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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No. ______________________)

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April 10, 2026

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To our Shareholders:

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You are cordially invited to attend the 2026 Annual Meeting of Shareholders of Texas Roadhouse, Inc. (the “Company”) on Thursday, May 21, 2026. The meeting will be held at the Texas Roadhouse Support Center located at 6040 Dutchmans Lane, Louisville, Kentucky at 9:00 a.m. eastern daylight time.

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The official Notice of Annual Meeting, Proxy Statement, and Proxy Card are enclosed with this letter.

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Please take the time to read carefully each of the proposals for shareholder action described in the accompanying proxy materials. Whether or not you plan to attend, you can ensure that your shares are represented at the meeting by promptly completing, signing and dating your Proxy Card and returning it in the enclosed postage-paid envelope. Shareholders of record can also vote by touch-tone telephone from the United States, using the toll-free number on the Proxy Card, or by the Internet, using the instructions on the Proxy Card. If you attend the meeting, then you may revoke your proxy and vote your shares in person.

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Your interest and participation in the affairs of the Company are greatly appreciated. Thank you for your continued support.

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TEXAS ROADHOUSE, INC.

6040 Dutchmans Lane

Louisville, Kentucky 40205

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PROXY STATEMENT

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2026 ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD MAY 21, 2026

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TEXAS ROADHOUSE, INC.

6040 Dutchmans Lane

Louisville, Kentucky 40205

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This proxy statement and accompanying proxy card are being furnished in connection with the solicitation of proxies by the board of directors (the “Board”) of Texas Roadhouse, Inc., a Delaware corporation, to be voted at the 2026 Annual Meeting of Shareholders (the “Annual Meeting”) and any adjournments thereof. In this proxy statement, references to the “Company,” “we,” “us” or “our” refer to Texas Roadhouse, Inc. This proxy statement and accompanying proxy card are first being mailed to shareholders on or about April 10, 2026.

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The Annual Meeting will be held at the Texas Roadhouse Support Center located at 6040 Dutchmans Lane, Louisville, Kentucky on Thursday, May 21, 2026 at 9:00 a.m. eastern daylight time, for the purposes set forth in this proxy statement and the accompanying notice of the Annual Meeting.

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SUMMARY OF MATTERS REQUIRING SHAREHOLDER ACTION

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Proposal 1—Election of Directors (Page 98)

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The affirmative vote of a majority of the votes cast by the holders of the Company’s common stock is required to elect each nominee. You may vote “FOR” or “AGAINST” each nominee. A vote to “ABSTAIN” is not treated as a vote cast, and will have no effect on this proposal.

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The Bylaws require that each director nominee tender an irrevocable conditional resignation to the Company, to be effective only upon (i) the director’s failure to receive the required shareholder vote in an uncontested election, and (ii) Board acceptance of such resignation. Our Nominating Committee (as hereinafter defined) will consider the offer of resignation and make a recommendation to the Board as to the action to be taken with respect to the offer. The Board will act on the Nominating Committee’s recommendation within 90 days, and will promptly disclose publicly its decision to accept or reject such resignation and the reasons therefor.

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The Board recommends that you vote “FOR” the nominees.

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Proposal 2—Ratification of Independent Auditors (Page 99)

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The proposal to ratify the appointment of KPMG LLP as the Company’s independent auditors for the fiscal year ending December 29, 2026 must be approved by the affirmative vote of a majority of the votes cast. You may vote “FOR” or “AGAINST” the ratification, or you may “ABSTAIN” from voting on this proposal. A vote to “ABSTAIN” is not treated as a vote cast, and will have no effect on this proposal.

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The Board recommends that you vote “FOR” this proposal.

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Proposal 3—Advisory Vote on Approval of Executive Compensation (Page 101)

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The outcome of the advisory vote on whether to approve the executive compensation detailed in this proxy statement (including the Compensation Discussion and Analysis, the Executive Compensation section and the other related executive compensation tables and related discussions) will be determined by the affirmative vote of the votes cast. You may vote “FOR” or “AGAINST” approval of the executive compensation, or you may “ABSTAIN” from voting on this proposal. A vote to “ABSTAIN” is not treated as a vote cast, and will have no effect on approval of the executive compensation.

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The Board recommends that you vote “FOR” this proposal.

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Other Matters

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As of the date of this proxy statement, the Board knows of no matters that will be presented for consideration at the Annual Meeting other than those matters discussed in this proxy statement. If any other matters should properly come before the Annual Meeting and call for a vote of shareholders, then validly executed proxies in the enclosed form returned to us will be voted in accordance with the recommendation of the Board, or, in the absence of such a recommendation, in accordance with the judgment of the proxy holders. Any such additional matter must be approved by an affirmative vote of a majority of the votes cast.

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INFORMATION ABOUT PROXIES AND VOTING

Record Date and Voting Securities

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The Board has fixed the record date (the “Record Date”) for the Annual Meeting as the close of business on March 23, 2026. Only shareholders of record at the close of business on the Record Date will be entitled to vote at the Annual Meeting and at any adjournment or postponement thereof. At the close of business on the Record Date, there were outstanding 65,853,560 shares of common stock, each of which is entitled to one vote per share on all matters to be considered at the Annual Meeting.

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The presence in person or by proxy of the holders of a majority of the shares of common stock will constitute a quorum for the transaction of business at the Annual Meeting. Shares of common stock represented by properly executed proxies received before the close of voting at the Annual Meeting will be voted as directed by such shareholders, unless revoked as described below.

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Revocability of Proxies

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A shareholder who completes and returns the proxy card that accompanies this proxy statement may revoke that proxy at any time before the closing of the polls at the Annual Meeting. A shareholder may revoke a proxy by voting at a later date by one of the methods described on the proxy card or by filing a written notice of revocation with, or by delivering a duly executed proxy bearing a later date to, Christopher C. Colson, the Chief Business and Administrative Officer and Corporate Secretary of the Company, at the Company’s main office address located at 6040 Dutchmans Lane, Louisville, Kentucky 40205 at any time before the Annual Meeting. Shareholders may also revoke proxies by delivering a duly executed proxy bearing a later date to the inspector of election at the Annual Meeting before the close of voting or by attending the Annual Meeting and voting in person. You may attend the Annual Meeting even though you have executed a proxy, but your presence at the Annual Meeting will not automatically revoke your proxy.

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Solicitation of Proxies

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The cost of solicitation of proxies being solicited on behalf of the Board will be borne by us (as and if applicable). In addition to solicitation by mail, proxies may be solicited personally, by telephone or by other means by our directors, officers or employees, who receive no additional compensation for these solicitation activities. We will, upon request, reimburse brokerage houses and persons holding common stock in the names of their nominees for their reasonable out-of-pocket expenses in sending materials to their principals.

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Other Voting Considerations

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Broker Non-Votes.  Under rules of the New York Stock Exchange, matters subject to shareholder vote are classified as “routine” or “non-routine.” In the case of routine matters, brokers may vote shares held in “street name” in their discretion if they have not received voting instructions from the beneficial owner. In the case of non-routine matters, brokers may not vote shares unless they have received voting instructions from the beneficial owner (“broker non-votes”); therefore, it is important that you complete and return your proxy early so that your vote may be recorded. Broker non-votes will be counted for quorum purposes but will not be counted as votes cast either for or against a proposal. In other words, broker non-votes are not considered “votes cast.”

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The election of directors (Proposal 1) is a non-routine matter under the applicable rules, so broker non-votes may occur. However, broker non-votes do not count as shares entitled to vote. Because the election is decided by a majority of votes cast, and because our majority voting policy for directors only considers “FOR” votes and “AGAINST” votes, any broker non-votes will not affect the outcome of Proposal 1. In a contested election (an election in which the number of nominees exceeds the number of directors to be elected), the directors will be elected by a plurality of the votes cast on the election of directors. The election of directors to be held at the Annual Meeting is an uncontested election, and, therefore, the majority of votes cast standard will apply. Any incumbent director who receives fewer “FOR” votes than “AGAINST” votes is required to offer his or her irrevocable resignation. Our Nominating Committee will consider the offer of resignation and make a recommendation to the Board as to whether to accept or reject the resignation of such incumbent director. The Board will then act on the resignation, taking into account the committee’s recommendation, and publicly disclose its decision regarding the resignation and the rationale for its decision within a period of 90 days following certification of the election results.

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The ratification of the appointment of the Company’s independent auditors (Proposal 2) is a routine matter under the applicable rules so broker non-votes should not occur.

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The advisory vote on the approval of executive compensation (Proposal 3) and any other matters that may properly come before the Annual Meeting are also non-routine matters under the applicable rules, so broker non-votes may occur. Because broker non-votes are not counted as votes cast, they do not affect the outcome of the vote on Proposal 3.

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Abstentions.  As with broker non-votes, abstentions are counted for quorum purposes but will not be counted as votes cast either for or against a proposal. In other words, abstentions are not considered “votes cast.” Accordingly, abstentions will have no impact on the outcome of the proposals contained in this Proxy Statement.

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Executed but Unmarked Proxies.  If no instructions are given, then shares represented by properly executed but unmarked proxies will be voted in accordance with the recommendation of the Board, or, in the absence of such a recommendation, in accordance with the judgment of the proxy holders.

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ANNUAL MEETING FAQS

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WHEN AND WHERE IS THE ANNUAL MEETING?

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The 2026 Annual Meeting of Shareholders will be held at the Texas Roadhouse Support Center located at 6040 Dutchmans Lane, Louisville, Kentucky 40205 on Thursday, May 21, 2026 at 9:00 a.m. eastern daylight time.

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WHO CAN ATTEND THE ANNUAL MEETING?

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The Annual Meeting is open to all shareholders. If you wish to attend the Annual Meeting, please contact our Investor Relations Department at investment@texasroadhouse.com or (502) 426-9984.

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WHO IS SOLICITING MY PROXY?

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The Company’s Board is soliciting your proxy in connection with the Annual Meeting. Certain of our directors, officers and employees also may solicit proxies on the Board’s behalf by personal contact, telephone, mail, e-mail or other means.

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WHO IS ENTITLED TO VOTE?

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Only shareholders of record at the close of business on March 23, 2026 will be entitled to vote at the Annual Meeting.

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WHAT CONSTITUTES A QUORUM?

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The presence in person or by proxy of the holders of a majority of the shares of common stock issued and outstanding on the Record Date will constitute a quorum for the transaction of business at the Annual Meeting.

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HOW DO I VOTE?

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If you are entitled to vote, then you may cast your vote in accordance with any of the following options:

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Telephone and Internet Voting facilities for shareholders of record will close on 11:59 p.m. eastern daylight time on May 20, 2026.

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CAN I CHANGE MY VOTE OR REVOKE MY PROXY?

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Yes, you may revoke your proxy at any time before the closing of the polls at the Annual Meeting by voting at a later date by one of the methods described on the proxy card or by filing a written notice of revocation with, or by delivering a duly executed proxy bearing a later date to, Christopher C. Colson, the Chief Business and Administrative Officer and Corporate Secretary of the Company, at the Company’s main office address located at 6040 Dutchmans Lane, Louisville, Kentucky 40205.

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You can also revoke proxies by delivering a duly executed proxy bearing a later date to the inspector of election at the Annual Meeting before the close of voting or by attending the Annual Meeting and voting in person. You may attend the Annual Meeting even though you have executed a proxy, but your presence at the Annual Meeting will not automatically revoke your proxy.

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WHAT IS A BROKER NON-VOTE?

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Under rules of the New York Stock Exchange, matters subject to shareholder vote are classified as “routine” or “non-routine.” In the case of routine matters, brokers may vote shares held in “street name” in their discretion if they have not received voting instructions from the beneficial owner.

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In the case of non-routine matters, brokers may not vote shares unless they have received voting instructions from the beneficial owner; therefore, it is important that you complete and return your proxy early so that your vote may be recorded.

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WHAT DOES IT MEAN TO BE A SHAREHOLDER OF RECORD?

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In the event your shares are registered directly in your name with Computershare, the Company’s transfer agent, as of the Record Date, then you are considered to be a “shareholder of record.” As a shareholder of record, you have the ability to vote at the Annual Meeting or by proxy. Regardless of whether or not you are able to attend the Annual Meeting, we encourage you to vote in any of the ways described in the “How Do I Vote” portion of these Annual Meeting FAQs.

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WHAT DOES IT MEAN TO HOLD SHARES IN STREET NAME?

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In the event your shares are held in an account at a broker, bank, or other financial institution as of the Record Date, then you are deemed the beneficial owner of shares held in “street name,” and these proxy materials are being sent to you by such broker, bank, or other financial institution. The applicable institution holding your account is considered the shareholder of record for the purposes of voting at the Annual Meeting. While you may attend the Annual Meeting, you will not be able to vote your shares at the Annual Meeting unless you request and obtain a legal proxy from such broker, bank, or other financial institution giving you the legal right to vote such shares.

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WHAT ITEMS WILL BE VOTED ON AND WHAT ARE THE RECOMMENDATIONS OF THE BOARD?

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The Board is requesting that shareholders vote on the following three proposals at the Annual Meeting and makes the following recommendations with respect to each proposal:

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Recommendation: “FOR”

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Recommendation: “FOR”

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Recommendation: “FOR”

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WHO PAYS FOR THE PROXY SOLICITATION?

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The cost of solicitation of proxies being solicited on behalf of the Board will be borne by us. In addition to solicitation by mail, proxies may be solicited personally, by telephone or by other means by our directors, officers or employees, who receive no additional compensation for these solicitation activities. We will, upon request, reimburse brokerage houses and persons holding common stock in the names of their nominees for their reasonable out-of-pocket expenses in sending materials to their principals.

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WHO COUNTS THE VOTES?

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Computershare, the transfer agent for the Company, will count the votes and will serve as the independent inspector of election at the Annual Meeting.

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WHERE DO I FIND THE VOTING RESULTS OF THE ANNUAL MEETING?

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Results of the vote held at the Annual Meeting will be included on a Form 8-K which is expected to be filed with the Securities and Exchange Commission within one business day after the date of the Annual Meeting.

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WHO IS “BUBBA” AND WHY IS HE REFERENCED IN THE PROXY?

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Bubba was the nickname of W. Kent Taylor, the Company’s late founder, and is the namesake of our Bubba’s 33 restaurant concept. As used in Compensation Discussion and Analysis and in honor of Mr. Taylor, we use the headings “Bubba Who” (outlining our Named Executive Officers), “Bubba What” (outlining what we do and do not do from an executive compensation standpoint), and “Bubba How” (outlining our philosophy on executive compensation).

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CORPORATE GOVERNANCE AND OUR BOARD

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Director Summary Overview

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Nominee Highlights

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The charts below illustrate the composition of our director nominees by age, tenure, diversity, independence, and gender:

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Director Summaries  

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Meetings of the Board

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The Board met on 13 occasions and its standing committees (Audit Committee, Compensation Committee, and Nominating Committee) met on 21 occasions during our fiscal year ended December 30, 2025, which consisted of (i) 11 meetings of the Audit Committee, (ii) five meetings of the Compensation Committee, and (iii) five meetings of the Nominating Committee. Of the 13 meetings of the Board, four were joint meetings among the Board, the Audit Committee, the Compensation Committee and/or the Nominating Committee, and four of such meetings occurred immediately prior to the Audit Committee to approve the issuance of the applicable quarterly dividend. Each incumbent director attended at least 75% of the aggregate number of meetings of the Board and its committees on which such director served during his or her period of service in fiscal 2025. In addition, the Company expects all members of the Board being nominated for re-election to attend the Annual Meeting. All incumbent directors attended the 2025 annual meeting. Four regular Board meetings are currently scheduled for the 2026 fiscal year. Executive sessions of independent directors, without management directors or employees present, are typically scheduled in conjunction with each regularly scheduled Board meeting. The role of each standing committee is more fully described below.

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Leadership Structure of the Board

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The Board currently consists of seven independent directors, one non-independent, non-employee director and one executive director. On March 19, 2021 and following the passing of W. Kent Taylor, the Company’s founder and then Chairman of the Board and Chief Executive Officer of the Company, the Board named Gregory N. Moore as Chairman of the Board. Mr. Moore joined the Board in 2005 following the Company’s initial public offering in 2004. Until his appointment as Chairman of the Board, Mr. Moore had previously served as the Board’s Lead Independent director since the creation of that position in 2012. The responsibility and authority of the Lead Independent director are delineated in our Corporate Governance Guidelines, which can be found on the Company’s website at www.texasroadhouse.com. The Board determined that a separation of the duties and responsibilities of the Chairman of the Board from those of the Chief Executive Officer was appropriate during the transition following the death of the Company’s founder.  The Board believes this separation continues to be appropriate because it provides a clear allocation of authority and strengthens independent oversight and CEO accountability.  As more particularly described below, Mr. Morgan, the Company’s Chief Executive Officer, was appointed to the Board on June 15, 2021.

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On August 14, 2025, the Board appointed Mr. Morgan as Executive Vice Chairman of the Company.  Mr. Morgan continues to serve as Chief Executive Officer of the Company, and his appointment was a part of the Company’s long-term Board succession planning processes. As a part of such long-term succession planning, Mr. Morgan has been identified as the future Chairman of the Board following such time as Chairman Moore no longer holds such position. As Executive Vice Chairman, Mr. Morgan is responsible for presiding over the meetings of the Board in the absence of the Chairman of the Board and performs such other duties as may be assigned to the Executive Vice Chairman by the Board. Additionally, as part of the Company’s long-term succession planning, the Board has identified an individual to fill the role of Lead Independent Director at such time as Mr. Morgan assumes the role of Chairman of the Board.

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Role of the Board in Strategy and Risk Oversight

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Role of the Board and Management. As more specifically described in our Corporate Governance Guidelines, the Company’s business is conducted by the officers and employees under the direction of the Chairman of the Board or the Vice Chairman of the Board, and if there is no Board Chairman or Board Vice Chairman, then the Chief Executive Officer of the Company, and under the oversight of the Board. In connection with the same, the Board’s role is to enhance the long-term value of the Company for its shareholders. The Board is elected annually by the Company’s shareholders to oversee management and the execution of the Company’s strategy, and to ensure that the long-term interests of the shareholders are being served. In order to fulfill these obligations, the Board is responsible for establishing broad corporate policies, setting and overseeing the Company’s strategic direction, and overseeing the management of the Company.

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Strategic Planning and Strategic Initiatives. In addition to and as part of the broad responsibilities described in the immediately preceding paragraph, the Board plays an instrumental oversight role in the strategic planning and initiatives of the Company to ensure that the appropriate processes, systems, and organizational infrastructure is in place to support and align all management teams and functions toward the

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execution of the Company’s mission, values, and purpose. The Board’s oversight role includes succession and organizational planning, human capital management, governance, corporate policy and process development, enterprise risk management, capital structure and allocation, and long-term financial and business planning.

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As a part of this role, the Board reviews the Company’s strategy with management to ensure that the Company and the Board are aligned on the long-term goals and strategic initiatives of the Company. At every quarterly Board meeting, the Board and management conduct a strategic overview of one of the Company’s main restaurant brands (including the international business) and are continually updated throughout the year on the performance of each brand or business unit. Additionally, the Board conducts periodic reviews of the manner in which the Company is allocating its capital to ensure that the Board and the management of the Company are in agreement on how the Company is managing its asset portfolio. Finally, the Board provides direct oversight over certain other strategic initiatives or transactions implemented by the Company, including new store development, franchise acquisitions and development, international development, retail or other business development initiatives, technology initiatives, and the Company’s share repurchase activities and dividend program (as applicable). The Board executes its strategic oversight responsibility directly and through its committees as more particularly described below.

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Risk Oversight. The Board is responsible for overseeing the Company’s risk management strategy, including the Company’s implementation of appropriate processes to administer day-to-day risk management. The Board executes its oversight responsibility directly and through its committees and is informed about risk management matters as part of its role in its general oversight and approval of corporate matters. The Board provides the Company’s management with clear guidance on the risks it believes face the Company, such as the matters disclosed as risk factors in the Company’s Annual Report on Form 10-K. Additionally, the Board has delegated certain risk management responsibilities to its Audit Committee, Compensation Committee, and Nominating Committee.

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During the 2025 fiscal year, the Board and management of the Company completed a multi-year analysis on the manner in which risk oversight is overseen by the Board and delegated among its committees. The purpose of the analysis was to determine how to distribute responsibilities evenly among the Board and its committees to enable a deeper focus on core areas of responsibility and strategic priority, as well as to evaluate how to assign roles and responsibilities among the specific committee members to leverage both individual and team strengths and to maximize the overall effectiveness of each committee based on the experience and skill of each committee member.

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Based on the results of such analysis, the following describes the oversight role of the Board and its committees starting in 2026:

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Board Oversight: The Board has direct oversight of the Company’s enterprise risk management program, including the Company’s risk register, and on an annual basis delegates specific oversight responsibilities to the Board’s committees and/or subcommittees. The Board had previously delegated this risk oversight responsibility directly to the Audit Committee.

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Audit Committee:  In order to reflect its core responsibilities, the Audit Committee changed its name to the “Finance and Audit Committee.”  The Audit Committee continues to oversee the Company’s disclosure of the Company’s financial risks, and continues to oversee the Company’s internal and external auditors, the Company’s internal controls and financial reporting, as well as continues to review the Company’s external filings with the Securities and Exchange Commission.  The Audit Committee continues to receive regular reports from the Company’s internal auditors on the results of internal audits, the scope and frequency of which are based on comprehensive risk assessments which have been approved by the Audit Committee.  Additionally, the core Audit Committee continues to focus on financial, cyber, data, privacy, and artificial intelligence (AI) risks.  The Audit Committee receives risk updates from financial-related department level risks including from the Company’s accounting, finance, internal audit, and treasury functions. The Company’s information governance and crisis and business continuity risk subcommittees (under its overall enterprise risk management program) provides annual risk updates to the Audit Committee regarding the risk-based initiatives they are performing.  Finally, as more particularly described below, the Audit Committee will jointly perform an

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annual risk assessment of our compensation programs for all employees to determine whether these programs encourage unnecessary or excessive risk taking.

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Additionally, the Audit Committee formed the Risk Subcommittee under its purview that will focus on non-financial operational and department level risks.  Wayne L. Jones serves as the initial chairperson of the Risk Subcommittee and all of the members of the Audit Committee are members of the Risk Subcommittee. The Risk Subcommittee receives risk updates from specific departments within the Company as a part of a rotational review of certain risks. Further, the Company’s food safety, responsible alcohol service, vendor management, employee and guest safety, and California operations risk subcommittees (under its overall enterprise risk management program) provide annual risk updates to the Risk Subcommittee regarding the risk-based initiatives they are performing.

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Compensation Committee:  In order to reflect its additional responsibilities, the Compensation Committee changed its name to the “Talent Management and Compensation Committee.”  The Compensation Committee continues to oversee the compensation programs for the Company’s executive officers and non-employee directors. The Compensation Committee, in fulfilling its oversight responsibilities, designs the compensation packages applicable to the Company’s executive officers and Board members. The Compensation Committee also periodically consults with management on the payments of bonuses and grants of stock awards to key employees.  In addition to the duties and responsibilities described below, the Compensation Committee has risk oversight responsibilities over human capital management and strategy, succession planning and leadership continuity, and organizational resiliency. As a part of these risk oversight responsibilities, the Company’s human resource department provides an update ton the Compensation Committee on an annual basis on the Company’s human capital management strategy.  Additionally, the Company’s talent strategy and compliance risk subcommittee (under its overall enterprise risk management program) also provides annual risk updates to the Compensation Committee regarding the risk-based initiatives it is performing.

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Nominating Committee:  As more particularly described below, the Nominating Committee continues to be responsible for overseeing risks relating to the Company’s corporate governance practices.  In addition to the duties and responsibilities described below, the Nominating Committee oversees the Company’s shareholder engagement and the Board’s new director orientation programs. As a part of this oversight responsibility, the Company’s investor relations function provides an update to the Nominating Committee on an annual basis on the Company’s investor relations strategy. Additionally, the Nominating Committee has risk oversight responsibilities over the Company’s corporate sustainability program. The Company’s corporate sustainability risk subcommittee (under its overall enterprise risk management program) also provides annual risk updates to the Nominating Committee regarding the risk-based initiatives it is performing.

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Enterprise Risk Management. As a part of our enterprise risk management process and under the oversight of the Board, the Company has formed a series of subject matter risk committees that are composed of cross-functional leaders within the Company that specialize in specific areas of risk previously identified by the Company, which regularly meet and report their activities to the enterprise risk management (“ERM”) team. These subject matter risk committees focus on specific risks relating to business continuity / crisis management, food safety, responsible alcohol service, employment compliance, information governance (including data privacy compliance and the Company’s use of artificial intelligence), vendor management, employee and guest safety, California operations, and corporate sustainability. The ERM team, consisting of members of senior leadership, meets regularly to identify emerging risk areas and key risk areas for the Company, and serves as a liaison between the subject matter risk committees and the executive risk committee described below. Additionally, the ERM team conducts a periodic review of a risk register, including an in-depth focus on high priority risks, as well as evaluates the composition of existing subject matter risk committees and/or the potential need for the creation of new subject matter risk committees based on its review of the risk register and conducts a gap analysis with respect to the key risks identified on the Company’s risk register to the Company’s applicable lines of available insurance coverage, as well as a gap analysis to compare the key risks identified on the Company’s risk register and the risks outlined on a recently completed materiality assessment. While the risk register previously was reviewed by the Audit Committee and the executive risk committee, moving forward, the risk register will be reviewed by the entire Board and the executive risk committee. Finally, the Company has an executive risk committee consisting of the Named Executive Officers, the ERM team, and

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certain other key members of management which meet twice a year to determine risk priorities, receive reports from the various risk subcommittees on their respective priorities and initiatives, and make decisions on key areas of risk.  

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Additionally, as indicated above, the ERM team regularly updates the Board (previously the Audit Committee in 2025) on the results of its risk management activities at least twice per year. Moreover, specific subject matter risk committees periodically report to the Audit Committee (or its Risk Subcommittee), the Compensation Committee, and/or the Nominating Committee (as applicable) on the risk-based initiatives being performed by the applicable internal risk subcommittee. The Audit Committee (or its Risk Subcommittee), the Compensation Committee, and the Nominating Committee (as and if applicable) are routinely advised of strategic, operational, financial, human capital, legal, data privacy, corporate sustainability, responsible alcohol service, and cybersecurity risks, and the applicable Board committee reviews and is informed of specific activities to manage these risks, such as policies and procedures, insurance plans, indemnification obligations, and internal controls (as and if applicable).

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Compensation Risk Analysis. The Audit Committee and the Compensation Committee jointly perform an annual risk assessment of our compensation programs for all employees to determine whether these programs encourage unnecessary or excessive risk taking. In conducting this review, each of our compensation programs is evaluated on a number of criteria aimed at identifying any incentive programs that deviate from our risk management objectives. Based on this review in 2025, both the Audit Committee and the Compensation Committee concluded that we have the right combination of rewards and incentives to drive company performance, without encouraging unnecessary or excessive risk taking by our employees. In connection with the foregoing, the Company has not established a system of incentives that is reasonably likely to lead to excessive or inappropriate risk taking by employees or create a risk reasonably likely to have a material adverse effect on the Company. Specifically, the Audit Committee and the Compensation Committee identified the following components of our compensation programs that mitigate the likelihood of excessive risk taking to meet performance targets: equity incentive compensation in the form of restricted stock units; long term contracts and a financial buy-in requirement for restaurant management; a guaranteed base salary within our support center management personnel; minimums and maximums on profit sharing compensation within our support center management personnel; robust internal controls; operational focus on top line sales growth; and, a business model which focuses on a strong balance sheet, relatively low debt, prudent growth, and sustainable long-term profitability. The Board’s oversight roles, including the roles of the Audit Committee and the Compensation Committee, allow the Board to effectively administer risk management policies while also effectively and efficiently addressing Company objectives. The Board expects to continue to involve Company management in its deliberations and decision-making in order to administer risk management policies effectively.

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Cybersecurity. In the course of our operations, the Company receives and maintains sensitive information from our guests, employees, partners and business operations. To address cybersecurity threats to this information, the Company has used a risk-based approach to create and implement a detailed set of information security policies and procedures that are based on frameworks established by the National Institute of Standards and Technology. The Company’s Head of Information Security leads the Company’s cybersecurity efforts under the direct oversight of our Chief Technology Officer. These individuals, including the members of the cybersecurity team, have an average of 17 years of experience involving information technology, including security, auditing, compliance, systems, and programming. Additionally, the Company engages in the use of external cybersecurity experts for training, contingency planning, consultation, and process documentation.  

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The Company has implemented detective and preventative controls designed to ensure the appropriate level of protection for the confidentiality, integrity, and availability of data stored on or transferred through our information technology resources. Additionally, we have a risk assessment process to identify risks associated with our use of third-party service providers and have implemented specific processes and controls designed to mitigate those identified risks. Both internal and third-party audits are performed routinely to verify that these controls are effective. Additionally, the Company has implemented training programs designed to provide best practices for protecting our network and systems, and routinely leads exercises for employees to reinforce the risk and proper handling of targeted emails. The Company’s Head of Information Security is responsible for

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developing and implementing these controls and training exercises with support from our information technology department.  

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The Company’s enterprise risk management program has established an internal risk subcommittee to evaluate information governance risks including risks associated with the Company’s use of artificial intelligence (AI). This risk subcommittee comprises members of management of the Company’s information technology, human resources, marketing, accounting, risk, procurement, training, finance, and legal functions. This risk subcommittee is focused on performing risk assessments to identify areas of concern and implement appropriate changes to enhance its cybersecurity and privacy policies and procedures. The internal risk subcommittee is informed of the Company’s risk prevention and mitigation efforts on at least a biannual basis by the Head of Information Security. The risk subcommittee is also briefed on detection and remediation of cybersecurity incidents in a timely manner following the detection of any potential events.  

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The Company has a crisis response team comprising senior members of various corporate functions to oversee the response to various crises including potential crises arising from cybersecurity incidents that may impact the Company and/or its vendor partners. This team conducts regular tabletop exercises to simulate responses to cybersecurity incidents. To the extent there is a cybersecurity incident impacting the Company and/or a vendor partner, the crisis response team’s process would be to ensure that our Head of Information Security and Chief Technology Officer are informed immediately and that the potential impact of the incident and remedial measures arising from the incident are communicated to the executive officers of the Company.

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The Board oversees the Company’s risk assessment and risk management practices and strategies including oversight of the Company’s enterprise risk management program. As a part of this oversight, the Board has delegated certain risk oversight responsibilities to its various committees as more particularly described above. In furtherance of the foregoing, the Board has delegated oversight responsibility of cybersecurity, AI and privacy risks to the Audit Committee. As a part of this oversight role, the Audit Committee receives regular updates from management on cybersecurity, AI, and privacy risks impacting the Company, which includes benchmarking these risks versus the industry. Our Board members also engage in ad hoc conversations with management on cybersecurity-related news events, receive training specific to cybersecurity risks and threats, and regularly discuss any updates to our cybersecurity risk management and strategy programs.

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Corporate Sustainability. Both the Board and the Company take great pride in our corporate sustainability program and our appreciation for, and commitment to, our employees and for the communities in which we serve. Our commitment is evident from our passion and history of dedication to corporate citizenship and the manner in which we often consider sustainability as part of our strategy, operating model and overall decision-making process. This commitment includes not only the continued execution of our existing corporate sustainability activities but also identifying future opportunities. We actively pursue partnerships and opportunities that help conserve resources, reduce waste, and have a positive impact on our communities, as well as partner with other organizations and source products from suppliers who share our commitment to corporate sustainability. As a result, the Board reviews the Company’s corporate sustainability initiatives as a part of their oversight role of the Company’s business strategy and risk management. In particular, the Board, through itself or its committees, receives periodic updates, at least annually, of our corporate sustainability initiatives from management. The Company also includes an update on some of these initiatives in the Company’s Annual Report.

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Additionally and as described above, risks relating to corporate sustainability are managed by the Company as a part of the Company’s enterprise risk management program and under the oversight of the Nominating Committee. In connection with the same, the Company has established an internal subject matter risk subcommittee to evaluate environmental, social, and governance matters. This corporate sustainability risk subcommittee is comprised of members of management from the Company’s legal, human resources, communications, procurement, investor relations, development, internal audit, and SEC reporting functions. At least annually, the corporate sustainability risk committee reports to the Nominating Committee regarding the risk-based initiatives it is performing.

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In 2017, we released our initial corporate sustainability report which outlined the four core pillars of our corporate sustainability efforts: Food, Community, Employees, and Conservation. Our goal is to update our corporate sustainability report annually. The current report is available on the Company’s website at www.texasroadhouse.com. Unless specifically incorporated by reference, the content posted on, or accessible through, our website is not incorporated by reference into this proxy statement or any of our filings with the Securities and Exchange Commission (the “SEC”) and may be revised by us (in whole or in part) at any time and from time to time.

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Committees of the Board

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The Board has three standing committees:

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The Board has adopted a written charter for each of these committees, which set out the functions and responsibilities of each committee. The charters of these committees are available in their entirety on our website at www.texasroadhouse.com. Please note, however, that the information contained on the website is not incorporated by reference in, nor considered to be a part of, this proxy statement.

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Additionally, starting in fiscal year 2026, the Audit Committee formed the Risk Subcommittee under its purview that will focus on non-financial operational and department level risks.  Wayne L. Jones serves as the initial chairperson of the Risk Subcommittee and all of the members of the Audit Committee are members of the Risk Subcommittee.

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Finance and Audit Committee.

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Talent Management and Compensation Committee.

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Nominating and Corporate Governance Committee.

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Self-Assessments; Other Public Boards. The Nominating Committee annually conducts on the Board’s behalf a confidential self-assessment. As a part of the annual self-assessment, each director provides, without limitation, an assessment on the effectiveness and functionality of the Board. Each director completes an assessment form and sends it to the chairperson of the Nominating Committee, who compiles the results and presents them to the Board. In connection with such self-assessment process and the preparation of the Company’s D&O Questionnaires, the Nominating Committee, together with the Chairman of the Board, evaluate each director’s upcoming professional responsibilities to determine the committees on which such non-employee directors will serve and to evaluate each director’s ability to perform its duties as set forth in the Company’s Corporate Governance Guidelines.

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A similar process occurs in instances in which a director desires to serve on another public company board. Under our Corporate Governance Guidelines, a director is limited to the number of other public company boards, in addition to our Board, on which a director may serve to not more than four, except when the Board determines that specific circumstances exist to allow for the director to serve on the additional Board. Before accepting an invitation on another board, the director is required to advise the Chairman of the Board, the Vice Chairman of the Board, and the chairperson of the Nominating Committee and provide such information reasonably necessary to allow for the Board to determine whether accepting the position will adversely impact

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the director’s ability to serve the Company considering all facts and circumstances, including the potential leadership roles the applicable director would serve with such additional public company, the various committee(s) that such director will serve, and the employment status of the director.

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Board Matrix. The Nominating Committee routinely evaluates the size and composition of the Board and the variety of professional expertise represented by the Board members in relation to the Company’s business. To assist in this process, the Nominating Committee has developed a board skills matrix that is used to identify certain interpersonal and professional skills and experience desirable for some and/or all of the directors on the Board. The interpersonal skills are personal attributes that each director should possess and include ethics and integrity, leadership skills, negotiation skills, and crisis management skills. The professional skills are an assessment of governance and industry-based skill areas which should be held collectively by the Board but not necessarily by each director and contain skills relating to (i) management and governance skills, (ii) financial, risk, and compliance skills, and (iii) sector and industry specific skills. As a part of its review of those persons to be nominated for membership on the Board at the Annual Meeting, the Nominating Committee takes a holistic view of the Board to strive to have a diverse Board in terms of core skills, industry experience, tenure and other diversity characteristics or experiences.

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Policy Regarding Consideration of Candidates for Director

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Shareholder recommendations for Board membership should include, at a minimum, the name of the candidate, age, contact information, present principal occupation or employment, qualifications and skills, background, last five years’ employment and business experience, a description of current or previous service as director of any corporation or organization, other relevant biographical information, and the nominee’s consent to service on the Board. Under the Company’s bylaws, in order for a shareholder nominee to be eligible for election or reelection as a director of the Company, such shareholder nominee will be required to (i) complete and deliver a detailed questionnaire in the form that current non-employee directors and executive officers of the Company complete, and (ii) complete and deliver a signed written representation and agreement in the form that current non-employee directors and executive officers of the Company have completed providing that such proposed nominee (A) is not and will not become a party to (i) any transaction, agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such proposed nominee, if elected as a director, will act or vote on any issue or question (a “Voting Commitment”) that has not been disclosed to the Company, or (ii) any Voting Commitment that could limit or interfere with such proposed nominee’s ability to comply, if elected as a director, with such proposed nominee’s fiduciary duties under applicable law, (B) is not, and will not become a party to, any transaction, agreement, arrangement or understanding with any person or entity other than the Company with respect to any direct or indirect compensation, payment, reimbursement or indemnification in connection with service or action as a director that has not been disclosed to the Company, (C) in such proposed nominee’s individual capacity, would be in compliance, if elected as a director, and will comply with applicable law (including applicable fiduciary duties under state law), stock exchange listing standards and publicly disclosed corporate governance, ethics, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Company, and any other Company policies and guidelines applicable to directors, (D) intends to serve a full term if elected as a director, and (E) will provide facts, statements and other information in all communications with the Company and its stockholders that are or will be true and correct in all material respects, and that do not and will not omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.

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The Nominating Committee may consider such other factors as it may deem are in the best interest of the Company and its shareholders. The Board has adopted Corporate Governance Guidelines which provide that, if and when the Board determines that it is necessary or desirable to add or replace a director, the Nominating Committee will seek diverse candidates, taking into account diversity in all respects (including gender, race, age, board service, background, education, skill set, and financial acumen, along with knowledge and experience in areas that are relevant to the Company’s business), when evaluating potential nominees. The manner in which the Nominating Committee evaluates a potential nominee will not differ based on whether the nominee is recommended by a shareholder of the Company.  

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The Company currently retains a corporate recruiter to assist in identifying candidates for open positions at the Company. Upon request, this recruiter also assists in identifying and evaluating director candidates.  While the Company does not routinely pay an additional fee for this service, based on the recent additions to our Board described below, we have paid certain amounts to a corporate recruiter for their assistance in 2026.

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On August 14, 2025, Hugh J. Carroll was appointed to the Board as an executive director.  In connection with the appointment, the Board desired to add a Board member with extensive experience and knowledge in international restaurant operations and franchising. Mr. Carroll was appointed as a director because of his role as President of International of the Company, his executive experience, his international experience, and his in-depth knowledge of the restaurant industry and the Company.  Mr. Carroll retired from his management role at the Company at the beginning of January 2026 and is currently serving on the Board as a non-independent non-employee director.

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Additionally, on February 11, 2026, Ms. Widmer notified the Board of her decision to retire from the Board, effective as of February 11, 2026, in order to focus on the launch of her new business venture. The Company thanks Ms. Widmer for her nearly 13 years of service on the Board and the tremendous value that she has brought to the Company during her tenure.  

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Finally, on March 5, 2026, the Nominating Committee recommended to the Board that the number of directors be increased by one and that Ms. Ingram be appointed to the Board as an independent director; the Board approved this recommendation.  In connection with the appointment, the Board desired to add a Board member with executive experience who has extensive knowledge of the restaurant industry and a marketing background. Ms. Ingram had previously been referred to the Nominating Committee by our corporate recruiter as a part of the nationwide search to add a new Board member in February 2024.  At that time, Ms. Ingram met extensively with management of the Company and our existing members of the Board.  Since February 2024, members of the Board had been in consistent communication and contact with Ms. Ingram about potentially becoming a member of the Board in the future.   Ms. Ingram was nominated as an independent director because of her executive and board experience as well as her extensive knowledge of the restaurant industry and marketing background.

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Compensation of Directors

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As further discussed in the “Compensation Discussion and Analysis,” in 2024, the Compensation Committee engaged FW Cook as an independent compensation consultant to advise the Compensation Committee on non-employee director compensation beginning with the 2025 calendar year. As a part of their review, FW Cook reviewed the non-employee director compensation of the peer companies described in this proxy statement as well as utilized their industry knowledge for companies in-between mid-cap and large-cap sizes. Based on the Compensation Committee’s review of FW Cook’s report and recommendations and as a part of establishing non-employee director compensation for each non-employee director’s 2025 calendar year service, the Compensation Committee (A) increased certain portions of the cash components for the non-employee director compensation to further align with its peer companies and industry practices for companies between mid-cap and large-cap companies; and (B) reduced a portion of the equity component for non-employee director compensation so that the total compensation for each non-employee director is not as heavily weighted on equity. The Compensation Committee applied the same rationale when establishing the non-employee director compensation for each non-employee director’s 2026 calendar year service.

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Similar to our compensation philosophy for our executive officers, we believe that issuing service based restricted stock units to our non-employee directors aligns their interests with those of our shareholders. Specifically, since the bulk of each non-employee director’s compensation lies in the value of the service based restricted stock units granted, the non-employee directors are motivated to continually improve the Company’s performance in the hope that the performance will be reflected by the stock price on the vesting date of their service based restricted stock units. Moreover, we believe that the service based restricted stock unit awards drive director alignment with maximizing shareholder value because the value of the service based restricted stock units varies in response to investor sentiment regarding overall Company performance at the time of vesting.

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As described more fully below, the following table summarizes the total compensation earned for the 2025 calendar year for each of the non-employee directors.

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For the service based restricted stock units described in footnote (1), fair value is equal to the closing price of the Company’s common stock on the trading day immediately preceding the date of the grant, which was $181.27 for the grants to the non-employee directors. Using the formula described in the immediately foregoing paragraph of footnote (1), Mr. Moore, as Chairman of the Board, was granted 1,700 service based restricted stock units for his 2025 calendar year service, and each remaining non-employee director was granted 1,200 service based restricted stock units for their respective 2025 calendar year service. The amounts listed above represent the grant date fair value determined in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) of restricted stock units granted under the Company’s 2021 Long-Term Incentive Plan. Detailed information under U.S. GAAP is set forth in Note 14 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2025. No other equity awards were granted to the non-employee directors during the period of time covered by this table. The Company cautions that the amounts reported in the Director Compensation Table for these awards may not represent the amounts that the non-employee directors will actually realize from the awards. Whether, and to what extent, a non-employee director realizes value on these awards will depend on a number of factors, including the Company’s actual operating performance, stock price fluctuations, and the non-employee director’s continued service on the Board.

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Additionally, the total compensation for any non-employee director may not exceed $500,000, which amount shall be calculated by adding (i) the total cash compensation to be paid for services rendered by a non-employee director in any given fiscal year to (ii) the grant date value of any equity granted to such non-employee director in that fiscal year. This cap on Board total compensation is included in the Company’s 2021 Long-Term Incentive Plan.

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The Compensation Committee established that all non-employee directors would receive the amounts set forth below for cash and stock compensation relating to their 2025 calendar year service:

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The Compensation Committee established that all non-employee directors will receive the amounts set forth below for cash and stock compensation relating to their 2026 calendar year service:

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A description of the compensation relating to Mr. Morgan’s 2025 fiscal year service is set forth in the Summary Compensation Table, and the compensation for Mr. Carroll for his 2025 fiscal year is set forth in the Related Party Transaction section. Additionally, in connection with Ms. Ingram’s appointment to the Board, on March 5, 2026, she was granted 1,000 service based restricted stock units, which represents the prorated amount of service based restricted stock units granted to the other non-employee directors as described above. The fair value is equal to the closing price of the Company’s common stock on the trading day immediately preceding the grant, which was $178.70 for the grant to Ms. Ingram. These service based restricted stock units will vest on January 8, 2027.

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Code of Conduct and Related Corporate Governance Policies

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Code of Conduct.  The Board has approved and adopted a Code of Conduct that applies to all directors, officers and employees, including the Company’s principal executive officer and the principal financial officer. We are committed to Passion, Partnership, Integrity and Fun…All with Purpose! The Code of Conduct is our guide as we apply these core values in our treatment of our fellow employees and how we run our business. Our Code of Conduct also encompasses our principles and practices relating to the ethical conduct of the Company’s business and commitment to complying with all laws affecting the Company’s business.

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We take all reported concerns or possible violations of our Code of Conduct seriously and will promptly and thoroughly investigate each reported concern as confidentially as possible. The Code of Conduct establishes three separate ways in which any person may submit confidential and anonymous reports of suspected or actual violations of the Code of Conduct. If an individual files a report, then the concerns will be directed to the appropriate personnel for investigation. We do not retaliate against any person who raises questions, reports concerns, or who participates in an investigation related to the Code of Conduct.

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The Code of Conduct is available in its entirety on the Company’s website at www.texasroadhouse.com. The Company will post on its website any amendments to, or waivers from, its Code of Conduct, if any, that apply to the principal executive officer, the principal financial officer, principal accounting officer or controller, or persons performing similar functions.

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Vendor Expectations. In addition to the Company’s Code of Conduct, the Company has established vendor expectations setting forth our expectations regarding our relationship with our vendors, including the manner in which our vendors conduct their business, the manner in which they treat their employees, and our expectation that our vendors will comply with all applicable laws and regulations relating to their business operations including those laws prohibiting the use of forced labor or the facilitation of slavery and human trafficking. Our vendor expectations are available in their entirety on the Company’s website at www.texasroadhouse.com.

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Corporate Governance Guidelines. The Board believes that good corporate governance is critical to the Company’s objectives of delivering long-term value to its shareholders. In furtherance of this belief, the Board has adopted its Corporate Governance Guidelines – which set forth flexible guidelines for the framework of the Board’s key corporate governance practices and policies. The Nominating Committee oversees these governance issues, and pursuant to its charter, is responsible for at least annually reviewing the Corporate Governance Guidelines and to make recommendations to the Board for future changes and modifications. The Nominating Committee continually evaluates our corporate governance practices through the ongoing monitoring of emerging best practices and annual benchmarking and review of our corporate governance practices.

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Our Corporate Governance Guidelines cover, without limitation, the following topics:

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The most current version of our Corporate Governance Guidelines, as well as the other corporate governance documents listed below, are available on our website at www.texasroadhouse.com in the Investors Section:

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Throughout this proxy statement, we may refer to various documents that are available on our website. The contents posted on, or accessible through, our website are not incorporated by reference into this proxy statement or any of our filings with the SEC and may be revised by us (in whole or in part) at any time and from time to time.

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Stock Trading Policy. The Company has adopted the Texas Roadhouse, Inc. Stock Trading Policy that applies to our employees, agents, members of the Board and their respective immediate family members in order to reduce the risk that such individuals might be found in violation of federal and state securities laws. In addition, with regard to the Company’s trading in its own securities, it is the Company’s policy to comply with the federal securities laws and the applicable exchange listing requirements.

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Under the Stock Trading Policy, individuals covered by the policy are:

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The Stock Trading Policy also describes our prohibition on speculative trading (as further described in the Compensation Discussion and Analysis section described below), the possible consequences for violating the policy and securities laws, and the manner in which covered persons may enter into 10b5-1 plans.

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 The Company believes these policies and procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations and applicable listing standards.

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Stock Ownership Guidelines

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Our Board has adopted stock ownership guidelines to further align the financial interests of the Company’s executive officers and non-employee directors with the interests of our shareholders. The table below outlines the Company’s stock ownership guidelines adopted by the Board:

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The executive officers and non-employee directors are expected to achieve the stock ownership levels under these guidelines within five years of assuming their respective positions. The Nominating Committee evaluates compliance with these stock ownership guidelines at the end of each fiscal year and it will be calculated based on the Company’s closing stock price on the last trading day of the applicable fiscal year. All executive officers and non-employee directors who have been in their role for at least five years were in compliance with these stock ownership guidelines at the end of the 2025 fiscal year.

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Succession Planning

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The Board and the Company recognize the importance of continuity of leadership to ensure a smooth transition for its employees, guests, and shareholders. In furtherance of the foregoing and as described in its charter, the Compensation Committee is responsible for periodically reporting to the Board the status of succession planning for senior management, including guidance regarding succession in the event of an emergency or retirement, and the evaluation of potential successors to the executive officers and other key members of senior management. As a part of this process, both the Board and the Compensation Committee meet with certain members of management to review the top and emerging talent internally, their level of readiness, and development needs.

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Mandatory Retirement Age for Board Service

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The Board and the Nominating Committee have established a mandatory retirement age for the non-employee directors on the Board. In furtherance of the foregoing, in no event shall any non-employee be elected, re-elected, and/or appointed to the Board if such non-employee is 75 years or older at the time of such election, re-election, and/or appointment; provided, however, any director who began serving on the Board prior to 2006 shall be permitted to be re-elected to the Board so long as they are not 80 years or older at the time of such re-election.

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In furtherance of this policy, Mr. Zarley did not stand for re-election at the 2025 annual shareholder meeting. At the time of his retirement from the Board, Mr. Zarley was our longest tenured member of the Board, being appointed to the Board in 2004 as a part of the Company’s initial public offering. During his time on the Board, he served on each of the three committees of the Board and has provided both formal and informal mentorship and leadership.

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Shareholder Engagement

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Shareholder engagement is an important component of our overall approach to corporate governance. It provides us the opportunity to update investors on our business as well as to solicit and receive feedback from them. Our Investor Relations team serves as our primary point of contact with investors, potential investors, and investment analysts. Additionally, throughout the year, members of our executive team, Board, and restaurant-level operators may participate in the investor dialogue.

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Our interaction with the investment community occurs in a number of ways, including one-on-one and group phone calls, analyst-sponsored conferences, our annual shareholder meetings, and our quarterly earnings calls. Topics discussed vary but typically include corporate strategy, financial results and outlook, new restaurant development, commodity and labor inflation, capital allocation, and various governance, human capital, and corporate sustainability matters. The Nominating Committee has oversight responsibility relating to the Company’s shareholder engagement program.  As a part of this oversight responsibility, the Company’s investor relations function provides an update to the Nominating Committee on an annual basis on the Company’s investor relations strategy. Investor feedback and sentiment is shared with senior management and members of the Nominating Committee on a regular basis.  

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During 2025, management of the Company interacted with shareholders owning over 65% of the outstanding shares of the Company as of the end of fiscal year 2025. These interactions ranged from one-on-one phone/video calls, face-to-face meetings at investor conferences, video calls during virtual non-deal roadshows, participants listening to virtual fireside chats between members of management and sell-side analysts, and conversations with stewardship teams regarding corporate governance.

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Board Orientation and Continuing Education

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The Board believes that a thorough understanding of the Company’s business is required to enable a director to make a substantial contribution to the Board. As such, all new directors will participate in an orientation program within a reasonable period of time following such director’s initial appointment or election to the Board. The Nominating Committee is responsible for overseeing the Board’s orientation program, which may consist of meetings with senior management of the Company designed to familiarize each new director with the Company’s strategic plans, financial planning and key policies and procedures, as well as training within the Company’s restaurant facilities. Additionally, the Company, from time to time, may provide the Board with internal training programs or presentations from internal or outside third-party experts on topics that will assist the directors in carrying out their Board responsibilities. Finally, the directors are encouraged to participate in continuing education and other programs provided by outside sources and to share any applicable learnings from such programs with the other directors on the Board. As a part of the Board’s continued education, the directors on the Board annually complete the compliance trainings that are similar to those provided to certain employees. Further, the Company annually budgets a certain amount of funding to reimburse directors for related costs to attend such programs and to pay membership dues to a national association for corporate directors.

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Director Independence

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The Board currently consists of nine directors – seven of whom are independent, as that term is defined in the listing standards under Nasdaq Marketplace Rule 5605(a)(2) and meet the criteria for independence under the Sarbanes Oxley Act of 2002 and the rules adopted by the Securities and Exchange Commission.  The Nominating Committee evaluates the relationships of each director and director nominee and makes a recommendation to the Board as to whether to make an affirmative determination that such director or director nominee is independent.  In connection with such review, the Nominating Committee evaluates the relevant transactions or relationships between each director, or any of his or her family members, and the Company, its senior management and its independent auditors. In connection with determining the directors to stand for re-election at the Annual Meeting (as more particularly described in Proposal 1) and upon recommendation of the Nominating Committee, the Board has affirmatively determined that Messrs. Moore, Crawford, Jones, and Warfield and Mss. Abell, Epps, and Ingram are independent under the applicable criteria for service on the Board and the various Board committees upon which each serves (as and if applicable).  The Nominating Committee determined that Mr. Morgan is not independent due to his service as the Company’s principal executive officer, and Mr. Carroll is not independent due to his recent employment with the Company as the President of International.

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STOCK OWNERSHIP INFORMATION

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The following table sets forth as of March 20, 2026 certain information with respect to the beneficial ownership of the Company’s common stock of (i) each executive officer named in the Summary Compensation Table (the “Named Executive Officers”), (ii) each non-employee director or nominee for director of the Company, (iii) all directors and current executive officers as a group, and (iv) each shareholder known by the Company to be the owner of 5% or more of the Company’s common stock.

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Delinquent Section 16(a) Reports

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Section 16(a) of the Exchange Act requires the Company’s directors and executive officers, and persons who beneficially own more than 10% of a registered class of the Company’s equity securities, to file with the SEC initial reports of stock ownership and reports of changes in stock ownership and to provide the Company with copies of all such filed forms. Based solely on its review of such copies or written representations from reporting persons, the Company believes that all reports were filed on a timely basis during the fiscal year ended December 30, 2025 with the exception of a Form 4 for Mr. Humpich that was filed on May 23, 2025 relating to a gift of 400 shares that occurred on February 26, 2025.

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EXECUTIVE COMPENSATION

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Compensation Discussion and Analysis

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Bubba Who:  Our Currently Serving Named Executive Officers

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Bubba Who:  Who Plays a Role in Determining Executive Compensation

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Bubba What: What We Do and What We Don’t Do

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