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:
Item 5.02(b) Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers
Effective December 31, 2011, Robert Towers,
the President, Chief Operating Officer, Treasurer and a Director of Ark Restaurants Corp. (the “Company”) announced
his intention to retire. The Company and Mr. Towers have entered into a Termination and Consulting Agreement (the “Agreement”)
which is attached as an exhibit to this Form 8-K.
All options held by Mr. Towers will be fully
vested and may be exercised until their dates of expiration. Mr. Towers elected to receive a lump sum severance payment of $400,000
equal to his last year’s salary, in satisfaction of all obligations of the Company, other than as set forth in the Agreement,
and in exchange for his covenants in the Agreement.
The Company agreed to forgive an aggregate
of $67,778.13 of indebtedness owed by Mr. Towers to the Company in connection with his receipt of stock options and certain other
executive loans. The Company agreed to cover Mr. Towers and his wife under the Company’s medical, dental, prescription drugs
and supplemental executive health reimbursement program for a period of three years ending December 31, 2014, up to a maximum of
$25,000 per year, except if Mr. Towers obtains other employment which provides for medical benefits.
The parties released each other from any claims
and the Company shall indemnify Mr. Towers from any claims made.
(d) The Board of directors of the Company
has elected Robert Stewart, its Chief Financial Officer, to the Board of Directors and as Treasurer of the Company, effective upon
Robert Towers submitting his resignation and signing the above described Termination and Consulting Agreement.
Robert Stewart has been employed by the Company
since June 2002 and was elected Chief Financial Officer effective as of June 24, 2002. For the three years prior to joining the
Company, Mr. Stewart was a Chief Financial Officer and Executive Vice President at Fortis Capital Holdings. For eleven years prior
to joining Fortis Capital Holdings, Mr. Stewart held senior financial and audit positions in Skandinaviska Enskilda Banken in their
New York, London and Stockholm offices.
Item 9.01. Financial Statements
and Consulting Agreement.
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
||ARK RESTAURANTS CORP.|
||/s/ Michael Weinstein|
||Name: Michael Weinstein|
||Title: Chief Executive Officer|
|Date: January 6, 2012