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): August 3,
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
August
3, 2007, an understanding was reached between Margaret L. Jenkins, Senior
Vice
President, Marketing and Chief Marketing Officer of Denny’s Corporation (the
“Company”) and the Company pursuant to which it was agreed that her employment
with the Company would terminate effective August 31, 2007.
In
connection with her termination, on August 8, 2007, the Company (through
its
subsidiary Denny’s, Inc.) and Ms. Jenkins entered into a separation agreement,
the material terms of which include (in exchange for her complete release
of any
and all claims against the Company and her agreement to a 24 month non-compete
and no solicitation provision): (i) a lump sum severance payment by the Company
to Ms. Jenkins in the amount of $1,338,150 representing 200% of her current
base
salary, target annual incentive bonus and car allowance; (ii) the immediate
vesting of all stock option awards from the Company to Ms. Jenkins and the
extension to Ms. Jenkins of the right to exercise her vested stock options
for
the lesser of the remaining term of the stock option or 36 months; and (iii)
a
one-time payment from the Company to Ms. Jenkins equal to, for a 24 month
period, the difference between the COBRA rate for continuation of the Company’s
group health benefits and the current active employee group health benefit
premium rate.
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: August 8, 2007 | /s/ Rhonda J. Parish |
| Rhonda J. Parish | |
| Executive Vice President, | |
| Chief Legal Officer, | |
| and Secretary |