Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-04-30

DENNY'S (DENN)

Fiscal year 2023 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,363,088
Kelli Valade total, FY2023
27th
CEO pay percentile vs peers
206:1
CEO-to-median pay ratio
94.67%
Say-on-pay support, latest vote
Companies that benchmark against DENN
10 companies name DENN as a compensation peer

Each company listed discloses DENN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named DENN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Kelli Valade$905,962$0$3,769,067$0$615,148$0$72,911$5,363,088
Chief Executive Officer
Robert Verostek510,38501,015,7420277,241031,6911,835,059
Executive Vice President and Chief Financial Officer
Gail Sharps Myers487,6930966,4390264,915034,4461,753,493
Executive Vice President, Chief Legal & Administrative Officer and Corporate Secretary
John Dillon571,77901,150,52600022,1111,744,416
Former President, Denny's, Inc.
Michael Furlow450,99067,600666,6380219,344039,3151,443,887
Former Executive Vice President, Chief Information Officer
Stephen Dunn414,1540683,7410224,968032,0451,354,908
Executive Vice President and Chief Global Development Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2023 totalFY2022 totalFY2021 totalΔ FY20222023
Kelli Valade$5,363,088
Robert Verostek1,835,059
Gail Sharps Myers1,753,493
John Dillon1,744,416
Michael Furlow1,443,887
Stephen Dunn1,354,908

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
John DillonPSU2023-02-0121,25942,51885,036$643,723
Kelli ValadePSU2023-02-0169,643139,286278,5722,108,790
Michael FurlowPSU2023-02-0112,31824,63649,272372,989
Gail Sharps MyersPSU2023-02-0117,85835,71571,430540,728
Stephen DunnPSU2023-02-0112,63425,26850,536382,558
Robert VerostekPSU2023-02-0118,76937,53775,074568,313
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
John Dillon$0$643,723$0100.0%
Kelli Valade02,108,7900100.0%
Michael Furlow0372,9890100.0%
Gail Sharps Myers0540,7280100.0%
Stephen Dunn0382,5580100.0%
Robert Verostek0568,3130100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Gail Sharps MyersPSU35,715$389,651
Robert VerostekPSU28,540311,371
Kelli ValadeRSU92,8571,013,070
Kelli ValadePSU139,2861,519,610
Kelli ValadeRSU30,888336,988
Kelli ValadePSU138,9971,516,457
Michael FurlowRSU27,247297,265
Gail Sharps MyersRSU5,23057,059
Robert VerostekRSU40,868445,870
Kelli ValadeRSU108,2051,213,259
Stephen DunnRSU28,379309,615
Robert VerostekRSU6,34269,191
Michael FurlowPSU8,16089,026
Robert VerostekPSU37,537409,529
Michael FurlowPSU13,020142,048
Robert VerostekRSU25,024273,012
Stephen DunnRSU16,845183,779
Gail Sharps MyersPSU23,532256,734
Stephen DunnPSU25,268275,674
Stephen DunnRSU4,45148,560
Stephen DunnPSU20,028218,505
Gail Sharps MyersRSU23,810259,767
05

Incentive-plan design — the Compensation Discussion & Analysis

We design our executive compensation program to drive the creation of long-term stockholder value. We do this by tying compensation to the achievement of performance goals that promote the creation of stockholder value and by designing compensation to attract and retain high-caliber executives in a competitive market for talent.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-05-1440,824,4152,299,30243,47494.67%Passed
20242024-05-1544,148,3231,246,09723,46197.25%Passed
20232023-05-1746,422,4241,398,49723,64897.08%Passed
20222022-05-1853,200,9151,117,52627,61697.94%Passed
20212021-05-1950,452,3482,546,558150,58895.2%Passed
20202020-05-2043,207,6631,234,6533,214,17797.22%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-05-1494.67%a
20242024-05-1597.25%b
20232023-05-1797.08%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will be counted for purposes of determining whether a quorum has been reached, but will not be counted in determining the number of shares voted "for" or "against" any director-nominee or on any other proposal, and therefore will not affect the outcome of any proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will be counted for purposes of determining whether a quorum has been reached, but will not be counted in determining the number of shares voted "for" or "against" any director-nominee or on any other proposal, and therefore will not affect the outcome of any proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will be counted for purposes of determining whether a quorum has been reached, but will not be counted in determining the number of shares voted "for" or "against" any director-nominee or on any other proposal, and therefore will not affect the outcome of any proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)206 : 1
CEO total compensation$5,363,088
Median employee compensation$26,054
08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Brenda J. LauderbackIndependent · Board Chair · Compensation and Incentives · Corporate Governance and Nominating$165,000$164,998$0$0$0$329,998
José M. GutiérrezIndependent · Audit and Finance (Chair) · Compensation and Incentives120,000110,002000230,002
Gregg R. DedrickIndependent · Compensation and Incentives (Chair) · Audit and Finance115,000110,002000225,002
Bernadette S. AulestiaIndependent · Corporate Governance and Nominating (Chair)105,000110,002000215,002
Laysha WardIndependent · Compensation and Incentives · Corporate Governance and Nominating100,000110,002000210,002
Olu BeckIndependent · Audit and Finance90,000110,002000200,002
John C. MillerNot independent80,000110,002000190,002
Kelli F. ValadeEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$110,000
Per board meeting fee$1,500
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$775,000
Equity awards (grant-date value)$825,010
All other compensation$0
Total cost of the board$1,600,010

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2023

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies DENNY'S names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including DENNY'S.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Wingstop Inc.2025Michael Skipworth$959,231$32,590,697$0$1,708,800$35,288,595
2Brinker International, Inc.2025Kevin Hochman991,15426,499,87902,929,61530,465,768
3Texas Roadhouse, Inc.2025Gerald Morgan1,356,5388,410,9280909,41310,822,133
4The Cheesecake Factory Incorporated2025David Overton1,030,0005,902,12401,445,6058,419,852
5Cracker Barrel Old Country Store, Inc.2023Sandra Cochran1,175,0004,985,39301,673,2008,271,679
6Shake Shack Inc.2025Robert Lynch1,000,0005,000,16101,011,7507,210,818
7Bloomin Brands, Inc.2025Michael Spanos1,000,0003,333,33701,155,0005,495,861
8Dine Brands Global, Inc.2025John Peyton1,000,0002,213,57702,158,5005,417,315
9DENNY'S2023Kelli Valade905,9623,769,0670615,1485,363,088
10Jack in the Box, Inc.2025Lance Tucker624,0383,636,0950310,5215,271,591
11El Pollo Loco Holdings, Inc.2025Elizabeth Williams750,9501,434,000717,000581,1623,539,320
12BJ's Restaurants, Inc.2025Lyle Tick710,7691,567,179319,590637,1433,441,781
Noodles & Companynot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
DENNY'S68.0%PSU 50 · RSU 50YesFW Cook
BJ's Restaurants, Inc.100%PSU 60 · RSU 20 · Options 20Yes — Relative Total Shareholder Return (TSR)Frederic W. Cook & Co., Inc.
Bloomin Brands, Inc.66%PSU 67 · RSU 33NoFW Cook
Brinker International, Inc.200%PSU 60 · RSU 40NoPearl Meyer & Partners
Cracker Barrel Old Country Store, Inc.89%PSU 50 · RSU 50NoFW Cook
Dine Brands Global, Inc.91.96%Cash LTI 75 · RSU 25NoExequity LLP
El Pollo Loco Holdings, Inc.77.5%PSU 33 · RSU 33 · Options 33NoSemler Brossy
Jack in the Box, Inc.47.6%PSU 50 · RSU 50NoMeridian Compensation Partners
Noodles & Company20%PSU 67 · RSU 33NoFW Cook
Shake Shack Inc.67.5%PSU 60 · RSU 40NoPearl Meyer & Partners
Texas Roadhouse, Inc.65%RSU 50 · PSU 50NoFW Cook
The Cheesecake Factory Incorporated100.25%PSU 50 · RSU 50NoFW Cook
Wingstop Inc.142%PSU 60 · RSU 40NoFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Kelli ValadeDEF 14A0001193125-24-086559Section “2023 Summary Compensation Table” · page 33. As printed: 5,363,088. Filing ↗machine: t156 · r3 · c27 · span 605566–605575
2Section 01, Robert VerostekDEF 14A0001193125-24-086559Section “2023 Summary Compensation Table” · page 33. As printed: 1,835,059. Filing ↗machine: t156 · r6 · c27 · span 611580–611589
3Section 01, Gail Sharps MyersDEF 14A0001193125-24-086559Section “2023 Summary Compensation Table” · page 33. As printed: 1,753,493. Filing ↗machine: t156 · r11 · c27 · span 620720–620729
4Section 01, John DillonDEF 14A0001193125-24-086559Section “2023 Summary Compensation Table” · page 33. As printed: 1,744,416. Filing ↗machine: t156 · r25 · c27 · span 648769–648778
5Section 01, Michael FurlowDEF 14A0001193125-24-086559Section “2023 Summary Compensation Table” · page 33. As printed: 1,443,887. Filing ↗machine: t156 · r14 · c27 · span 626417–626426
6Section 01, Stephen DunnDEF 14A0001193125-24-086559Section “2023 Summary Compensation Table” · page 33. As printed: 1,354,908. Filing ↗machine: t156 · r19 · c27 · span 635416–635425
7Section 03, John Dillon PSUDEF 14A0001193125-24-086559Section “C.   2023 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t165 · r21 · c25 · span 728427–728433
8Section 03, Kelli Valade PSUDEF 14A0001193125-24-086559Section “C.   2023 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t171 · r4 · c14 · span 739809–739816
9Section 03, Michael Furlow PSUDEF 14A0001193125-24-086559Section “C.   2023 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t165 · r15 · c25 · span 709448–709454
10Section 03, Gail Sharps Myers PSUDEF 14A0001193125-24-086559Section “C.   2023 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t171 · r8 · c14 · span 747986–747992
11Section 03, Stephen Dunn PSUDEF 14A0001193125-24-086559Section “C.   2023 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t171 · r12 · c14 · span 756174–756180
12Section 03, Robert Verostek PSUDEF 14A0001193125-24-086559Section “C.   2023 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t171 · r6 · c14 · span 744052–744058
13Section 07, pay ratioDEF 14A0001193125-24-086559Section “CEO Pay Ratio”. As printed: 206 : 1.machine: span 881501–881506
14Section 08, Brenda J. LauderbackDEF 14A0001193125-24-086559Section “Director Compensation”. As printed: 329,998. Filing ↗machine: t217 · r7 · c11 · span 1080455–1080462
15Section 08, José M. GutiérrezDEF 14A0001193125-24-086559Section “Director Compensation”. As printed: 230,002. Filing ↗machine: t217 · r6 · c11 · span 1078846–1078853
16Section 08, Gregg R. DedrickDEF 14A0001193125-24-086559Section “Director Compensation”. As printed: 225,002. Filing ↗machine: t217 · r5 · c11 · span 1077530–1077537
17Section 08, Bernadette S. AulestiaDEF 14A0001193125-24-086559Section “Director Compensation”. As printed: 215,002. Filing ↗machine: t217 · r3 · c11 · span 1074629–1074636
18Section 08, Laysha WardDEF 14A0001193125-24-086559Section “Director Compensation”. As printed: 210,002. Filing ↗machine: t217 · r10 · c11 · span 1084756–1084763
19Section 08, Olu BeckDEF 14A0001193125-24-086559Section “Director Compensation”. As printed: 200,002. Filing ↗machine: t217 · r4 · c11 · span 1075925–1075932
20Section 08, John C. MillerDEF 14A0001193125-24-086559Section “Director Compensation”. As printed: 190,002. Filing ↗machine: t217 · r8 · c11 · span 1081757–1081764
21Section 08, Kelli F. ValadeDEF 14A0001193125-24-086559Section “Director Compensation”. As printed: 0. Filing ↗
22Section 06, 2025 voteForm 8-K2025-05-160000852772-25-000087Item 5.07 · say-on-pay result. As reported: 94.67% (votes for as printed: 40,824,415). Filing ↗
23Section 06, 2024 voteForm 8-K2024-05-170000852772-24-000049Item 5.07 · say-on-pay result. As reported: 97.25% (votes for as printed: 44,148,323). Filing ↗
24Section 06, 2023 voteForm 8-K2023-05-190000852772-23-000061Item 5.07 · say-on-pay result. As reported: 97.08% (votes for as printed: 46,422,424). Filing ↗
25Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
26Section 09b board cost (computed)ComputedcomputedCash 775,000 + equity 825,010 + all other 0 = 1,600,010, summed across the director compensation table rows.machine: formula: Σ = 1,600,010
27Wingstop Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140360CEO total compensation as printed in Wingstop Inc.'s own proxy. As printed: 35,288,595. Filing ↗machine: t256 · r4 · c39 · span 885907–885917
28Brinker International, Inc., Section 10b CEO totalDEF 14A2025-10-030001193125-25-230105CEO total compensation as printed in Brinker International, Inc.'s own proxy. As printed: 30,465,768. Filing ↗machine: r2 · c39 · span 618636–618646
29Texas Roadhouse, Inc., Section 10b CEO totalDEF 14A2026-04-100001104659-26-041771CEO total compensation as printed in Texas Roadhouse, Inc.'s own proxy. As printed: 10,822,133. Filing ↗machine: t125 · r3 · c14 · span 1328962–1328972
30The Cheesecake Factory Incorporated, Section 10b CEO totalDEF 14A2026-04-100001104659-26-042016CEO total compensation as printed in The Cheesecake Factory Incorporated's own proxy. As printed: 8,419,852. Filing ↗machine: r1 · c64 · span 783270–783279
31Cracker Barrel Old Country Store, Inc., Section 10b CEO totalDEF 14A2023-10-060001104659-23-107368CEO total compensation as printed in Cracker Barrel Old Country Store, Inc.'s own proxy. As printed: 8,271,679. Filing ↗machine: t24 · r1 · c35 · span 567182–567191
32Shake Shack Inc., Section 10b CEO totalDEF 14A2026-04-290001104659-26-051572CEO total compensation as printed in Shake Shack Inc.'s own proxy. As printed: 7,210,818. Filing ↗machine: r1 · c54 · span 604209–604218
33Bloomin Brands, Inc., Section 10b CEO totalDEF 14A2026-03-030001546417-26-000015CEO total compensation as printed in Bloomin Brands, Inc.'s own proxy. As printed: 5,495,861. Filing ↗machine: span 923483–923492
34Dine Brands Global, Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127555CEO total compensation as printed in Dine Brands Global, Inc.'s own proxy. As printed: 5,417,315. Filing ↗machine: r4 · c31 · span 603550–603559
35DENNY'S (subject), Section 10b CEO totalDEF 14A0001193125-24-086559CEO total compensation as printed in DENNY'S's own proxy. As printed: 5,363,088. Filing ↗machine: t156 · r3 · c27 · span 605566–605575
36Jack in the Box, Inc., Section 10b CEO totalDEF 14A2026-01-210000807882-26-000009CEO total compensation as printed in Jack in the Box, Inc.'s own proxy. As printed: 5,271,591. Filing ↗machine: span 1019487–1019496
37El Pollo Loco Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-300001606366-26-000021CEO total compensation as printed in El Pollo Loco Holdings, Inc.'s own proxy. As printed: 3,539,320. Filing ↗machine: t144 · r5 · c23 · span 798734–798743
38BJ's Restaurants, Inc., Section 10b CEO totalDEF 14A2026-04-220001193125-26-169008CEO total compensation as printed in BJ's Restaurants, Inc.'s own proxy. As printed: 3,441,781. Filing ↗machine: span 2374397–2374406
39Section 10a, Shake Shack Inc. reciprocityDEF 14A0001104659-26-051572Shake Shack Inc.'s most recent proxy was read; its disclosed peer group does not include DENNY'S. Filing ↗
40Section 10a, Wingstop Inc. reciprocityDEF 14A0001193125-26-140360Wingstop Inc.'s most recent proxy was read; its disclosed peer group does not include DENNY'S. Filing ↗
41Section 10a, Texas Roadhouse, Inc. reciprocityDEF 14A0001104659-26-041771Texas Roadhouse, Inc.'s most recent proxy was read; its disclosed peer group does not include DENNY'S. Filing ↗
42Section 10a, Brinker International, Inc. reciprocityDEF 14A0001193125-25-230105Brinker International, Inc. names DENNY'S in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Dine Brands Global, Inc. reciprocityDEF 14A0001193125-26-127555Dine Brands Global, Inc. names DENNY'S in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Cracker Barrel Old Country Store, Inc. reciprocityDEF 14A0001104659-23-107368Cracker Barrel Old Country Store, Inc. names DENNY'S in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, BJ's Restaurants, Inc. reciprocityDEF 14A0001193125-26-169008BJ's Restaurants, Inc. names DENNY'S in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Bloomin Brands, Inc. reciprocityDEF 14A0001546417-26-000015Bloomin Brands, Inc.'s most recent proxy was read; its disclosed peer group does not include DENNY'S. Filing ↗
47Section 10a, Noodles & Company reciprocityDEF 14A0001275158-25-000036Noodles & Company's most recent proxy was read; its disclosed peer group does not include DENNY'S. Filing ↗