Form 4: Red Robin Executive Kevin Mayer Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Kevin Mayer, Chief Marketing Officer of Red Robin Gourmet Burgers Inc., sold shares to cover tax obligations related to vesting restricted stock units.
Summary
- On May 8, 2024, Kevin Mayer, the Chief Marketing Officer of Red Robin Gourmet Burgers Inc., disposed of shares to cover tax obligations.
- The shares were withheld by the issuer in connection with the vesting of time-based restricted stock units granted on May 8, 2023.
- A total of 841 shares were withheld at a price of $7.78 per share related to the vesting of 2,433 restricted stock units.
- Additionally, 825 shares were withheld at a price of $7.78 per share related to the vesting of 2,387 restricted stock units.
- Following these transactions, Mayer beneficially owns 30,628 shares of common stock, including 27,474 time-based restricted stock units subject to vesting and forfeiture restrictions.
Sentiment
Score: 7
Explanation: The document reflects standard executive compensation practices and tax obligations, which are neither particularly positive nor negative. The transactions are routine and expected.
Industry Context
This is a routine transaction related to executive compensation and tax obligations, common in publicly traded companies.
Comparison to Industry Standards
- Similar transactions are common among executives in publicly traded companies like McDonald's (MCD), Wendy's (WEN), and Restaurant Brands International (QSR), where stock-based compensation is a significant part of their overall remuneration packages.
- These companies also regularly disclose Form 4 filings related to stock option exercises, vesting of restricted stock units, and sales of shares to cover tax liabilities.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine sale of shares to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| 05/08/2023 | Date of grant for 2,433 and 2,387 time-based restricted stock units. |
| 05/08/2024 | Date of transaction: shares withheld to cover tax obligations. |
| 05/10/2024 | Date of signature on the Form 4 filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.