Carrols Restaurant Group, Inc. Announces Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Carrols Restaurant Group (Nasdaq: TAST) announced the granting of 250,000 restricted shares to Carl Hauch as an inducement to employment. The Award vests over three years, with conditions tied to Hauch's continued employment. Carrols operates around 1,075 restaurants, being the largest BURGER KING® franchisee in the U.S. This announcement was made on March 12, 2021, and aligns with NASDAQ Listing Rule 5635(c)(4).

Positive

• Granting of 250,000 restricted shares can enhance employee retention.
• The company continues to strengthen its leadership with experienced personnel.

Negative

• None.

SYRACUSE, N.Y., March 12, 2021 (GLOBE NEWSWIRE) -- Carrols Restaurant Group, Inc. (“Carrols” or the “Company”) (Nasdaq: TAST) today announced that as a material inducement to enter into employment with the Company on February 15, 2021, the Company granted an inducement award of 250,000 restricted shares of the Company’s common stock (the “Inducement Award”) to Carl Hauch, Vice President and Chief Operating Officer of the Company on March 12, 2021, which vests as follows: (a) 34% of the Inducement Award will vest on the first anniversary of the date of grant, (b) 33% of the Inducement Award will vest on the second anniversary of the date of grant and (c) 33% of the Inducement Award will vest on the third anniversary of the date of grant. Vesting of the shares of restricted stock is conditioned upon Mr. Hauch's continued employment with the Company and is subject to acceleration upon certain events. The Inducement Award was granted in accordance with NASDAQ Listing Rule 5635(c)(4) and approved by the Compensation Committee of the Company’s Board of Directors.

About the Company

Carrols is one of the largest restaurant franchisees in the United States, and currently operates approximately 1,075 restaurants. It is the largest BURGER KING® franchisee in the United States, currently operating 1,010 BURGER KING® restaurants and also operating 65 POPEYES® restaurants. It has operated BURGER KING® restaurants since 1976. For more information on Carrols, please visit the company's website at www.carrols.com.

Forward-Looking Statements

Except for the historical information contained in this news release, the matters addressed are forward-looking statements. Forward-looking statements, written, oral or otherwise made, represent Carrols' expectation or belief concerning future events. Without limiting the foregoing, these statements are often identified by the words "may", "might", "believes", "thinks", "anticipates", "plans", "expects", "intends" or similar expressions. In addition, expressions of our strategies, intentions, plans or guidance are also forward-looking statements. Such statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control. Investors are referred to the full discussion of risks and uncertainties, including the impact of COVID-19 on Carrols’ business, as included in Carrols' filings with the Securities and Exchange Commission.

Investor Relations:
Raphael Gross
203-682-8253
investorrelations@carrols.com

FAQ

What stock symbol is associated with Carrols Restaurant Group?

The stock symbol for Carrols Restaurant Group is TAST.

When was the inducement award granted to Carl Hauch?

The inducement award to Carl Hauch was granted on March 12, 2021.

How many restaurants does Carrols operate?

Carrols operates approximately 1,075 restaurants, including BURGER KING® and POPEYES®.

What is the vesting schedule for the restricted shares granted to Carl Hauch?

The restricted shares vest over three years: 34% after the first year, and 33% each on the second and third anniversaries.

What are the conditions for vesting the inducement award?

Vesting is conditioned upon Carl Hauch's continued employment and may accelerate upon certain events.