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.
FINANCIAL STATEMENTS AND EXHIBITS.
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Carrols Restaurant Group Inc. published this content on 03 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 22:04:24 UTC.