Company: RRGB
Filing Date: 2025-04-24
Form Type: 8-K
Source: 0000950142-25-001161
Chunk: 2

Company: RED ROBIN GOURMET BURGERS INC
Filing Date: 2025-04-24
Form: 8-K
Item: Item 5.02
Chunk 2
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 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
(such payments, the “ Completion Bonus”). In the event that Mr. Pace becomes entitled to the Completion Bonus he will not be
entitled to the Severance Benefits (as defined below).

Upon
Mr. Pace’s termination of employment by the Company without cause or due to his resignation for good reason, he will be
entitled to receive, subject to his execution and non-revocation of a waiver and release of claims, an amount equal to (i) two times
his base salary, payable in installments during the twenty-four 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 the Consolidated
Omnibus Budget Reconciliation Act (“ COBRA”), a lump sum payment in the amount of the cost of COBRA coverage for Mr. Pace
and his eligible dependents for up to eighteen months (the foregoing payments and benefits, the “ Severance Benefits”).
If Mr. Pace receives severance payments and benefits under the Company’s Executive Severance Plan, he will not be eligible to
receive the foregoing severance benefits, and his cash severance multiplier under the Executive Severance Plan will be 2.0, the
change in control benefits continuation period under the Executive Severance Plan will be twenty-four months, and the definitions of
cause and good reason (and the applicable release of claims) will be replaced by the definitions and release of claims referred to
in the CEO Offer Letter. Upon termination of employment, all of Mr. Pace’s unvested equity awards will be treated in
accordance with the terms of the applicable award agreements.

Mr.
Pace will be subject to customary restrictive covenants in the CEO Offer Letter, including during employment and for the twenty-four months
following termination of employment, non-competition and non-solicitation of employees, suppliers, and business relations of the Company.

The foregoing summary
does not purport to be a complete description and is qualified in its entirety by the CEO Offer Letter, a copy of which