Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers and Other Events.
On December 12, 2019, Dunkin’ Brands Group, Inc. (the “Company”) announced that the Company has promoted Scott Murphy to the position of President, Dunkin’ Americas.
Mr. Murphy joined the Company in 2004, and has served as Chief Operating Officer, Dunkin’ U.S. since January 2018. Prior to that appointment, Mr. Murphy served as Senior Vice President, Operations, Dunkin' U.S. and Canada, and previously served as Senior Vice President and Chief Supply Officer. Mr. Murphy’s prior experience includes 10 years of global management consulting with A.T. Kearney. Mr. Murphy has previously served on the board of directors of Oath Craft Pizza, the National Coffee Association of America, the International Food Service Manufacturers Association and National DCP, LLC.
Compensation for Mr. Murphy
In connection with his promotion, Mr. Murphy will receive an increase in his base salary to an annualized base salary of $600,000, payable in accordance with the Company’s normal payroll practices. Mr. Murphy’s base salary will be subject to annual review by the Compensation Committee (the “Committee”) of the Company’s Board of Directors. Mr. Murphy will continue to participate in the Company’s annual management incentive plan. Under such plan, Mr. Murphy will be eligible to receive an annual target cash incentive opportunity of 75% of his annual base salary earnings.
Mr. Murphy will remain eligible for future awards under the Company’s annual long-term incentive award program in effect for other senior executives of the Company. It is expected that his 2020 annual grant will have a total grant date fair market value of approximately $800,000.
In addition, Mr. Murphy will continue to be entitled to benefits as are generally made available to other senior executives of the Company, including participation in health/medical and insurance programs. In the event that Mr. Murphy’s employment is terminated by the Company without cause, he would be entitled to severance of up to 12 months’ of his then-current base salary, payable in the form of salary continuation, in accordance with the terms of his offer letter. He will also be subject to customary confidentiality and non-competition provisions.
On December 12, 2019, the Company issued a press release announcing the promotion of Mr. Murphy. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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99.1
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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