Company: RRGB
Filing Date: 2025-04-24
Form Type: 8-K
Source: 0000950142-25-001161
Chunk: 1

Company: RED ROBIN GOURMET BURGERS INC
Filing Date: 2025-04-24
Form: 8-K
Item: Item 5.02
Chunk 1
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. Pace and the Company
may mutually agree to extend the Initial Term for a successive six month period. The CEO Offer Letter provides that Mr. Pace will (i)
receive an annual base salary of $750,000; (ii) be eligible to receive an annual bonus with a target of 200% of base salary (provided
that for fiscal year 2025, he will receive a minimum annual bonus payout of $850,000 and his target bonus will be $1,125,000); and (iii)
under the Company’s long-term incentive plan, receive a grant of (x) an aggregate of 750,000 restricted stock units (“ RSUs”)
comprised of (A) 250,000 RSUs which were granted upon the Effective Date and will vest in full on the first anniversary of the grant date
(the “2025 RSUs”) and (B) 500,000 RSUs to be granted in 2026, which will vest in two equal installments on each anniversary
of the grant date and (y) 900,000 performance-based RSUs (“ PSUs”), which were granted at the same time as the 2025 RSUs and
are subject to the achievement of performance targets based on the Company’s stock price set forth in the applicable award agreement
during a three-year performance period following the grant date, in each case, subject to his continued service with the Company and certain
termination protections. His outstanding equity awards previously granted in connection with his Board service will continue to vest in
accordance with the applicable award agreement. Mr. Pace may also participate in the Company’s standard benefit plans, as may be
amended from time to time, in which other senior executives are eligible to participate.

If,
following the second anniversary of the Effective Date, Mr. Pace assists the Board in identifying or developing a successor President
and Chief Executive Officer and such individual becomes the President and Chief Executive Officer (regardless of whether such individual
is an external hire or internal promotion) and his employment is terminated in connection therewith, then he will receive, subject to
his execution and non-revocation of a waiver and release of claims: (i) a lump-sum cash payment equal to one times his base salary as
in effect immediately prior to the date of termination, payable within thirty days following such termination; and (ii) payment of a pro-rata
share of the annual bonus that would otherwise have been earned, based on actual performance, had he continued