Carrols Restaurant Group announces inducement grant of shares to new COO

SYRACUSE — Carrols Restaurant Group, Inc. (NASDAQ: TAST) on March 12 revealed that it granted 250,000 restricted shares of the company’s common stock as a “material inducement” for its new chief operating officer (COO) to come aboard on Feb. 15.

The award will vest in roughly one-third increments on the first, second, and third anniversaries of the March 12 date of the grant, respectively. The vesting of the shares of restricted stock is contingent upon Hauch’s continued employment with Carrols and is subject to acceleration upon certain events, the Syracuse–based company said in a news release. The 250,000 shares are worth more than $1.8 million at Carrols’ current stock price.

Hauch, age 54, came to Carrols from NPC International, where he was president of the company’s Wendy’s division, from January 2019 to February 2021. NPC is the largest Wendy’s franchisee. Hauch led the company to its most-successful year in 2020, prior to its recently announced sale, Carrols said.

Before joining NPC, Hauch worked at Barnes & Noble, Inc., where he served as VP from July 2017 through June 2018 and co-CEO from June 2018 to January 2019.

Prior to Barnes & Noble, Hauch worked as senior VP of national operations and customer experience at Advance Auto Parts. He also held multiple leadership positions at Advance Auto Parts, including as head of operations and human resources. Hauch worked for the company from 2008-2012.

Carrols is the largest Burger King franchisee in the U.S., currently operating 1,010 Burger King restaurants. The company also operates 65 Popeyes restaurants.