Karnes’ continuous employment with the Company, and will have an exercise price equal to the Company’s closing market price on the day of grant. The Initial Options have a ten-year term, vest 1/3 each year over a three-year vesting period, subject to Mr. Karnes’ acceptance of employment with the Company. The Options will be granted outside of the Company’s 2018 Omnibus Equity Incentive Plan as an inducement material to Mr. Karnes employment (the "Additional Options," and, together with the Initial Options, the "Options"). Karnes’ first day of employment (the "Initial Options") and (b) an additional stock option to purchase 25,000 shares of common stock to be granted on the one year anniversary date of Mr. Karnes in the form of (a) a stock option to purchase 25,000 shares of the Company’s common stock granted on Mr. Karnes’ appointment, the Company’s Board of Directors approved, pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, the grant of inducement equity awards to Mr. Being a part of Good Times and Bad Daddy’s fits right into my love of culture including the great outdoors, music, food and people." Matthew stated, "I’ve been following the Company for many years, and I am excited to focus on developing our processes and teams and to be part of continuing to grow these amazing brands for our guests and shareholders. His ability to think strategically, lead teams and drive change, and manage complex operating and capital budgets will continue to strengthen our leadership team." "Matthew brings eighteen years of strong finance and operations leadership with a proven ability to direct and manage financial capabilities for both small and large organizations, with a unique knowledge of private, public and government settings. "I am delighted to welcome Matthew to the Good Times Restaurants team," said Ryan Zink, President and Chief Executive Officer. Additionally, Matthew served in a variety of individual and supervisory roles within finance and operations after graduating from the University of Arkansas. From November 2015 to August 2018, Matthew was the Finance Director for FP&A and Contract Services at Denver International Airport. Matthew, age 40, joins the Company from Denver Economic Development and Opportunity where he was the Chief Operating and Financial Officer, a position he held since December of 2019 and served as Special Projects Director since August 2018.
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