Form 4: Cracker Barrel CEO Masino Receives Equity Awards

Cracker Barrel Old Country Store, Inc. CEO Julie D. Masino was granted restricted stock and stock options as part of her annual compensation and long-term incentive plan.

Summary

• Julie D. Masino, CEO and Director of Cracker Barrel Old Country Store, Inc. (CBRL), received equity awards on September 25, 2025.
• She was awarded 15,760 shares of common stock as restricted stock, representing 50% of her FY25 annual cash bonus, which will cliff vest on September 30, 2026, contingent on continued employment.
• An additional 26,455 shares of common stock were awarded as time-based Restricted Stock Units (RSUs) under the annual Long-Term Incentive (LTI) plan, vesting ratably over three years on September 30, 2026, September 30, 2027, and September 30, 2028.
• She also received an annual LTI plan award of 62,432 stock options with an exercise price of $43.80, vesting ratably over three years on September 30, 2026, September 30, 2027, and September 30, 2028, and expiring on September 25, 2035.
• Following these transactions, Masino beneficially owns 89,225 shares of common stock directly and 62,432 stock options directly.

Sentiment

Score: 7

Explanation: The filing reports routine executive compensation awards, which are generally positive as they align management's interests with shareholders and incentivize long-term performance. There are no negative surprises or adverse events reported.

Positives

• The awards align the CEO's financial interests with those of shareholders, promoting long-term value creation.
• The equity grants are part of a structured compensation plan, indicating stability in executive incentives.
• The vesting schedules encourage retention of key management personnel.

Risks

• The vesting of restricted stock and RSUs is contingent upon Julie D. Masino's continued employment with the company.

Future Outlook

The vesting schedules for the restricted stock, RSUs, and stock options extend through September 30, 2028, indicating a long-term incentive structure designed to retain the CEO and align her performance with future company growth.

Industry Context

These equity awards are a standard component of executive compensation packages in the restaurant and retail industry, designed to incentivize long-term performance and align management interests with shareholder value. The structure, including restricted stock and stock options with multi-year vesting, is common practice for publicly traded companies.

Stakeholder Impact

• Shareholders: Interests are aligned with the CEO through equity ownership, potentially leading to better long-term performance.
• Employees: No direct impact on general employees mentioned, but executive compensation practices can influence overall company culture and compensation philosophy.

Next Steps

• Continued employment of Julie D. Masino to ensure vesting of awards.
• Future vesting events for restricted stock, RSUs, and stock options on September 30, 2026, September 30, 2027, and September 30, 2028.

Key Dates

Keywords

Cracker Barrel, CBRL, Julie D. Masino, CEO compensation, equity awards, restricted stock, stock options, long-term incentive, insider transaction, corporate governance