Company: RRGB
Filing Date: 2025-03-18
Form Type: PRE 14A
Source: 0001104659-25-025001
Chunk: 65

Company: RED ROBIN GOURMET BURGERS INC
Filing Date: 2025-03-18
Form: PRE 14A
Chunk 65
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 affirmative vote of a majority of all of the then-outstanding shares of the common stock of the Company then entitled to vote generally in the election of directors, voting together as a single class. Abstentions and broker non-votes will count as votes against the Proposal. BOARD RECOMMENDATION OUR BOARD OF DIRECTORS RECOMMENDS A VOTE FORTHIS PROPOSAL. 62 TABLE OF CONTENTS PROPOSAL 4:
APPROVAL OF AMENDMENTS TO THE COMPANY’S RESTATED CERTIFICATE OF INCORPORATION TO ELIMINATE SUPERMAJORITY VOTE REQUIREMENTS AND MAKE CERTAIN ADMINISTRATIVE AMENDMENTS BACKGROUND Under our Charter and our Fifth Amended and Restated Bylaws (“Bylaws”), most matters submitted to a vote of our stockholders can be approved by a majority of votes cast affirmatively or negatively. However, the Charter currently provides for three supermajority vote requirements, where at least 66 2/3% of the voting power of all of the then-outstanding shares of capital stock of the Company then entitled to vote generally in the election of directors, voting together as a single class, is required for stockholders to act to: (i) remove directors, (ii) adopt, amend or repeal any Bylaws, or (iii) amend certain provisions of the Charter. In addition, our Bylaws include a provision mirroring the Charter provision set forth in clause (ii) above. For the reasons discussed in more detail below, the Board of Directors has approved, and recommends that the stockholders approve, amendments to the Charter to remove the 66 2/3% voting requirements and replace them with majority vote standards and make certain administrative amendments as described in more detail below. FACTORS CONSIDERED BY THE BOARD As part of our continuous evaluation of our corporate governance practices, the Board regularly reviews our governing documents and considers potential enhancements. The Board considered multiple factors, including (i) the advantages and disadvantages of supermajority vote provisions in general, (ii) the declining prevalence of supermajority vote provisions among other public companies, including many of our peer companies, (iii) the view of some investors and other stakeholders (including The Accountability Board) that supermajority vote provisions are inconsistent with corporate governance best practices, and (iv) the advantages and disadvantages and potential risks to the Company of retaining or eliminating the supermajority vote requirements. After reviewing the foregoing and discussion, including with its advisors, the Board believes that the supermajority vote