Form 8-K - Current report

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) December 21, 2023

TEXAS ROADHOUSE, INC.

(Exact name of registrant as specified in its charter)

Delaware	000-50972	20-1083890
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

6040 Dutchmans Lane, Louisville, KY		40205
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (502) 426-9984

N/A

(Former name or former address, if changed since last report.)

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 (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	TXRH	Nasdaq Global Select Market

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.

(e)           Pursuant to the terms of the previously disclosed employment agreement with each of the principal executive officer, principal financial officer and Named Executive Officers, the Compensation Committee of the Board reserved the right to adjust compensation for each such executive officer throughout the duration of the term of such employment agreements. On December 21, 2023, the Compensation Committee of the Board exercised its discretion to adjust each executive officer’s compensation in the manner described in this Current Report on Form 8-K with respect to each executive officer’s 2024 fiscal year service. Except as set forth herein, each listed executive officer’s compensation continues in accordance with the previously disclosed terms of the employment agreement.

Incentive Bonus. On December 21, 2023, the Compensation Committee established an annual short-term cash incentive opportunity with a target bonus as set forth in the table below relating to each executive officer’s 2024 fiscal year service. The targets are currently based upon earnings per share growth and pre-tax profits. Depending on the level of achievement of the goals, the bonus may be reduced to a minimum of $0 or increased to a maximum of two times the base target amount under the current incentive compensation policy of the Compensation Committee of the Board.

	2024 Target Bonus ($)		2024 Minimum Bonus ($)		2024 Maximum Bonus ($)
Jerry Morgan		1,200,000		0		2,400,000
Gina Tobin		650,000		0		1,300,000
Chris Monroe		400,000		0		800,000
Chris Colson		400,000		0		800,000
Hernan Mujica		400,000		0		800,000

Stock Awards. On December 21, 2023, the Compensation Committee authorized the grant of the number of service-based restricted stock units equal to the dollar amount described in the table below for each executive officer with respect to their respective 2024 fiscal year service. These service-based restricted stock units will be calculated by dividing the dollar amount described in the table below by the per share closing sales price of the Company’s common stock on the Nasdaq Global Select Market on the trading day immediately preceding the date of the grant, with such quotient rounded up or down to the nearest 100 shares. Additionally, these service-based restricted stock units will be granted on January 8, 2024 and will vest on January 8, 2025, provided the officer is still employed as of the vesting date.

	Restricted Stock Units ($)
Jerry Morgan		1,300,000
Gina Tobin		500,000
Chris Monroe		500,000
Chris Colson		500,000
Hernan Mujica		500,000

Additionally, on December 21, 2023, the Compensation Committee authorized the grant of performance-based restricted stock units as described in the table below for those executive officers listed below with respect to their respective 2024 fiscal year service. These performance-based restricted stock units will be calculated by dividing the target dollar amount described in the table below by the per share closing sales price of the Company’s common stock on the Nasdaq Global Select Market on the trading day immediately preceding the date of the grant, with such quotient rounded up or down to the nearest 100 shares. Additionally, these performance-based restricted stock units will be granted on January 8, 2024 and will vest on January 8, 2025, subject to the achievement of defined goals established by the Compensation Committee of the Board. The performance targets are currently based upon earnings per share growth and pre-tax profits. Depending on the level of achievement of the goals, the number of performance-based restricted stock units may be reduced to zero or increased to a maximum of two times the target amount shown below.

	Target $ of Performance-Based Restricted Stock Units		Minimum $ of Performance-Based Restricted Stock Units		Maximum $ of Performance-Based Restricted Stock Units
Jerry Morgan		1,300,000		0		2,600,000
Gina Tobin		400,000		0		800,000
Chris Monroe		300,000		0		600,000
Chris Colson		300,000		0		600,000
Hernan Mujica		300,000		0		600,000

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

	TEXAS ROADHOUSE, INC.

Date: December 22, 2023	By:	/s/ Jerry L. Morgan
		Jerry L. Morgan
		Chief Executive Officer

Cover	Dec. 21, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 21, 2023
Entity File Number	000-50972
Entity Registrant Name	TEXAS ROADHOUSE, INC.
Entity Central Index Key	0001289460
Entity Tax Identification Number	20-1083890
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	6040 Dutchmans Lane
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40205
City Area Code	502
Local Phone Number	426-9984
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	TXRH
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false