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): January 11,
2008
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
December 21, 2007, the Compensation and Incentives Committee of the Board
of
Directors of Denny's Corporation (the "Company" or “Denny’s”) approved and
adopted the Denny's 2008 Corporate Incentive Program (the "2008 Incentive
Program"), an incentive compensation arrangement for certain Denny's employees,
including the executive officers of the Company. Under the 2008 Incentive
Program, which is offered pursuant to the Denny's Corporation 2004 Omnibus
Incentive Compensation Plan (the "Denny's 2004 Omnibus Plan"), a participant
is
eligible to earn a target bonus award ("Target Award") equal to a percentage
of
his or her base salary, depending on the group classification assigned to
such
participant. For Company executive officers, the Target Awards range from
65% to
100% of base salary.
Target
Awards are earned by participants based on the achievement of certain
pre-established annual performance goals for two (2) performance categories:
(i)
system-wide sales; and (ii) adjusted income before taxes. The amount of actual
bonus earned may range from 25% to 50% of the Target Award, if certain threshold
goals are met, to 100% of the Target Award, if all targeted goals are met,
to
150% of the Target Award, if targeted goals are exceeded. Additionally,
employees’ individual annual performance ratings impact the amounts of bonus
that may be earned under the program resulting in a total possible bonus
range
from 0% to 187.5% of a participant’s Target Award.
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: January 11, 2008 | /s/ Rhonda J. Parish |
| Rhonda J. Parish | |
| Executive Vice President, | |
| Chief Legal Officer, | |
| and Secretary |