A Schedule 13D Amendment No. 4 was filed on October 27, 2026, by James C. Pappas, JCP Investment Management LLC, and affiliated entities regarding their beneficial ownership of Red Robin Gourmet Burgers Inc common stock, disclosing the resignations of Pappas and Christopher Martin from the company's board and the termination of their investor group agreement.

Key Highlights

  • Board resignations: James C. Pappas and Christopher Martin each resigned from the Red Robin Gourmet Burgers board of directors, according to the filing.
  • Group dissolved: The reporting persons executed a Termination of Group Agreement dated October 27, 2026, effective upon filing of Amendment No. 4.
  • Pappas total holdings: James C. Pappas reported beneficial ownership of 1,944,276 shares, representing 10.3% of the class.
  • Martin total holdings: Christopher Martin reported beneficial ownership of 1,751,514 shares, representing 9.3% of the class.
  • JCP Management aggregate: JCP Investment Management, LLC reported shared voting and dispositive power over 1,860,668 shares, or 9.8% of the class.
  • Jumana Capital stake: Jumana Capital Investments LLC reported beneficial ownership of 1,667,906 shares, representing 8.8% of the class.
  • RSU-derived shares: Both Pappas and Martin each acquired 83,608 shares upon vesting of restricted stock units awarded in their capacity as directors of the issuer.

JCP and Jumana Capital Separate After Red Robin Director Exits

According to the Schedule 13D Amendment No. 4 filed with respect to Red Robin Gourmet Burgers Inc (NASDAQ:RRGB), the triggering event for this filing was dated October 23, 2026. The filing discloses that James C. Pappas and Christopher Martin resigned from the issuer's board of directors, prompting the execution of a Termination of Group Agreement dated October 27, 2026. Effective upon the filing of this amendment, Jumana Capital Investments LLC and Martin cease to be reporting persons under the joint group arrangement, and each will begin filing separate Schedule 13D statements to the extent required by applicable law.

The remaining JCP entities, comprising JCP Investment Partnership LP, JCP Investment Partners LP, JCP Investment Holdings LLC, and JCP Investment Management LLC, will continue filing jointly under a Joint Filing Agreement. The filing states that JCP Investment Partnership LP directly owns 776,564 shares, acquired at an aggregate purchase price of approximately $3,687,481 including brokerage commissions. An additional 1,084,104 shares are held in the JCP Accounts at an aggregate purchase price of approximately $5,426,197 including brokerage commissions. Shares held by JCP Partnership were purchased with working capital, which may at any given time include margin loans from brokerage firms in the ordinary course of business.

On the Jumana side, the filing reports that Jumana Capital directly owns 1,667,906 shares purchased at an aggregate price of approximately $8,429,773 including brokerage commissions, also funded by working capital that may include margin loans. Each of Pappas and Martin individually holds 83,608 shares acquired upon vesting of RSUs awarded to them as directors of the issuer. The filing notes that Jumana Capital and Martin will each file separate Schedule 13D disclosures going forward as required.

What Was Disclosed

This amendment reports the dissolution of the joint investor group between JCP-affiliated entities and Jumana Capital Investments LLC, triggered by the board resignations of James C. Pappas and Christopher Martin, along with updated beneficial ownership figures for each reporting person.