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CEO Pay Watch: John Gilbert, Famous Dave's of America

  • March 19, 2014 - 9:30 PM

CEO Pay Watch Famous Dave’s of America Inc.

John Gilbert, former CEO

Total compensation: $951,100 for the year ended Dec. 31

Salary: $400,000

Other compensation: $17,040

Restricted stock: $0

Value realized on vesting shares: $534,060

Total 2013 return to shareholders: 99.1 percent

Note: Gilbert resigned from Famous Dave’s on Feb. 10. When he was named president in October 2012, his employment agreement included a restricted stock award of 150,000 shares that would vest in full after five years. Gilbert was awarded 8,705 shares as part of that award in January 2013 and another 4,348 shares in January 2014. He forfeited the remainder of that award when he resigned.

Edward Rensi, who was named to the company’s board of directors in January, was appointed interim CEO on Feb. 10. Rensi’s employment contract calls for a salary of $300,000. Rensi also was granted 25,000 stock options; half vested immediately and half will vest on Feb. 10, 2015 if Rensi is still with the company.

Separately, the company terminated the employment of Christopher O’Donnell, effective March 31. O’Donnell took home $1.2 million in 2013, $812,000 of which came from restricted stock awards that vested in 2013. O’Donnell was CEO before Gilbert, but remained as president and chief operating officer. Under O’Donnell’s employment agreement he is entitled to a severance payment of $400,000.

Patrick Kennedy

© 2014 Star Tribune