DUNKIN BRANDS GROUP, INC. (NASDAQ:DNKN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
DUNKIN BRANDS GROUP, INC. (NASDAQ:DNKN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On May 31, 2017, Dunkin’ Brands Group, Inc. (the “Company”) announced that the Company has promoted Katherine Jaspon to the position of Chief Financial Officer, effective June 5, 2017. Ms. Jaspon has served as the Company’s interim Chief Financial Officer since April 7, 2017.
Ms. Jaspon, 40, joined the Company in December 2005 as Assistant Controller, and has served as Vice President, Finance and Treasury since September 2014. Prior to that, she served as Vice President, Accounting, and Controller since 2010 and assumed the responsibilities of Corporate Treasurer in December 2011. She previously served as an audit senior manager at KPMG LLP and is a licensed certified public accountant.
Compensation for Ms. Jaspon
In connection with her promotion, Ms. Jaspon will receive an increase in her base salary to an annualized base salary of $400,000, retroactive to April 7, 2017, payable in accordance with the Company’s normal payroll practices. Ms. Jaspon’s base salary will be subject to annual review by the Compensation Committee (the “Committee”) of the Company’s Board of Directors. Ms. Jaspon will continue to participate in the Company’s annual management incentive plan. Under such plan, Ms. Jaspon will be eligible to receive an annual target cash incentive opportunity of 60% of her annual base salary earnings.
In addition, the Compensation Committee approved a grant to Ms. Jaspon of an option to purchase shares of common stock of the Company with a grant date value of $318,500, and an additional award of performance stock units with an award grant date value equal to approximately $136,500. The number of shares subject to the option award and the number of performance stock units awarded will be determined in accordance with FASB ASC Topic 718. The option will vest in four annual installments and the performance stock units will vest based on the attainment of pre-established performance goals, generally subject to Ms. Jaspon’s continued employment.
Ms. Jaspon will continue to be entitled to benefits as are generally made available to other senior executives of the Company, including participation in health/medical and insurance programs. In the event that Ms. Jaspon’s employment is terminated by the Company without cause or she resigns for good reason, she would be entitled to severance of up to 12 months’ of her then-current base salary, payable in the form of salary continuation, in accordance with the terms of her offer letter. She will also be subject to customary confidentiality and non-competition provisions.
On May 31, 2017, the Company issued a press release announcing the promotion of Ms. Jaspon. A copy of the press release has been filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release of Dunkin’ Brands Group, Inc. dated May 31, 2017
About DUNKIN’ BRANDS GROUP, INC. (NASDAQ:DNKN)
Dunkin’ Brands Group, Inc. is a franchisor of quick service restaurants (QSRs) serving hot and cold coffee and baked goods, as well as hard serve ice cream. The Company franchises restaurants under its Dunkin’ Donuts and Baskin-Robbins brands. The Company operates through four segments: Dunkin’ Donuts-U.S., Dunkin’ Donuts International, Baskin-Robbins International and Baskin-Robbins-U.S. The Dunkin’ Donuts U.S. segment is the United States QSR concept, and markets donut and bagel categories for servings. The Baskin-Robbins-U.S. segment is engaged in serving hard-serve ice cream, and develops and sells a range of frozen ice cream treats, such as cones, cakes, sundaes and frozen beverages. The Company’s Dunkin’ Donuts International segment franchisees are responsible for sourcing their own supplies with its standards. As of December 31, 2016, Baskin-Robbins International segment had a manufacturing network, which consisted of 14 facilities. DUNKIN’ BRANDS GROUP, INC. (NASDAQ:DNKN) Recent Trading Information
DUNKIN’ BRANDS GROUP, INC. (NASDAQ:DNKN) closed its last trading session up +0.15 at 58.32 with 1,116,650 shares trading hands.
Dunkin’ Brands Group, Inc. is a franchisor of quick service restaurants (QSRs) serving hot and cold coffee and baked goods, as well as hard serve ice cream. The Company franchises restaurants under its Dunkin’ Donuts and Baskin-Robbins brands. The Company operates through four segments: Dunkin’ Donuts-U.S., Dunkin’ Donuts International, Baskin-Robbins International and Baskin-Robbins-U.S. The Dunkin’ Donuts U.S. segment is the United States QSR concept, and markets donut and bagel categories for servings. The Baskin-Robbins-U.S. segment is engaged in serving hard-serve ice cream, and develops and sells a range of frozen ice cream treats, such as cones, cakes, sundaes and frozen beverages. The Company’s Dunkin’ Donuts International segment franchisees are responsible for sourcing their own supplies with its standards. As of December 31, 2016, Baskin-Robbins International segment had a manufacturing network, which consisted of 14 facilities. DUNKIN’ BRANDS GROUP, INC. (NASDAQ:DNKN) Recent Trading Information
DUNKIN’ BRANDS GROUP, INC. (NASDAQ:DNKN) closed its last trading session up +0.15 at 58.32 with 1,116,650 shares trading hands.
