LUBY’S, INC. (NYSE:LUB) 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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Compensatory Arrangements of Certain Officers.
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Company) approved an annual base salary of $500,000 for
Christopher Pappas, the Companys Chief Executive Officer, and
$400,000 for Peter Tropoli, the Companys Chief Operating Officer,
which represents an increase in annual base salary from their
previous annual base salaries of $462,000, and $362,608,
respectively. The foregoing annual base salaries are effective as
of November 15, 2016.
Stock>Units>for Executive Officers
Board of Directors approved grants of options to purchase the
Companys common stock for the following executive officers: Peter
Tropoli, the Companys Chief Operating Officer (63,523 options)
and K. Scott Gray, the Companys Senior Vice President and Chief
Financial Officer (49,406 options). The exercise price of the
stock options is the closing market price on the date of the
grant, $4.26, and the options vest over three years: 50% on the
first anniversary of the grant date, 25% on the second
anniversary of the grant date, and 25% on the third anniversary
of the grant date. Vested options must be exercised within 10
years of grant.
the form of restricted stock units to Mr. Tropoli and Mr. Gray.
Mr. Tropoli received 26,408 shares of restricted stock units and
Mr. Gray received 20,540 shares of restricted stock units. The
restricted stock units fully vest and become unrestricted on
November 30, 2019. The restricted stock is valued at the closing
price of the Companys Common Stock of $4.26 per share on November
30, 2016.
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Item 9.01.
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Financial Statements and Exhibits.
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Exhibit 10.1
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Form of Incentive Stock Option Award Agreement
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Exhibit 10.2
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Form of Restricted Stock Unit Agreement
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About LUBY’S, INC. (NYSE:LUB)
Luby’s, Inc. (Luby’s), formerly Luby’s Cafeterias, Inc., is a multi-branded company operating in the restaurant industry and in the contract food services industry. The Company’s primary brands include Luby’s Cafeteria, Fuddruckers, Luby’s Culinary Contract Services and Cheeseburger in Paradise. Its other brands include are Bob Luby’s Seafood, Luby’s and Koo Koo Roo Chicken Bistro. The Company operates in three segments namely Company-owned restaurants, franchise operations and culinary contract services (CSS). Company-owned restaurants segment consists of brands, which include Luby’s Cafeteria, Fuddruckers and Cheeseburger in Paradise. Franchise operations segment offers franchises for the Fuddruckers brand. Culinary contract services are branded as Luby’s culinary contract services, which consists of a business line servicing healthcare, higher education and corporate dining clients. LUBY’S, INC. (NYSE:LUB) Recent Trading Information
LUBY’S, INC. (NYSE:LUB) closed its last trading session 00.00 at 4.31 with 15,740 shares trading hands.