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RRGB > SEC Filings for RRGB > Form 8-K on 29-Jul-2014All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statements and

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

(e) Red Robin Gourmet Burgers, Inc. (the "Company") previously announced the elimination of the position of Chief Operating Officer held by Eric C. Houseman effective as of August 1, 2014. In connection with Mr. Houseman's departure, the Company, Red Robin International, Inc., and Mr. Houseman entered into a severance agreement, dated as of July 25, 2014 (the "Severance Agreement"). Pursuant to the terms of the Severance Agreement, the Company has agreed to pay to Mr. Houseman (i) $174,561.23, less applicable taxes, which is an amount equal to the salary Red Robin would have paid Mr. Houseman if he had remained employed with the Company through December 31, 2014; (ii) a single lump-sum severance payment to Mr. Houseman for $420,240.00, less applicable taxes; and, (iii) a lump sum payment in an amount equivalent to the annual bonus that would otherwise have been earned and be payable had he continued to be employed by the Company for the full fiscal year (the bonus targets set forth in the Company's 2014 bonus plan shall govern Mr. Houseman's eligibility for the payment and the amount of the payment, if any is owed). The amounts set forth in (i) and
(ii) above are in consideration of Mr. Houseman's obligations under the Severance Agreement and his provision of transition and other services to the Company through March 1, 2015. In addition, all unvested stock options, restricted stock units, and other equity-based awards held by Mr. Houseman will continue to vest through March 1, 2015. The Severance Agreement also contains non-solicitation and confidentiality provisions, as well as a general release by Mr. Houseman of claims against the Company, and other customary terms.

The foregoing description of the Severance Agreement does not purport to be complete and is qualified in its entirety by reference to the Severance Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.                                Description

   10.1       Severance Agreement by and among Red Robin Gourmet Burgers, Inc., Red
              Robin International, Inc., and Eric C. Houseman dated July 25, 2014.

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