Shake Shack Inc 8-K, filed Jun 12, 2020
Shake Shack Inc. (SHAK)
About this 8-K
Shake Shack Inc filed this 8-K on June 12, 2020, reporting on events of June 10, 2020.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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Item 8.01 Other Events.
On June 10, 2020, the Board of Directors (the “Board”) of Shake Shack Inc. (the “Company”), upon the recommendation of the Compensation Committee of the Board, approved an adjustment to how the Company’s directors are compensated for their service. Pursuant to the Company’s Non-Employee Director Compensation Policy, director compensation is paid 50% in cash and 50% in equity, with a one-year vesting period. For the annual service period starting with the second quarter of 2020 and continuing through the first quarter of 2021, directors will be compensated 100% in equity, with a one-year vesting period. This adjustment is intended to be temporary in nature as the Company continues to manage the COVID-19 crisis. Also, as previously disclosed in the Company’s proxy statement, filed April 23, 2020 with the Securities and Exchange Commission, the Board deferred the quarterly cash component of director compensation for the first quarter of 2020; the deferred cash amount also will be paid in equity along with the annual service award.
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.
| Shake Shack Inc. | ||
| (Registrant) | ||
| By: | /s/ Ronald Palmese, Jr. | |
| Ronald Palmese, Jr. | ||
| Date: June 12, 2020 | SVP and General Counsel | |