Del Taco Restaurants, Inc. (NASDAQ:TACO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Director
Taco) announced that Mr. Murphy plans to relocate and will resign
from his positions as the Companys Chief Executive Officer and
member of the Board of Directors effective July 7, 2017. Mr.
Murphy has served as a member of the Board and the Companys
executive team since February 2009. Mr. Murphys resignation was
not the result of any disagreement with the Company regarding the
Companys operations, policies or practices.
and Director
succeed Mr. Murphy as Chief Executive Officer of the Company,
effective July 7, 2017. Mr. Cappasola has also been elected to
serve on the Companys Board as a Class III director, effective
July 7, 2017.
Officer since January 2017. From 2012 to 2016, Mr. Cappasola was
our Executive Vice President and has held the position of Chief
Brand Officer since February 2011. Prior to that time, Mr.
Cappasola held the position of Vice President of Marketing
Development since joining the Company in September 2008.
Previously, Mr. Cappasola held positions in marketing, strategic
development and operations at Blockbuster, Inc. of Dallas, Texas
from August 2002 to September 2008. Mr. Cappasola holds a
Bachelor of Science degree in Business Management from California
Coast University.
effective July 7, 2017, Mr. Cappasolas compensatory arrangements
have been amended as described below. Any future changes to his
compensation, including future bonus opportunities and equity
grants for subsequent fiscal years, will be determined by the
Board of Directors and disclosed in the Companys proxy statement.
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Mr. Cappasolas annual base salary will be increased to
$550,000. |
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Mr. Cappasolas target bonus for fiscal year 2017 will be
increased to 50% of his base salary, subject to the Companys attainment of the financial objectives and achievement of certain performance targets established under the Companys annual cash incentive plan, provided that Mr. Cappasola continues to be employed by the Company on the date such bonus is payable. |
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Mr. Cappasola will be granted 125,000 shares of restricted
stock on July 7, 2017 with vesting in four equal annual installments beginning June 30, 2018. There are no arrangements or understandings between Mr. Cappasola and any other person to which Mr. Cappasola was appointed to serve as the Chief Executive Officer of the Company. There are no family relationships between Mr. Cappasola and any director or executive officer of the Company, and Mr. Cappasola has no direct or indirect material interest in any related party transaction required to be disclosed to Item 404(a) of Regulation S-K. |
About Del Taco Restaurants, Inc. (NASDAQ:TACO)
Del Taco Restaurants, Inc., formerly Levy Acquisition Corporation, is an operator and franchisor of restaurants featuring fresh and fast made-to-order cuisine, including both Mexican inspired and American classic dishes. The Company operates Del Taco restaurants in approximately 20 states, including over one franchised restaurant in Guam. The Company has approximately 300 Company-operated and over 250 franchised restaurants. The Company’s menu offers a combination of Mexican-inspired food, such as tacos and burritos, and American classics, such as Double Del cheeseburgers, crinkle-cut fries and milkshakes. Additionally, the Company’s menu features both premium items such as Epic Burritos, Handcrafted Ensaladas and Fresca Bowls, as well as lower priced items on its Buck & Under Menu. Del Taco restaurant is a free-standing building with drive-in service that ranges in size from 2,000 to 2,600 square feet.
