<SEC-DOCUMENT>0000899140-20-000197.txt : 20200227
<SEC-HEADER>0000899140-20-000197.hdr.sgml : 20200227
<ACCEPTANCE-DATETIME>20200226175621
ACCESSION NUMBER:		0000899140-20-000197
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200227
DATE AS OF CHANGE:		20200226
EFFECTIVENESS DATE:		20200227

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RED ROBIN GOURMET BURGERS INC
		CENTRAL INDEX KEY:			0001171759
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841573084
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34851
		FILM NUMBER:		20657568

	BUSINESS ADDRESS:	
		STREET 1:		6312 FIDDLER'S GREEN CIRCLE
		STREET 2:		SUITE 200 NORTH
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
		BUSINESS PHONE:		3038466000

	MAIL ADDRESS:	
		STREET 1:		6312 FIDDLER'S GREEN CIRCLE
		STREET 2:		SUITE 200 NORTH
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vintage Capital Management LLC
		CENTRAL INDEX KEY:			0001511498
		IRS NUMBER:				272297824
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		4705 S APOPKA VINELAND ROAD SUITE 210
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32819
		BUSINESS PHONE:		407-909-8015

	MAIL ADDRESS:	
		STREET 1:		4705 S APOPKA VINELAND ROAD SUITE 210
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32819
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>v33481230a.htm
<DESCRIPTION>SOLICITING MATERIAL PURSUANT TO RULE 14A-12
<TEXT>
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    <div style="margin: 0px 0px 0pt; font-size: 10pt; text-align: center;">SCHEDULE 14A</div>
    <div style="margin: 0px 0px 0pt; font-size: 10pt; text-align: center;">Proxy Statement Pursuant to Section 14(a)</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 10pt;">of the Securities Exchange Act of 1934</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;">Filed by the Registrant&#160; &#160; [&#160; ]</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;">Filed by a Party other than the Registrant&#160; &#160; [x]</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;">Check the appropriate box:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z73609122d8b54856a820a2dd79e01e12" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-size: 10pt;">[&#160; ]</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 10pt;">Preliminary Proxy Statement</div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
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        <table cellspacing="0" cellpadding="0" id="z7aaa8445cc274860bde3e5db216a8e25" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-size: 10pt;">[&#160; ]</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 10pt;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z050565ce5c284761a99e5b185f4ce811" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-size: 10pt;">[&#160; ]</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 10pt;">Definitive Proxy Statement</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z471204f493dc46fea097dd8fed5f5260" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-size: 10pt;">[&#160; ]</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 10pt;">Definitive Additional Materials</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z1ca89690021e47159c6f7dde6c273505" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-size: 10pt;">[ X ]</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 10pt;">Soliciting Material Pursuant to &#167;&#160;240.14a-12</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin: 0px 0px 0pt; font-size: 10pt; font-weight: bold; text-align: center;">RED ROBIN GOURMET BURGERS, INC.</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 10pt;">(Name of Registrant as Specified In Its Charter)</div>
    <div style="margin: 0px 0px 0pt; font-size: 10pt; text-align: center;">Vintage Capital Management, LLC</div>
    <div style="margin: 0px 0px 0pt; font-size: 10pt; text-align: center;">Kahn Capital Management, LLC<br>
      Brian Kahn</div>
    <div style="margin: 0px 0px 0pt; font-size: 10pt; text-align: center;">Anthony Ackil<br>
      Kenneth Todd Evans<br>
      Stephen J. Lombardo, III<br>
      Craig S. Miller</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 10pt;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;">Payment of Filing Fee (check the appropriate box):</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="za8a2ed635d91480d94469b8761215072" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-size: 10pt;">[X]</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 10pt;">No fee required.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 36pt; vertical-align: top; align: right; font-size: 10pt;">[&#160;&#160; ]</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 10pt;">Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt;">1)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Title of each class of securities to which transaction applies:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt;">2)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Aggregate number of securities to which transaction applies:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt;">3)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is
        calculated and state how it was determined):</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt;">4)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Proposed maximum aggregate value of transaction:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt;">5)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Total fee paid:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt;">[&#160; ]</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Fee paid previously with preliminary materials.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt;">[&#160; ]</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.&#160; Identify the
        previous filing by registration statement number, or the Form or Schedule and the date of its filing.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt;">1)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Amount Previously Paid:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt;">2)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Form, Schedule or Registration Statement No.:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt;">3)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Filing Party:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt;">4)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 10pt;">Date Filed:</font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
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    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-size: 10pt;">On February 26, 2020, Vintage Capital Management, LLC issued a press release regarding the submission of a nomination
      notice to Red Robin Gourmet Burgers, Inc. A copy of the press release is attached hereto as Exhibit 1 and incorporated herein by reference. <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;">*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>*</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; color: #373737; font-size: 10pt;">In connection with their intended proxy solicitation, Vintage Capital Management, LLC (&#8220;Vintage&#8221;)
      and/or certain of its affiliates intend to file a proxy statement with the Securities and Exchange Commission (the &#8220;SEC&#8221;) to solicit stockholders of the Company.&#160;&#160;&#160;&#160;&#160;</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;"><font style="color: #373737;">SECURITY HOLDERS ARE ADVISED TO READ THE
        PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY VINTAGE AND/OR ITS AFFILIATES FROM THE STOCKHOLDERS OF RED ROBIN GOURMET BURGERS, INC. (THE &#8220;COMPANY&#8221;) FOR USE AT ITS 2020 ANNUAL MEETING OF STOCKHOLDERS WHEN THEY BECOME
        AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION. WHEN COMPLETED, A DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF THE COMPANY
        AND WILL ALSO BE AVAILABLE AT NO CHARGE AT THE SEC'S WEBSITE AT&#160;</font>HTTP://WWW.SEC.GOV<font style="color: #373737;">.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;"><font style="color: #373737;">In accordance with Rule&#160;14a-12(a)(1)(i)
        under the Securities Exchange Act of 1934, as amended, the following persons are anticipated to be, or may be deemed to be, participants in any such proxy solicitation:&#160; Vintage Capital Management, LLC, Kahn Capital Management, LLC, Brian Kahn, </font>Anthony
      Ackil, Kenneth Todd Evans, Stephen J. Lombardo, III, and Craig S. Miller<font style="color: #373737;">. Certain of these persons hold or may be deemed to hold direct or indirect interests
        as of&#160;4:00 p.m.&#160;New York City time on February 25, 2020 as follows:&#160; Vintage owns of record 100 shares of common stock, par value $0.001 per share (the &#8220;Common Stock&#8221;), of the Company, and may be deemed to beneficially own 1,500,000 shares of
        Common Stock (including the 100 shares of Common Stock owned of record); and each of Kahn Capital Management, LLC and Brian Kahn, due to their relationship with Vintage, may be deemed to beneficially own the 1,500,000 shares of Common Stock owned
        by Vintage.&#160; Each of the nominees of Vintage has an interest in being nominated and elected as a director of the Company but, as of 4:00 p.m., New York City time, on February 25, 2020, no Vintage nominee beneficially owns any shares of Common
        Stock.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;"><font style="color: #373737;"> <br>
      </font></div>
    <div><br>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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    <div style="margin: 0px 0px 0pt; font-size: 10pt; font-weight: bold;"><u>Exhibits</u></div>
    <div style="margin: 0px 0px 0pt; font-size: 10pt;">--------</div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 10pt;">Exhibit 1</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><font style="font-size: 10pt;">Press Release issued by Vintage Capital Management, LLC on February 26, 2020.</font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>v33481230b.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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         Copyright 1995 - 2020 Broadridge -->
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    <div style="text-align: right; margin-bottom: 12pt; color: rgb(55, 55, 55); font-size: 10pt; font-weight: bold;"> <font style="font-weight: normal;">Exhibit 1</font><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; color: #373737; font-size: 10pt; font-weight: bold;">Vintage Capital Management Nominates Four Highly-Qualified Independent Candidates for Election to the Board of Directors of Red Robin Gourmet
      Burgers, Inc.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;"><font style="color: #373737;">ORLANDO, FLORIDA, Feb. 26, 2020 / PRNewswire / -- Vintage Capital Management, LLC (&#8220;Vintage&#8221;), one of the largest stockholders of Red Robin Gourmet
        Burgers, Inc. (NASDAQ: </font>RRGB<font style="color: #373737;">) (&#8220;Red Robin&#8221; or the &#8220;Company&#8221;), with beneficial ownership of approximately 11.6% of the Company's outstanding shares, today announced it has nominated four highly-qualified,
        independent candidates for election to Red Robin&#8217;s nine-member Board of Directors at the upcoming 2020 Annual Meeting of Stockholders.</font><sup style="color: #373737; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
    <div style="text-align: justify; margin-bottom: 7.5pt; color: #373737; font-size: 10pt;">The nominees each have significant experience driving stockholder value in the restaurant and franchising industries and, if elected, would seek to create value
      for all stockholders.&#160; The nominees are:</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze3f83caa084f4ea5b42cac580d6d1f21" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; margin-top: 12pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
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              <div style="margin: 0pt 0px 0pt 27pt; color: #373737; font-size: 10pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0pt 0px; font-size: 10pt; text-align: justify; text-indent: 9pt;">Anthony Ackil, Founder and Chief Executive Officer of Streetlight Ventures, LLC, and Founder, former Chief Executive Officer and member of the Board of
                Directors of B.Good, LLC;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf8e460c28f3a432bb4f57d9ac69242c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; margin-top: 12pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin: 0pt 0px 0pt 27pt; color: #373737; font-size: 10pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0pt 0px; font-size: 10pt; text-align: justify; text-indent: 9pt;">Kenneth Todd Evans, Vice President, Franchise of UBIF Franchising Co.;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z6832e2c8b6864a0fa873a52d3f769ed4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; margin-top: 12pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 45pt; vertical-align: top; align: right;">
              <div style="margin: 0pt 0px 0pt 27pt; color: #373737; font-size: 10pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0pt 0px; font-size: 10pt; text-align: justify; text-indent: 9pt;">Stephen J. Lombardo, III, Chairman and General Counsel of Gibsons Restaurant Group; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z12fb98158b884057a9b1da77f5c5f2b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; margin-top: 12pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45pt; vertical-align: top; align: right;">
              <div style="margin: 0px 0px 0pt 27pt; color: #373737; font-size: 10pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0pt 0px; font-size: 10pt; text-align: justify; text-indent: 9pt;">Craig S. Miller, member of the Board of the National Restaurant Association, and former President and Chief Executive Officer of <font style="color: #000000;">Ruth&#8217;s Chris Steak House Inc</font>.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #373737; font-size: 10pt;">Brian Kahn, Vintage&#8217;s Manager, stated, &#8220;Red Robin is a well-known casual dining business with excellent brand value. &#160;In June 2019, Vintage made a proposal to
      acquire all of the outstanding shares of Red Robin for $40 per share, which represented an approximately 58.2% premium to Red Robin&#8217;s unaffected stock price, and signaled it could potentially increase the offer price should it be afforded access to
      customary due diligence information.&#160; &#160;Red Robin has refused to engage with us about a going-private transaction that would benefit all stockholders by suggesting to stockholders that we may not obtain the necessary financing to close the
      acquisition, despite written confirmation from our lending sources of their interest and ability to finance Vintage&#8217;s proposed purchase. Equally troubling is that we believe that Red Robin&#8217;s Board has not been transparent with stockholders about
      other proposals Red Robin has received from parties who have the obvious financial capacity and motivation to acquire Red Robin.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #373737; font-size: 10pt;">Mr. Kahn continued that &#8220;Notwithstanding the receipt of compelling acquisition proposals that could deliver significant and immediate value to stockholders, the
      Board of Directors failed to substantively engage, and instead retained high priced &#8220;remain independent at all costs&#8221; advisors and embarked on an expensive, uncertain and multi-year turn-around plan without any bona fide basis for comparison.&#160; Given
      the reaction to the Company&#8217;s fourth quarter and full year results that were announced yesterday, which included an update on Red Robin&#8217;s strategic plan, it is apparent that other stockholders share our concerns and skepticism.&#160; This reaction
      strengthens our belief that the Board of Directors has failed to adequately assess several strategic options available to Red Robin, including a sale of the company, refranchising opportunities, non-performing asset monetization transactions, and
      capital allocation optimization.</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #373737; font-size: 10pt;"> <br>
    </div>
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      <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> The Board of Directors presently has 10 members, but per the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on August 6, 2019, Stuart Oran will not stand for re-election at the 2020
        Annual Meeting of Stockholders.</div>
    </div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;"><font style="color: #373737;">Accordingly, today we are nominating four highly-qualified, independent director candidates who will bring relevant experience along with a simple
        mandate &#8211; to run the Company in the best interests of all stockholders and to formally explore value maximizing transactions that would allow stockholders to realize meaningful value in the near term without the risk associated with trying to
        implement a multi-year turn-around plan.&#160; Consistent with our prior discussions and our letter to the Company of June 19, 2019, given the lack of engagement by Red Robin to date on our (or any competing) acquisition proposal and to avoid the
        inevitable allegations by the Company of ulterior motivations of Vintage, Vintage will refrain from participating in any strategic process that the reconstituted Board of Directors may determine to pursue for the benefit of stockholders.&#160; Vintage </font>simply

      wants to provide stockholders with an opportunity to install new members to the Board and send a clear message to explore all alternatives that may deliver superior risk adjusted returns relative to the Company&#8217;s recently published long-term plan<font style="color: #373737;">.&#8221;</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #373737; font-size: 10pt; font-weight: bold;"><u>Biographies of Nominees</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt; font-style: italic;"><u>Anthony Ackil</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;">Mr. Ackil is the founder and CEO of Streetlight Ventures, LLC, a retail support platform for small businesses and real estate brokers, and currently serves on the board of B.Good,
      LLC, a seventy unit restaurant chain based out of Boston that operates in ten states and four countries.&#160; Prior to Streetlight, Mr. Ackil founded B.Good in 2004 and served as its CEO from 2004 until June 2018.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt; font-style: italic;"><u>Kenneth Todd Evans</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;">Mr. Evans serves as Vice President, Franchise of UBIF Franchising Co. and has served in that role since May of 2015.&#160; Prior to joining UBIF, Mr. Evans served as Vice President,
      Franchise for Rent A Wheel, a division of Rent-A-Tire, L.P.&#160; Prior to Rent A Wheel, Mr. Evans served in various roles at Aaron&#8217;s Inc., a Fortune 1000 NYSE publicly-traded company.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; font-size: 10pt; font-style: italic;"><u>Stephen J. Lombardo, III</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;">Mr. Lombardo is the Chairman and General Counsel of Gibsons Restaurant Group. Prior to joining Gibsons Restaurant Group, Mr. Lombardo was a partner in the Corporate Department at
      the law firm of Katten Muchin Rosenman, where his primary practice areas were mergers, acquisitions, private equity, venture capital and corporate governance.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt; font-style: italic;"><u>Craig S. Miller</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;">Mr. Miller serves as a member of the Board of Directors of Fogo de Chao Inc., and has <font style="color: #000000;">also served as a Partner at Miller Partners Restaurant
        Solutions, a family-owned enterprise involved in restaurant management and development ventures since 1989. </font>In addition, Mr. Miller has served as a member of the Board of the National Restaurant Association since 1997, and <font style="color: #000000;">led Ruth&#8217;s Chris Steak House Inc. as President and CEO from 2004 to 2008, and as Chairman of the Board from 2006 to 2008.</font></div>
    <div style="margin-bottom: 7.5pt; color: #373737; font-size: 10pt; font-weight: bold;">IMPORTANT INFORMATION</div>
    <div style="text-align: justify; margin-bottom: 7.5pt; color: #373737; font-size: 10pt;">In connection with their intended proxy solicitation, Vintage and/or certain of its affiliates intend to file a proxy statement with the Securities and Exchange
      Commission (the &#8220;SEC&#8221;) to solicit stockholders of the Company.&#160;&#160;&#160;&#160;&#160;</div>
    <div style="text-align: justify; margin-bottom: 7.5pt; color: #373737; font-size: 10pt;"> <br>
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    <div style="text-align: justify; margin-bottom: 12pt; font-size: 10pt;"><font style="color: #373737;">SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY VINTAGE AND/OR ITS AFFILIATES
        FROM THE STOCKHOLDERS OF RED ROBIN GOURMET BURGERS, INC. FOR USE AT ITS 2020 ANNUAL MEETING OF STOCKHOLDERS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY
        SOLICITATION. WHEN COMPLETED, A DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF RED ROBIN GOURMET BURGERS, INC. AND WILL ALSO BE AVAILABLE AT NO CHARGE AT THE SEC'S WEBSITE AT&#160;</font>HTTP://WWW.SEC.GOV<font style="color: #373737;">.</font></div>
    <div style="text-align: justify; margin-bottom: 7.5pt; font-size: 10pt;"><font style="color: #373737;">In accordance with Rule&#160;14a-12(a)(1)(i) under the Securities Exchange Act of 1934, as amended, the following persons are anticipated to be, or may be
        deemed to be, participants in any such proxy solicitation:&#160; Vintage Capital Management, LLC, Kahn Capital Management, LLC, Brian Kahn, </font>Anthony Ackil, Kenneth Todd Evans, Stephen J. Lombardo, III, and Craig S. Miller<font style="color: #373737;">. Certain of these persons hold or may be deemed to hold direct or indirect interests as of&#160;4:00 p.m.&#160;New York City time on February 25, 2020 as follows:&#160; Vintage owns of record 100 shares of common stock, par value $0.001 per share (the
        &#8220;Common Stock&#8221;), of the Company, and may be deemed to beneficially own 1,500,000 shares of Common Stock (including the 100 shares of Common Stock owned of record); and each of Kahn Capital Management, LLC and Brian Kahn, due to their relationship
        with Vintage, may be deemed to beneficially own the 1,500,000 shares of Common Stock owned by Vintage.&#160; Each of the nominees of Vintage has an interest in being nominated and elected as a director of the Company but, as of 4:00 p.m., New York City
        time, on February 25, 2020, no Vintage nominee beneficially owns any shares of Common Stock.</font></div>
    <br>
    <div style="margin-bottom: 12pt; color: #000000; font-size: 10pt;"><u>About Vintage Capital Management</u></div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-size: 10pt;">Vintage Capital is a value-oriented, operations-focused, private and public equity investor specializing in the
      consumer, aerospace and defense, and manufacturing sectors. For additional information about Vintage, please visit www.vintcap.com. </div>
    <div style="margin-bottom: 12pt; color: #000000; font-size: 10pt;">Contact:</div>
    <div style="margin-bottom: 12pt; color: #000000; font-size: 10pt;">Vintage Capital Management<br>
      Brian Kahn, Manager<br>
      bkahn@vintcap.com</div>
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