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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective September 19, 2023, the Board of Directors (the “Board”) of FAT Brands Inc. (the “Company”) increased the size of the Board from 12 to 14 persons and appointed two new independent directors to fill the vacancies on the Board for a term expiring at the Company’s 2023 Annual Meeting of Stockholders. The new directors are James G. Ellis and John S. Allen. Mr. Ellis was also appointed to the Audit Committee of the Board.
Mr. Ellis served as the Dean of the Marshall School of Business at the University of Southern California from 2007 until June 2019. Prior to his appointment as Dean in April 2007, Mr. Ellis was the Vice Provost, Globalization, for USC and prior to that was Vice Dean, External Relations. Mr. Ellis was a professor in the Marketing Department of the Marshall School of Business from 1997 until retiring in 2021. Mr. Ellis continues to serve on the boards of directors of a number of other public and private companies. Mr. Ellis received a Bachelor of Business Administration degree from the University of New Mexico and Master of Business Administration degree from Harvard Business School.
Mr. Allen is a retired restaurant operator, having served as the owner and operator of Pacific Way Bakery & Café. Mr. Allen received a Bachelor of Arts degree from the University of Illinois.
Each of Messrs. Ellis and Allen will receive standard compensation from the Company for non-employee directors, consisting of annual cash compensation of $120,000 and an annual equity award of stock options to acquire 30,636 shares of Class A common stock of the Company vesting over three years.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: September 25, 2023
| FAT Brands Inc. | ||
| By: | /s/ Kenneth J. Kuick | |
| Kenneth J. Kuick | ||
| Chief Financial Officer | ||