New Ruby Tuesday President and CEO JJ Buettgen has been given nearly 600,000 shares of company stock as part of his compensation package, the Maryville-based restaurant chain said.
The award includes 497,546 shares of service-based restricted stock and 102,433 shares of “performance-based restricted stock assuming maximum performance is achieved,” according to a news release.
In addition, Buettgen was granted an option to buy more than 750,000 shares.
Buying all 750,000 optional shares may not be easy. According to terms of his compensation deal, thepurchasing 250,000 of the shares is contingent upon the company’s stock trading at ” $14 per share for a period of 20 consecutive trading days within Mr. Buettgen’s first three years of employment.”
Ruby Tuesday shares haven’t hit $14 since early 2011. It’s best price in the last 52 weeks is $9.39.
Buettgen took over as CEO on Dec.1. He previously was senior vice president and chief marketing officer at Darden Restaurants.
Company founder Sandy Beall announced earlier this year he was retiring as chairman, president and CEO.