UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (date of earliest event reported): March 6,
2007
DENNY’S
CORPORATION
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-18051
|
13-3487402
|
|
(State
or other jurisdiction of
|
Commission
File No.
|
(I.R.S.
Employer
|
|
Incorporation
or organization
|
Identification
No.)
|
203
East Main Street
Spartanburg,
South Carolina 29319-0001
(Address
of principal executive offices)
(Zip
Code)
(864)
597-8000
(Registrant’s
telephone number, including area code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following
provisions:
[
]
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[
]
Soliciting
material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[
]
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[
]
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On
March
6, 2007, the Compensation and Incentives Committee of the
Board
of Directors of Denny's Corporation approved and adopted a long-term growth
incentive
program (the "LTGI Program") in which selected members of management,
including
the Company's executive officers, will participate. Under the LTGI Program,
which is offered pursuant to the Denny's Corporation 2004 Omnibus Plan,
participants may earn performance shares and performance units at 0% to
200% of
a target award amount depending on achievement of goals for 2007 systemwide
revenues and cash available to reduce debt. Target awards will be one-half
in
performance shares (which are payable in shares of common stock of the
Company)
and one-half in performance units (which are payable in cash). Earned
performance shares and units vest over a three year period in annual increments
of 15%, 35%, and 50%, respectively. The occurrence of certain qualifying
termination events during the performance or vesting periods will result
in the
earning of pro rata award amounts and/or accelerated or continued vesting.
One-half of the performance shares earned must be held by participants
until
termination of their employment from the Company. For executive officers,
target
awards under the LTGI Program will range from 80% of base salary for senior
officers to 200% of base salary for the chief executive
officer.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
| Denny's Corporation | |
| Date: March 12, 2007 | /s/ Rhonda J. Parish |
| Rhonda J. Parish | |
| Executive Vice President, | |
| Chief Legal Officer, | |
| and Secretary |