Form 4: Red Robin CEO Hart Sells Shares to Cover Tax Obligations After Stock Units Vest
SEC Form 4 Filing
Red Robin CEO Gerard Johan Hart disposed of 27,031 shares to cover tax obligations following the vesting of restricted stock units.
Summary
- On March 20, 2024, Red Robin CEO Gerard Johan Hart disposed of 27,031 shares of common stock to satisfy tax withholding obligations related to the vesting of 61,786 time-based restricted stock units.
- The shares were withheld by the issuer at a price of $6.69 per share.
- Following the transaction, Hart directly owns 606,782 shares of Red Robin Gourmet Burgers Inc., which includes 445,886 time-based restricted stock units subject to vesting and forfeiture restrictions.
- The vesting of the restricted stock units occurred under the issuer's 2017 Performance Incentive Plan, as amended, and was approved by the issuer's Compensation Committee.
- The transaction is exempt from Section 16(b) of the Exchange Act pursuant to Rule 16b-3(e).
Sentiment
Score: 5
Explanation: This is a neutral event related to standard executive compensation practices; it doesn't indicate positive or negative sentiment about the company's performance.
Industry Context
This is a routine transaction related to executive compensation and tax obligations, common among publicly traded companies.
Key Dates
| Date | Description |
|---|---|
| 03/20/2023 | Date of grant for 61,786 time-based restricted stock units. |
| 03/20/2024 | Date of transaction: disposal of 27,031 shares to cover tax obligations. |
| 03/22/2024 | Date of signature on the Form 4 filing. |
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