Business Context and Reporting Period
This Form 8-K Current Report was filed by Red Robin Gourmet Burgers, Inc. on June 23, 2022. The filing discloses a specific corporate governance event: the appointment of a new senior executive officer.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Cheri Kinder as Vice President and Chief Accounting Officer, effective June 23, 2022. Ms. Kinder will report to the Chief Financial Officer, Lynn S. Schweinfurth.
Management Commentary and Compensation Details
Ms. Kinder brings prior experience as Chief Accounting Officer for Fiesta Restaurant Group, Inc., and has held roles at American Airlines Inc. and CVS Caremark Corporation. Her compensation package includes:
- Base Salary: $255,000 annually.
- Automobile Allowance: $9,000 annually.
- Annual Bonus: Target opportunity of 35% of base salary, prorated for 2022.
- Long-Term Incentive (LTI): Target opportunity of 50% of base salary, with an initial award target value of $65,000 on July 1, 2022.
- Restricted Stock Units (RSUs): Initial grant with a target value of $50,000 on July 1, 2022.
The Company has also entered into a standard indemnification agreement with Ms. Kinder.
Investor Verification Checklist
- Verify the effective date of the appointment (June 23, 2022) and the start date for equity awards (July 1, 2022).
- Confirm the total potential annual compensation value based on the disclosed salary, bonus targets, and LTI targets.
- Review the Company's Annual Corporate Bonus Plan and LTI plan documents for specific performance metrics.
- Check subsequent filings for any changes to the executive team or compensation structure.