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Cheesecake Execs Agree To "Clawbacks"

Law360 (November 21, 2006, 12:00 AM EST) -- Joining the so-called “clawback” trend, current and former executives at restaurant chain operator Cheesecake Factory Inc. have decided to return $1 million in pay generated from improperly dated stock options.

Although the decision includes a return of cash from Cheesecake Factory founder and Chief Executive Officer David Overton, the company’s board said no one had done anything wrong and no disciplinary actions would be taken.

“The audit committee found no evidence that any person acted with an intent to deceive or mislead, and did not recommend...
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