ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On August 2, 2021, Carl Hauch, the Vice President and Chief Operating Officer of
Carrols Restaurant Group, Inc. (the "Company"), provided notice to the Company
of his election not to renew the term of his Employment Agreement with the
Company dated as of February 9, 2021 (the "Employment Agreement") in accordance
with the provisions of Sections 5 and 10(h) of the Employment Agreement. On the
same day, the Company and Mr. Hauch entered into a Separation and Release of
Claims Agreement (the "Separation Agreement") providing for the separation of
his employment with the Company effective as of July 30, 2021 and, except as
specifically set forth in the Separation Agreement, the termination of the
Employment Agreement. Pursuant to the Separation Agreement, Mr. Hauch (i) will
receive his monthly base salary through December 31, 2021, payable in accordance
with the Company's payroll practices for executives, and a payment of $425,000
payable on the six-month anniversary of the date of the Separation Agreement,
and (ii) is also eligible to receive on or before March 15, 2022 his annual
bonus award payable under the Company's Executive Bonus Plan, if any, for the
2021 fiscal year. The Separation Agreement also provides that the
non-competition provision set forth in the Employment Agreement will no longer
be applicable to Mr. Hauch after March 15, 2022 and that all unvested shares of
the Company's common stock issued pursuant to the Restricted Stock Inducement
Award Agreement between the Company and Mr. Hauch were forfeited to the Company
on the date of the Separation Agreement.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
104 Cover Page Interactive Data File (formatted as Inline XBRL)
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