Who administers the BossCo Holdings, Inc. 2017 Management Incentive Plan for Checkers employees?
Checkers Franchise · 2025 FDDAnswer from 2025 FDD Document
Company employees participated in the BossCo Holdings, Inc. 2017 Management Incentive Plan, which is administered by BossCo Holdings. The 2017 Management Incentive Plan was created to attract and retain the best available employees and non-employee directors to serve in the Company's management. The Plan provides for the granting of Options, Restricted Stock, Restricted Stock Units and Unrestricted Stock and was amended and restated February 25, 2021.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 91)
What This Means (2025 FDD)
According to Checkers's 2025 Franchise Disclosure Document, the BossCo Holdings, Inc. 2017 Management Incentive Plan is administered by BossCo Holdings. This plan was established to attract and retain qualified employees and non-employee directors for Checkers's management team. The plan allows for the granting of options, restricted stock, restricted stock units, and unrestricted stock. The plan was amended and restated on February 25, 2021.
The document also mentions that Checkers employees participated in this plan. For the period January 3, 2023, through June 16, 2023, the pretax stock-based compensation cost recognized under the Amended and Restated 2017 Management Incentive Plan was $5.7 million. This compensation is recorded under general and administrative expenses in the consolidated statements of operations.
The Out-of-Court Restructuring resulted in a change in control, which, according to the 2017 Management Incentive Plan, led to the vesting of all outstanding service-based and performance-based awards. As part of the $5.7 million in stock-based compensation costs, $5.3 million was recognized due to this accelerated vesting.