IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG) 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
On May 5, 2017, Ignite Restaurant Group, Inc. (the “Company”) announced that its Board of Directors has elected Debra Eybers to serve as the Company’s Chief Operating Officer, a position she had previously held on an interim basis. Since 2009, Ms. Eybers, age 63, has served as a consultant for a number of restaurant companies including Ruth’s Hospitality Group, Inc. and The Palm Restaurant. Ms. Eybers served as the President of House of Blues from 2008-2009 and as President of Cheeseburger in Paradise from 2000-2006. Ms. Eybers holds a B.A. in English Education and Sociology from Old Dominion University.
In connection with her election as Chief Operating Officer, Ms. Eybers and the Company entered into an offer letter on May 5, 2017, setting forth the material terms of her employment with the Company. to the terms of the letter, Ms. Eybers will receive an annual base salary of $300,000, and will have a target bonus of 50% of her base salary. In accordance with the terms of the offer letter, Ms. Eybers will also be entitled to receive severance in an amount equal to her then current base salary for a period of 12 months following her termination if she is terminated by the Company without cause.
The foregoing description of the offer letter is only a summary and is qualified in its entirety by reference to the actual offer letter, which will be attached as an exhibit to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 3, 2017.
About IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG)
Ignite Restaurant Group, Inc. is a diversified restaurant company. The Company operates a portfolio of two restaurant brands, including Joe’s Crab Shack (Joe’s) and Brick House Tavern + Tap (Brick House). The Company manages its restaurant brands, Joe’s and Brick House, as operating segments. Joe’s and Brick House operate in a set of markets across the United States. As of June 27, 2016, it operated127 Joe’s restaurants and 26 Brick House restaurants in 33 states within the United States and franchised one Joe’s restaurant in Dubai, the United Arab Emirates (U.A.E). Joe’s restaurants’ menus include the Steampots and Buckets of Crab categories, which allow guests to choose between seasonal varieties of crab (Queen, Snow, Dungeness and King) and whole lobster. As of December 28, 2015, Brick House’s menu included 13 appetizers; 38 entrees; a Meatball category, including Greek, buffalo chicken and drunken pork varieties; seasonal daily specials; brunch; dessert, and specialty cocktails. IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG) Recent Trading Information
IGNITE RESTAURANT GROUP, INC. (NASDAQ:IRG) closed its last trading session down -0.0163 at 0.0187 with 194,868 shares trading hands.