Current Report Filing (8-k)
May 20 2021 - 4:31PM
Edgar (US Regulatory)
0000935419
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0000935419
2021-05-18
2021-05-18
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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): May 18, 2021
RCI
HOSPITALITY HOLDINGS, INC.
(Exact
Name of Registrant as Specified in Its Charter)
Texas
|
|
001-13992
|
|
76-0458229
|
(State
or Other Jurisdiction
of
Incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
10737
Cutten Road
Houston,
Texas 77066
(Address
of Principal Executive Offices, Including Zip Code)
(281)
397-6730
(Issuer’s
Telephone Number, Including Area Code)
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:
☐
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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|
☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
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☐
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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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☐
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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:
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, $0.01 par value
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RICK
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The
Nasdaq Global Market
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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 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
As
disclosed in our previous reports filed with the Securities and Exchange Commission, to augment an expected decline in operating cash
flows caused by the COVID-19 pandemic, we temporarily enacted a pay reduction for certain salaried and hourly employees. These pay reductions
were in effect for parts of our third and fourth fiscal quarters of 2020, after which we reinstated the full pay for all salaried and
hourly employees. On May 18, 2021, our management determined to make a one-time payment to each current employee whose pay was reduced
during that period, in an amount equal to the total amount of pay reduction for such employee. The aggregate amount of these “make
whole” payments to all employees is expected to be approximately $501,000. Included in these payments are payments to (i) Eric
Langan, President and CEO, of $126,923; (ii) Travis Reese, our Executive Vice President, of $41,250; and (iii) Bradley Chhay, our CFO,
of $25,962. The payments to these executive officers were authorized by our Compensation Committee and by our full board on May 18, 2021.
The payments will be made on May 26, 2021.
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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RCI
Hospitality Holdings, INC.
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|
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Date:
May 20, 2021
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By:
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/s/
Eric Langan
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Eric
Langan
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President
and Chief Executive Officer
|
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