Form 4: Red Robin CEO Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Red Robin's CEO, Gerard Johan Hart, sold shares to cover tax obligations arising from the vesting of restricted stock units.
Summary
- Gerard Johan Hart, the President and CEO of Red Robin Gourmet Burgers Inc., sold shares of common stock on March 14, 2025, and March 17, 2025.
- The sales were executed to cover tax withholding obligations and fees related to the vesting of time-based restricted stock units granted on March 13, 2024.
- On March 14, 2025, 11,997 shares were sold at a weighted average price of $4.46, with individual transactions ranging from $4.41 to $4.51.
- On March 17, 2025, 11,467 shares were sold at a weighted average price of $4.39, with individual transactions ranging from $4.35 to $4.52.
- Following these transactions, Hart directly owns 575,270 shares of Red Robin common stock, which includes 324,696 time-based restricted stock units subject to vesting and forfeiture restrictions.
Sentiment
Score: 5
Explanation: Neutral sentiment as the filing reflects routine transactions related to executive compensation and tax obligations.
Industry Context
Executive stock sales are a common occurrence, often related to compensation and tax planning. The 'sell-to-cover' mechanism is a standard practice to manage tax liabilities associated with equity compensation.
Stakeholder Impact
- The stock sales could have a minor impact on shareholders due to the increased supply of shares in the market, but the impact is likely minimal given the relatively small volume of shares sold.
Key Dates
| Date | Description |
|---|---|
| 03/13/2024 | Date of grant of 79,936 time-based restricted stock units to the reporting person under the issuer's 2017 Performance Incentive Plan, as amended. |
| 03/14/2025 | Date of first transaction: Sale of 11,997 shares of Common Stock. |
| 03/17/2025 | Date of second transaction: Sale of 11,467 shares of Common Stock. |
| 03/18/2025 | Date of signature on the Form 4 filing. |
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