WINGSTOP INC. (NASDAQ:WING) 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
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported on a Current Report on Form 8-K filed on November 13, 2018 (the “Prior 8-K”), the Compensation Committee of the Board of Directors of Wingstop Inc. (the “Company”) approved a severance plan for certain senior officers of the Company (the “Executive Severance Plan”). On January 2, 2019, Michael Skipworth, Larry Kruguer, Stacy Peterson, and other senior officers of the Company (the “Senior Officers”) became participants in the ExecutiveSeverance Planupon their delivery to the Company of an executed Participation Agreement, to which they agreed to be bound by the terms and conditions of theExecutive Severance Plan. to their respective Participation Agreements, the Senior Officers also agreed to terminate any existing employment agreement between them and the Company, effective immediately, and the terms of the ExecutiveSeverance Plan and respective Participation Agreements supersede the terms of any employment agreement so terminated.
The Prior 8-K and the description of the terms of the Executive Severance Plan and Participation Agreement set forth therein are incorporated herein by reference. Additionally, the Executive Severance Plan and form of Participation Agreement will be filed as exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018 (the “Annual Report”), and the description thereof set forth and incorporated herein is qualified by and subject to, in all respects, the terms of the Executive Severance Plan and form of Participation Agreement to be filed as exhibits to the Annual Report.
About WINGSTOP INC. (NASDAQ:WING)
Wingstop Inc. is a franchisor and operator of restaurants that specialize in cooked-to-order, hand-sauced and tossed chicken wings. The Company offers its guests with over 11 flavors on bone-in and boneless chicken wings paired with hand-cut, seasoned fries and sides. It is a casual chicken wings-focused restaurant chain with various concepts, which include wings as add-on menu items or focus on wings in a bar or sports-centric setting. The flavors include Atomic, Mango Habanero, Cajun, Louisiana Rub, Mild, Hickory Smoked BBQ, Lemon Pepper, Garlic Parmesan, Hawaiian and Teriyaki. It offers various order options, including eat-in, to go, individual, combo meals and family packs. It operates through two segments: Franchise and Company. The Franchise segment consists of its domestic and international franchise restaurants, which represent the majority of its system-wide restaurants. The Company segment consists of company-owned restaurants, which are located only in the United States.