50,000 as a signing bonus.

Subject to Board approval at its October 28, 2013 meeting, Mr. Coletta will be granted at that time under our 2011 Omnibus Incentive Plan (i) 40,000 stock options, which will vest in two annual installments beginning on February 25, 2015, and have a term of 10 years, and (ii) 20,000 restricted share units (RSUs), which will also vest in two annual installments beginning on February 25, 2015. These equity awards include both a special grant in recognition of his joining the Company as an executive officer and an acceleration of 2014 long-term incentive awards that would normally be granted in February 2014. Accordingly, Mr. Coletta would next be eligible for annual long-term incentive awards, at the sole discretion of the Board, in February 2015.

Additionally, Mr. Coletta will be entitled to severance payments in an amount equal to 12 months of base salary if his employment terminates for any reason, other than cause, for a period of 12 months from his start date.

For more information regarding Mr. Coletta's compensation arrangement, see his Offer of Employment dated September 22, 2013, a copy of which is attached as Exhibit 10.01 hereto and incorporated herein by reference.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) EXHIBITS.

10.01 John A. Coletta Offer of Employment dated September 22, 2013

99.1 Press Release issued September 25, 2013


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