BBQ HOLDINGS, INC. - FORM 8-K - January 5, 2011

Attached files

file filename
EX-10.2 - EX-10.2 - BBQ HOLDINGS, INC.c62084exv10w2.htm
EX-10.1 - EX-10.1 - BBQ HOLDINGS, INC.c62084exv10w1.htm
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 3, 2011
Famous Dave’s of America, Inc.
(Exact name of registrant as specified in its charter)
         
Minnesota   0-21625   41-1782300
(State or other jurisdiction of   (Commission File Number)   (IRS Employer
incorporation)       Identification No.)
     
12701 Whitewater Drive, Suite 200, Minnetonka, MN   55343
(Address of principal executive offices)   (Zip Code)
(952) 294-1300
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
     On January 3, 2011, the Company granted executive officers the right to receive shares of the Company’s common stock (the “Performance Shares”) following the filing of the Company’s Annual Report on Form 10-K for fiscal 2013, subject to the Company achieving at least the applicable percentage of the cumulative total of the earnings per share goals (as discussed below) for fiscal 2011, fiscal 2012 and fiscal 2013 (the “Cumulative EPS Goal”). These Performance Shares were granted under the Company’s 2005 Stock Incentive Plan and the grants are collectively referred to as the 2011-2013 Performance Share Program. Under the 2011-2013 Performance Share Program, each recipient will be entitled to receive a percentage of the “Target Shares” amount identified opposite his or her name on Exhibit 10.2 to this Current Report on Form 8-K that is based on the percentage of the Cumulative EPS Goal achieved by the Company, as set forth on the following schedule:
     
    Percent of Performance Shares
Percentage of Cumulative EPS Goal   to which Recipient is Entitled
If the Company fails to achieve at least 80% of the Cumulative EPS Goal, then:
  the recipient shall not be entitled to receive Performance Shares.
 
    
If the Company achieves 80-100% of the Cumulative EPS Goal, then:
    
 
  the recipient shall be entitled to receive a percentage of the “Target Shares” amount equal to the percentage of the Cumulative EPS Goal achieved (e.g., if the Company achieves 90% of the Cumulative EPS Goal, then the recipient is entitled to receive 90% of his or her “Target Shares” amount).
     The Performance Share grants for each recipient are also contingent upon the recipient remaining an employee of the Company until the filing of the Annual Report on Form 10-K for fiscal 2013.
     The earnings per share goal for each fiscal year will be determined by the Compensation Committee prior to the beginning of each fiscal year. The actual earnings per share for each fiscal year shall be based on the fully diluted earnings per share amount for such fiscal year that is set forth in the audited financial statements filed with the Company’s corresponding Annual Report on Form 10-K. The determination regarding whether the Company has achieved the Cumulative EPS Goal will be made upon filing of the Annual Report on Form 10-K for fiscal 2013 (the “Vesting Date”). Performance Shares will be issued on the Vesting Date, as provided above, if at least 80% of the Cumulative EPS Goal is achieved. No partial issuance of Performance Shares shall be made if an earnings per share goal is achieved in any one or more fiscal years but at least 80% of the Cumulative EPS Goal is not achieved.
     The form of 2011-2013 Performance Share Agreement utilized in connection with grants under the 2011-2013 Performance Stock Program and a schedule of grants made under the form of 2011-2013 Performance Share Agreement are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K, respectively.

 

 

Item 9.01 Financial Statements and Exhibits.
     (d) Exhibits.
  10.1   Form of 2011-2013 Performance Share Agreement
 
  10.2   Schedule of grants made under the Form of 2011-2013 Performance Share Agreement
SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  FAMOUS DAVE’s of AMERICA, Inc.
 		  
Date: January 5, 2011  By:   /s/ Diana G. Purcel    
    Name:   Diana G. Purcel   
    Title:   Chief Financial Officer and Secretary   

 

 

         
Exhibit Index
     
Exhibit No.   Description
10.1
  Form of 2011-2013 Performance Share Agreement
10.2
  Schedule of grants made under the Form of 2011-2013 Performance Share Agreement

 

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