Rubio’s receives partial approval of key employee incentive program

By Sarah Lizee

Olympia, Wash., Dec. 14 – Rubio’s Restaurants, Inc. received partial court approval to implement a key employee incentive program, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The KEIP was approved, other than with respect to the company’s chief executive officer and chief financial officer.

As previously reported, the company sought approval of a plan that awards bonuses to 10 members of its senior management team, including the CEO and CFO.

If all KEIP metrics are satisfied, the participants can earn up to $411,000, inclusive of a $118,000 discretionary pool.

Rubio’s Restaurants is a fast casual restaurant chain based in Carlsbad, Calif. The company filed bankruptcy on Oct. 26 under Chapter 11 case number 20-12688.

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