Company

Relevant Positions

Compensation Reduction Disclosure

Relevant Filing and Link

The Walt Disney Company

NEOs

As part of a series of measures to better enable the Company to weather the extraordinary business challenges occasioned by the current national health crisis, on March 30, 2020, each of the Company's named executive officers agreed by irrevocable waiver to effect a temporary reduction in the base salaries otherwise payable under their respective employment agreements, effective with the payroll period commencing April 5, 2020. The Company is also effecting reductions in base salary among a broad group of its executive level employees. Mr. Iger has agreed to forgo, through the last payroll period in the Company's current fiscal year, receipt of all but that portion of his base salary necessary to fund, on an after-tax basis, his contributions to continue to participate in the Company's health benefits plan. He is also waiving his right to receive his car allowance payable during the same period the salary waiver is in effect. Mr. Chapek will forego receipt of 50% and each of Mr. Braverman, Ms. McCarthy, Ms. Parker and Ms. Mucha will forego receipt of 30% of the base salary that would otherwise be payable under his or her employment agreement for as long as the Company determines to continue in effect salary reductions generally for its executives.

The salary waivers will not modify other rights under the applicable employment agreements determined by reference to the officer's base salary; such provisions will continue to be applied based on the stated base salary payable under the applicable agreement. Additionally, except for the amount of compensation for paid time off, the reductions are not intended to reduce any Company employee benefit provided to such officers that is determined by reference to the base salary payable, except as may be required at law.

Form 8-K, dated March 30, 2020 – Item 5.02

Six Flags Entertainment Corporation

Executive officers and directors

Effective April 6, 2020, each executive officer of Six Flags Entertainment Corporation (the "Company") has agreed to a temporary 25% reduction of base salary to mitigate the operating and financial impact of the global coronavirus (COVID-19) pandemic. The Board of Directors (the "Board") of the Company approved a form of amendment to each executive officer's employment agreement to reflect this reduction. The reductions do not impact the definition of "Base Salary" in the employment agreements for any purpose other than payment of base salary during this period. 

In addition, the Board has agreed that no cash retainer fees will be paid in the second quarter of 2020 to any director for service on the Board or any committee of the Board.

Form 8-K, dated March 30, 2020 – Item 5.02

Penn National Gaming, Inc.

Certain NEOs, including the CEO

On March 27, 2020, Penn National entered into certain amendments to the employment agreements effective April 1, 2020, with certain named executive officers, which, among other things, provide for a reduction in such Named Executive Officers' salaries until such time as Penn National determines that its properties have substantially returned to normal operations.

Penn National and Jay Snowden, Penn National’s President and Chief Executive Officer, entered into an amendment (the "Snowden Amendment") to the Executive Agreement, dated July 31, 2019, between Penn National and Mr. Snowden. The Snowden Amendment provides that, effective April 1, 2020, Mr. Snowden's annual base salary will be reduced by $350,000 from his current annual salary.

Penn National and David Williams, Penn National's Executive Vice President and Chief Financial Officer, entered into an amendment (the "Williams Amendment") to the Executive Agreement, dated January 22, 2020, between Penn National and Mr. Williams. The Williams Amendment provides that, effective April 1, 2020, Mr. Williams' annual base salary will be reduced by $130,000 from his current annual salary.

Penn National and Carl Sottosanti, Penn National's Executive Vice President, General Counsel and Secretary, entered into an amendment (the "Sottosanti Amendment") to the Executive Agreement, dated December 10, 2018, between Penn National and Mr. Sottosanti. The Sottosanti Amendment provides that, effective April 1, 2020, Mr. Sottosanti's base salary will be reduced by $139,050 from his current base salary.

Form 8-K, dated March 27, 2020 – Item 5.02

Cinemark Holdings, Inc.

CEO, other executives, and directors 

In light of the COVID-19 pandemic, we have been working to preserve cash and ensure sufficient liquidity to endure the impacts of the global crisis, even if prolonged. For example, the directors and chief executive officer of Cinemark Holdings have elected to take no salary and numerous of its executives have voluntarily reduced their salaries by 80% for so long as our theatres remain closed.

Form 8-K, dated April 13, 2020 – Item 7.01

YUM! Brands, Inc.

CEO

On March 29, 2020, YUM! Brands, Inc. (the "Company") and David W. Gibbs, Chief Executive Officer of the Company agreed to changes to his base salary. Effective March 30, 2020, Mr. Gibbs has voluntarily elected to forgo all salary compensation for the balance of 2020.  The Company will redirect his forgone salary to assist with funding two efforts: (1) one-time $1,000 bonuses to the Company’s nearly 1,200 Restaurant General Managers at KFC, Pizza Hut, Taco Bell and The Habit Burger Grill to acknowledge their efforts managing teams and business continuity affected by COVID-19; (2) the Yum! Brands Foundation Global Employee Medical Relief Fund which will provide financial hardship grants to those directly impacted by COVID-19, including company and franchise restaurant employees with a COVID-19 diagnosis or who are caring for someone with a confirmed diagnosis, as well as other front-line workers and those facing food insecurity. Yum! intends to grow this medical relief fund through voluntary donations.

Form 8-K, dated March 29, 2020 – Item 5.02

Bloomin' Brands, Inc.

CEO and directors

On April 1, 2020, David Deno, Chief Executive Officer of Bloomin’ Brands, Inc. (the "Company"), entered into an amendment to his Amended and Restated Employment Agreement dated April 1, 2019 pursuant to which he elected to forgo all base salary in excess of the amount necessary to cover his required contributions to his employment benefits and related payroll taxes from the pay period beginning April 6, 2020 and continuing until further determination by the Company's Board of Directors in light of the uncertainty and adverse business impacts of the COVID-19 virus pandemic. The temporary salary reduction will have no impact on any bonus or other calculations under the Agreement.

The Board of Directors of the Company also agreed to forgo any cash retainer effective immediately and continuing until further notice.

Form 8-K, dated April 1, 2020 – Item 5.02

Darden Restaurants, Inc.

CEO and other NEOs

CEO: At the request of the Company's President and Chief Executive Officer, Eugene I. Lee, Jr., on March 18, 2020, the Board of Directors of the Company (the Board) approved new compensation arrangements for Mr. Lee. Mr. Lee's base salary will be reduced to $14,750 annually, effective March 23, 2020. The intention of this reduction is that Mr. Lee's base salary would equal approximately the amount necessary to cover Mr. Lee's required withholding contributions to his employment benefits and related payroll taxes. All other elements of Mr. Lee's compensation remain unchanged.

Other NEOs: On April 6, 2020, the Compensation Committee of the Board of Directors of the Company approved new compensation arrangements for each of our named executive officers (as defined in the Proxy Statement for our 2019 Annual Meeting of Shareholders) other than the President and Chief Executive Officer. The base salary for each such named executive officer will be reduced by 50%, effective April 13, 2020. All other elements of such named executive officers' compensation remain unchanged.

CEO: Form 8-K, dated March 19, 2020 – Item 5.02

Other NEOs: Form 8-K, dated April 6, 2020 – Item 5.02

Texas Roadhouse, Inc.

NEOs and directors

CEO: On March 24, 2020, Texas Roadhouse Management Corp. and W. Kent Taylor, Chairman, Chief Executive Officer and President of Texas Roadhouse Inc. (the "Company"), entered into that certain First Amendment to the 2018 Employment Agreement (the "First Amendment"). Pursuant to the First Amendment, Mr. Taylor has elected to forego his base salary and incentive bonus from the pay period beginning March 18, 2020 and continuing through January 7, 2021. The additional funds will be made available to assist front-line hourly restaurant employees.

Other NEOs and directors: On April 6, 2020, Texas Roadhouse Management Corp. entered into a First Amendment to the 2018 Employment Agreement (collectively, the "First Amendments") with each of Doug Thompson, Chief Operating Officer of the Company, S. Chris Jacobsen, Chief Marketing Officer of the Company, and Tonya Robinson, Chief Financial Officer of the Company. Pursuant to the respective First Amendments, Mr. Thompson has elected to forgo (i) his base salary in excess of the amount necessary to cover his required contributions to his employment benefits and related payroll taxes and (ii) his incentive bonus from the pay period beginning April 1, 2020 and continuing through January 7, 2021, while Mr. Jacobsen and Ms. Robinson each have elected to forgo (i) their respective base salary in excess of the amount necessary to cover their required contributions to his or her employment benefits and related payroll taxes for the second quarter and (ii) their respective incentive bonus from the pay period beginning April 1, 2020 and continuing through January 7, 2021. The additional funds will be made available for a second round of supplemental pay to front-line hourly restaurant employees.

On April 6, 2020, the Board of Directors (the "Board") of the Company determined that the current non-employee directors of the Board will be forgoing one hundred percent (100%) of their cash compensation relating to their respective service on the Board and any Board committees for the period commencing April 1, 2020 and continuing thereafter for the remainder of the 2020 fiscal year.

CEO: Form 8-K, dated March 24, 2020 – Item 5.02

Other NEOs and directors: Form 8-K, dated April 6, 2020 – Item 5.02