Form 4: Cracker Barrel Executive Jim Mark Spurgin Acquires Shares and Stock Options Under LTI Plan

Jim Mark Spurgin, SVP and Chief Supply Chain Officer of Cracker Barrel, reports acquisition of common stock and stock options as part of the company's Long-Term Incentive (LTI) plan.

Summary

• Jim Mark Spurgin, SVP and Chief Supply Chain Officer at Cracker Barrel, filed a Form 4 detailing changes in beneficial ownership.
• On September 26, 2024, Spurgin acquired 1,631 shares of common stock and 4,206 stock options as part of an annual Long-Term Incentive (LTI) plan award.
• The common stock was acquired at a price of $0.00, representing an award of time-based Restricted Stock Units (RSUs).
• These RSUs will vest ratably over three years, with equal installments on September 30, 2025, September 30, 2026, and September 30, 2027.
• The stock options have an exercise price of $45.96 and also vest ratably over three years on the same dates as the RSUs.
• Following the reported transaction, Spurgin directly owns 5,706 shares of common stock and 4,206 stock options.

Sentiment

Score: 7

Explanation: The document reflects a routine executive compensation transaction, which is generally viewed neutrally to positively as it aligns management with shareholder interests.

Positives

• The LTI plan aligns executive compensation with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the executive.
• The acquisition of shares demonstrates the executive's confidence in the company's future prospects.

Future Outlook

The document does not contain any specific forward-looking statements or guidance.

Industry Context

Executive compensation packages often include stock options and restricted stock units to align management's interests with those of shareholders. This Form 4 filing reflects a standard practice in corporate governance.

Comparison to Industry Standards

• Companies like Darden Restaurants (DRI) and Texas Roadhouse (TXRH) also utilize LTI plans with similar vesting schedules for their executives.
• The specific mix of stock options and RSUs in Cracker Barrel's LTI plan is likely benchmarked against peer companies in the restaurant and hospitality industry to ensure competitive compensation.

Stakeholder Impact

• Shareholders may view the LTI plan positively as it incentivizes management to improve company performance.
• Employees may see the executive's stock ownership as a sign of confidence in the company's future.

Key Dates