Company: RRGB
Filing Date: 2025-04-24
Form Type: 8-K
Source: 0000950142-25-001161
Chunk: 3

Company: RED ROBIN GOURMET BURGERS INC
Filing Date: 2025-04-24
Form: 8-K
Item: Item 5.02
Chunk 3
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 is filed as an
exhibit hereto and incorporated herein by reference.

In connection with
Mr. Hart’s departure, the Company entered into a separation and transition agreement (the “ Separation and Transition Agreement”)
with Mr. Hart on April 24, 2025. During the period Mr. Hart is a senior advisor, he will receive a monthly salary of $110,000 and will
not receive any additional long-term incentive awards. At the end of such period, Mr. Hart’s employment will terminate, and he will
be eligible to receive the separation benefits set forth in the Separation and Transition Agreement, which supersedes Mr. Hart’s
participation in the Company’s Executive Severance Plan and are consistent or less than those provided under his employment agreement,
and provides that, in addition to any accrued but unpaid benefits or obligations, Mr. Hart is eligible to receive: (i) an aggregate amount
equal to $1,800,000, which equals eighteen months of Mr. Hart’s annual base salary as in effect immediately prior to the Effective
Date, payable in monthly installments for eighteen months following the termination of his employment and (ii) a lump-sum cash payment
equal to a pro-rata portion of Mr. Hart’s annual bonus, if any, for the Company’s 2025 fiscal year under the Company’s
2025 annual bonus plan that Mr. Hart would have earned based on actual performance had he remained employed for the entire 2025 fiscal
year(the “ Pro-Rata Bonus”), payable at such time as bonuses are generally paid by the
Company to its executives. Mr. Hart’s unvested RSUs granted in September 2022 will remain outstanding and eligible to vest during the
period he is a senior advisor and he will forfeit all other unvested RSUs and PSUs as of the Effective Date. If Mr. Hart does not participate
in the Company’s earnings call in May or fails to provide the requested advisory services, then Mr. Hart will forfeit his continued salary
payments, the Pro-Rata Bonus and the continued vesting of his RSUs that were granted in 2022. Mr. Hart’s receipt of the severance
benefits mentioned in this paragraph is subject to his execution of a waiver and release of claims in favor of the Company and its affiliates.
Mr. Hart is also subject to certain restrictive covenants in his employment agreement and the Separation and Transition Agreement, including
nondisclosure of confidential information