Last week it was announced that Dorsch and Checkers Drive-In Restaurants, Inc. executed a five-year extension to his existing contract. The contract included additional option grants of 400,000, of which 200,000 shares are exercisable at $5.00 per share and another 200,000 are exercisable at $6.00 per share. This option exercise brings Mr. Dorsch's current holdings to 114,285 shares with a total beneficial interest of 614,285 shares. He joined Checkers Drive-In Restaurants last December.
"Dan has brought a special quality to Checkers," says vice chairman, Peter O'Hara. "There is an excitement within the company that was too long absent. He's energized both our corporate restaurant and franchisee operations. He's shown he knows what the company needs in short order and has gotten rapid results. He's developed a real team spirit within the company.'' O'Hara continued, "The Board decided we needed to demonstrate a similar commitment to his leadership. Dan was granted 400,000 new stock options in his revised contract to provide an increased equity interest in the company.''
"I am pleased with the progress we have made during the last 11 months, but we are nowhere near our potential," said Dorsch. "I told everyone when I first came here I wasn't interested in just a short-term resolution of the debt issues we faced at the beginning of the year, I'm here to build a winner. We have a great concept with great products, all we need is the right attitude to be winners in our industry and I think we've got the team to do it.''
Checkers Drive-In Restaurants, Inc. and its franchisees own approximately 432 Checkers operating primarily in the Southeastern United States and approximately 435 Rally's operating primarily in the Midwestern United States.