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IRG > SEC Filings for IRG > Form 8-K on 28-Nov-2012All Recent SEC Filings

Show all filings for IGNITE RESTAURANT GROUP, INC.



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.

On November 28, 2012, Ignite Restaurant Group, Inc. ("the Company") announced that its Board of Directors has elected Michael J. Dixon as Senior Vice President and Chief Financial Officer of the Company, effective as of January 2, 2013. Mr. Dixon currently serves as the Chief Financial Officer of Pinkberry, Inc., a leader in the premium frozen yogurt category with over 220 outlets, a position he has held since 2008. Prior to joining Pinkberry, he served as Senior Vice President of Finance and Chief Financial Officer of The Cheesecake Factory from 2004 to 2008, and Vice President and Controller from 2000 to 2004. In 2000, he was Vice President and Controller of, and prior to that, he served as Director Finance and Business Development at The Walt Disney Company from 1994 to 2000. Before joining The Walt Disney Company, Mr. Dixon spent nine years at Coopers & Lybrand, a predecessor firm to PricewaterhouseCoopers. Mr. Dixon holds a Masters in Accounting and a Bachelor degree in Business Administration from the University of Michigan. Mr. Dixon also formerly served as a member of the board of directors of Brinker International, Inc., the owner, operator or franchisor of the Chili's Grill & Bar and Maggiano's Little Italy restaurant brands. Mr. Dixon is 50 years old.

In connection with his election as Senior Vice President and Chief Financial Officer, Mr. Dixon and the Company entered into an offer letter on November 26, 2012, setting forth the material terms of his employment with the Company. Pursuant to the terms of the letter, Mr. Dixon will receive an annual base salary of $400,000 and will have a targeted bonus of 40% of his base salary, with an actual bonus range of up to 60% of his base salary and a guaranteed bonus of $80,000 for the 2013 year. In addition, Mr. Dixon will receive a $75,000 cash signing bonus, which is subject to repayment upon certain events, and will be granted 50,000 stock appreciation rights of the Company. In accordance with the terms of the offer letter, Mr. Dixon will also be entitled to receive severance in amount equal to his then current base salary for a period of nine months following his termination if he is terminated by the Company without cause or if he resigns for good reason. Mr. Dixon's offer letter does not guarantee any set length of employment.

The foregoing description of the offer letter is only a summary and is qualified in its entirety by reference to the actual offer letter, which will be attached as an exhibit to the Company's Annual Report on Form 10-K for the Company's fiscal year 2012.

Mr. Dixon will succeed Jeffrey L. Rager, the Company's current Senior Vice President and Chief Financial Officer, who will depart the Company to pursue other opportunities on January 4, 2013.

A copy of a press release announcing the election of Mr. Dixon is attached hereto as Exhibit 99.1 and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release dated November 28, 2012

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