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Ignite Restaurant Group, Inc. – ‘10-Q’ for 3/30/15 – ‘EX-10.1’

On:  Monday, 5/4/15, at 4:50pm ET   ·   For:  3/30/15   ·   Accession #:  1437749-15-8806   ·   File #:  1-35549

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/04/15  Ignite Restaurant Group, Inc.     10-Q        3/30/15   51:4.7M                                   RDG Filings/FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    502K 
 2: EX-10.1     Material Contract                                   HTML     34K 
 3: EX-10.2     Material Contract                                   HTML     63K 
 4: EX-10.3     Material Contract                                   HTML     64K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     27K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     27K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
 8: EX-32.2     Certification -- §906 - SOA'02                      HTML     19K 
34: R1          Document And Entity Information                     HTML     43K 
26: R2          Condensed Consolidated Balance Sheets (Current      HTML    106K 
                Period Unaudited)                                                
32: R3          Condensed Consolidated Balance Sheets (Current      HTML     37K 
                Period Unaudited) (Parentheticals)                               
36: R4          Condensed Consolidated Statements of Operations     HTML     89K 
                (Unaudited)                                                      
47: R5          Condensed Consolidated Statements of Operations     HTML     21K 
                (Unaudited) (Parentheticals)                                     
28: R6          Condensed Consolidated Statements of Cash Flows     HTML    118K 
                (Unaudited)                                                      
31: R7          Note 1 - Basis of Presentation                      HTML     32K 
24: R8          Note 2 - Sale of Macaroni Grill                     HTML     97K 
18: R9          Note 3 - Selected Balance Sheet Accounts            HTML    100K 
48: R10         Note 4 - Debt Obligations                           HTML     45K 
38: R11         Note 5 - Net Income (Loss) per Share                HTML     36K 
37: R12         Note 6 - Commitments and Contingencies              HTML     25K 
42: R13         Note 7 - Income Taxes                               HTML     24K 
43: R14         Note 8 - Segment Information                        HTML    102K 
41: R15         Note 2 - Sale of Macaroni Grill (Tables)            HTML     99K 
44: R16         Note 3 - Selected Balance Sheet Accounts (Tables)   HTML    103K 
33: R17         Note 4 - Debt Obligations (Tables)                  HTML     37K 
35: R18         Note 5 - Net Income (Loss) per Share (Tables)       HTML     33K 
40: R19         Note 8 - Segment Information (Tables)               HTML     97K 
51: R20         Note 1 - Basis of Presentation (Details)            HTML     36K 
45: R21         Note 2 - Sale of Macaroni Grill (Details)           HTML     25K 
29: R22         Note 2 - Sale of Macaroni Grill (Details) -         HTML     98K 
                Carrying Amount of Major Classes of Assets and                   
                Liabilities with Held for Sale Macaroni Grill                    
39: R23         Note 2 - Sale of Macaroni Grill (Details) -         HTML     50K 
                Significant Items That Comprise Loss from                        
                Discontinued Operations, Net of Tax                              
30: R24         Note 3 - Selected Balance Sheet Accounts (Details)  HTML     37K 
                - Components of Other Current Assets                             
17: R25         Note 3 - Selected Balance Sheet Accounts (Details)  HTML     34K 
                - Components of Intangible Assets                                
46: R26         Note 3 - Selected Balance Sheet Accounts (Details)  HTML     56K 
                - Components of Accrued Liabilities                              
49: R27         Note 4 - Debt Obligations (Details)                 HTML    139K 
21: R28         Note 4 - Debt Obligations (Details) - Summary of    HTML     35K 
                Debt Obligations                                                 
20: R29         Note 5 - Net Income (Loss) per Share (Details)      HTML     27K 
22: R30         Note 5 - Net Income (Loss) per Share (Details) -    HTML     27K 
                Components to Determine Numerator and Denominators               
                of Basic and Diluted Net Income (Loss) per Share                 
23: R31         Note 6 - Commitments and Contingencies (Details)    HTML     21K 
25: R32         Note 7 - Income Taxes (Details)                     HTML     28K 
16: R33         Note 8 - Segment Information (Details) -            HTML     71K 
                Reportable Segments                                              
50: XML         IDEA XML File -- Filing Summary                      XML     68K 
15: EXCEL       IDEA Workbook of Financial Reports                  XLSX     78K 
19: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    682K 
 9: EX-101.INS  XBRL Instance -- irg-20150330                        XML    811K 
11: EX-101.CAL  XBRL Calculations -- irg-20150330_cal                XML    131K 
12: EX-101.DEF  XBRL Definitions -- irg-20150330_def                 XML    460K 
13: EX-101.LAB  XBRL Labels -- irg-20150330_lab                      XML    695K 
14: EX-101.PRE  XBRL Presentations -- irg-20150330_pre               XML    444K 
10: EX-101.SCH  XBRL Schema -- irg-20150330                          XSD    122K 
27: ZIP         XBRL Zipped Folder -- 0001437749-15-008806-xbrl      Zip     95K 


‘EX-10.1’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



  irg20150330_10q.htm  
 C: 

Exhibit 10.1

 

April 17, 2015

 

Brad A. Leist
27431 Villa Mountain Court

Fulshear, Texas 77441

 

 

Dear Brad:

 

It is my pleasure to extend the following offer of employment to you on behalf of IGNITE RESTAURANT GROUP, INC (the “Company”). Details of the offer:

 

Title:

Chief Financial Officer

 

Key Responsibilities:

 

 

Supervise all Company accounting practices, budget preparations, financial reporting, and tax and audit functions;

 

Direct financial strategy, planning and forecasting;

 

Lead Company treasury functions;

 

Manage relationships with analysts and investors;

 

Prepare and communicate analyses indicating performance strengths and weaknesses of the organization and each of its operating brands.

 

 

This list of key responsibilities is not all inclusive, and is subject to change at the discretion of the Chief Executive Officer or the Board of Directors.

 

Supervisor:

Ray Blanchette, President and Chief Executive Officer

 

Base Salary:

You will be paid $10, 576.92, which annualizes to $275,000 subject to deductions for taxes and other withholdings as required by or policies of the Company.

 

Targeted Bonus:

50% of base salary based on achieving individual and Company performance goals.

 

Equity Award:

The Compensation Committee has recommended and the Board of Directors has approved a grant of 25,000 SARS and 15,000 restricted shares of “IRG,” with 25% annual vesting on the annual anniversary date of the grant. The issue price will be the closing price of “IRG” on the NASDAQ on April 16, 2015. Please note that there are restrictions on this grant.

  

 
Page 1 of 3

 

 

Severance Protection:

If your employment with the Company is terminated by the Company without Cause, and subject to your execution of a general release of all claims and rights that you may have against the Company and its affiliates and their respective officers, directors, and employees, the Company will pay you an amount equal to your then current base salary for a period of nine (9) months, according to the payroll payment dates in effect as of the date of termination.

 

 

“Cause,” as used herein, means termination of your employment because of (i) fraud; (ii) material misrepresentation not including any exercise of business judgment in good faith relating to the performance of your duties to the Company; (iii) material failure to follow the Company’s conduct and ethics policies that have been provided or made available to you; and/or (iv) your material breach of this Agreement.

 

 

The Company guarantees that this Severance Protection benefit will remain in place in the event of a Change of Control.

 

Car Allowance:

You will receive $392.31 bi-weekly as a car allowance, which annualizes to $10,200. Mileage for business-related travel will be reimbursed at a discounted rate and is adjusted quarterly.

 

Paid Time Off (PTO)

Upon your first day as Chief Financial Officer, you will begin accruing vacation days that you may use at any time during the year. During your first year, you will earn vacation days at an annual rate of twenty (20) days. In addition, each year you will receive three (3) sick days and three (3) personal days. Further, the Company recognizes nine paid holidays.

 

Benefits:

You are eligible for the Company’s Health/Welfare Benefits Plan containing standard benefits including medical, life, dental, LTD, and Flexible Spending Accounts (Section 125) as per Company policy.

 

Phone Allowance:

You will receive an annual communication allowance of $2,000.

 

Additional Executive Benefits:

100% Dining Discount at all Ignite Restaurants for your and your guests.

 

Start Date:

April 17, 2015.

 

This offer letter represents the entire agreement between you and IGNITE RESTAURANT GROUP, INC. This offer letter is not a contract of employment guaranteeing any set length of employment. The Company is an at-will employer. You and IGNITE RESTAURANT GROUP, INC. have the right to terminate the relationship at any time, with or without cause.

 

Your signature below indicates your agreement to all of the aforementioned terms.

 

Best Regards,

 

 

/s/ Raymond A. Blanchette III

Raymond A. Blanchette III

President & Chief Executive Officer

 

 

Agreed and acknowledged:

 

 
Page 2 of 3

 

 

Printed name:

Brad Leist

 

 

 

 

Signature:

/s/ Brad Leist

 

 

 

 

Date: 4/17/15

 

 

 

 

Page 3 of 3


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:5/4/158-K
4/17/154,  8-K
4/16/15
For Period end:3/30/15
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Filing Submission 0001437749-15-008806   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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