Current Report Filing (8-k)
April 10 2020 - 2:02PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 6, 2020
(Exact name of registrant as specified in
its charter)
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Nevada
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000-18590
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84-1133368
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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141 Union Boulevard, #400, Lakewood, CO
80228
(Address of principal executive offices
including zip code)
Registrant’s telephone number, including
area code: (303) 384-1400
Not applicable
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2.):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section
12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Common Stock, $0.001 par value
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GTIM
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Nasdaq Stock Exchange
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Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth
company ☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
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On April 6, 2020, the
Board of Directors (the “Board”) of Good Times Restaurants Inc. (the “Company”) appointed Ryan M. Zink
as the Chief Executive Officer of the Company. Mr. Zink previously served as the Company’s Acting Chief Executive Officer
and its Chief Financial Officer and Treasurer. As Chief Executive Officer of the Company, Mr. Zink will report exclusively to the
Board.
Prior to assuming the
role of Acting Chief Executive Officer in October 2020, Mr. Zink was serving as the Company’s Chief Financial Officer since
August 1, 2017. Prior to his appointment as Chief Financial Officer of the Company, from March 2014 to July 2017, Ryan held positions
with INVISTA, a wholly-owned subsidiary of Koch Industries Inc., most recently as Corporate Finance Director and formerly as Operations
Controller.
In connection with
his appointment as Chief Executive Officer, the Company has entered into an amended and restated employment agreement with Mr.
Zink.
Pursuant to the Amended
and Restated Employment Agreement, Mr. Zink will receive a minimum annual base salary of $250,000, which base salary may be increased,
but not decreased, if the Company’s Board determines that such increase is appropriate based upon a performance review of
Mr. Zink. Mr. Zink will also continue to be eligible for performance cash bonuses and equity awards during each year of his employment
in amounts determined by the Company’s Board of Directors. In addition, Mr. Zink will continue to receive an annual discretionary
allowance of $15,000 and other benefits generally provided to the Company’s other executive officers under the Company’s
welfare benefit plans, practices, policies and programs. The agreement provides for certain severance benefits in connection with
a termination of employment.
Notwithstanding the
Amended and Restated Employment Agreement, Mr. Zink has voluntarily agreed to a temporary 30% reduction in his base salary in connection
with the COVID 19 outbreak. The Company’s other executive officers, Scott G. LeFever (VP of Operations) and Susan M. Knutson
(Controller and Corporate Secretary), along with the Company’s other senior staff, are similarly taking temporary reductions
of up to 20% in their base salaries.
The above description
of Mr. Zink’s Amended and Restated Employment Agreement is qualified in its entirety by the terms and conditions of Mr. Zink’s
Amended and Restated employment agreement filed as Exhibit 10.1 to this Form 8-K, which is incorporated by reference herein.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits.
The following exhibits are filed as part of this report:
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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GOOD TIMES RESTAURANTS INC.
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Date: April 10, 2020
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By:
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Ryan M. Zink
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Chief Executive Officer
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EXHIBIT INDEX
The following exhibits are furnished as part of this report:
Good Times Restaurants (NASDAQ:GTIM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Good Times Restaurants (NASDAQ:GTIM)
Historical Stock Chart
From Apr 2023 to Apr 2024
