Company: RRGB
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001104659-25-038610
Chunk: 46

Company: RED ROBIN GOURMET BURGERS INC
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 46
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 by the Company without Cause or due to his resignation for Good Reason, he will be entitled to receive as severance benefits, in addition to any accrued obligations: (i) two times his base salary, payable during the 24-month period following the date of his termination; (ii) payment of a pro rata share of his annual bonus that would otherwise have been earned based on actual performance, had he continued to be employed by the Company for the fiscal year in which his employment was terminated, payable when annual bonuses are regularly paid to similarly situated executives; and (iii) subject to his timely election of continued healthcare coverage under COBRA, a lump sum payment in the amount of the cost of COBRA coverage for Mr. Hart and his eligible dependents for up to 18 months. Mr. Hart’s receipt of the severance benefits mentioned in this paragraph is subject to his execution and non-revocation of a waiver and release of claims in favor of the Company and its affiliates. Upon termination of employment for any reason, all of Mr. Hart’s unvested equity awards shall be forfeited. The Company entered into a Separation and Transition Agreement with Mr. Hart in connection with the termination of his employment, without cause, which was filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on April 24, 2025. Under the Separation and Transition Agreement, Mr. Hart is eligible to receive separate benefits that are consistent with or less than those provided under the Hart Offer Letter. Todd Wilson Employment Agreement. In connection with Mr. Wilson’s appointment as Chief Financial Officer of the Company, Mr. Wilson and the Company entered into an employment agreement, dated November 3, 2022 (the “Wilson Employment Agreement”). The Wilson Employment Agreement provides for the following initial compensation: (i) an annual base salary of $425,000; (ii) eligibility to receive an annual cash incentive award under the STI with a target of 75% of Mr. Wilson’s base salary (beginning in 2023); (iii) eligibility to participate in the Company’s LTI plan with a target annual award value equal to 120% of Mr. Wilson’s initial base salary (beginning in 2023); and (iv) a sign-on cash bonus of $125,000 paid in 2022. In connection with his appointment as the Company’s Chief Financial Officer, Mr. Wilson received an inducement grant, effective November 14