Christopher O’Neil
About Christopher O’Neil
Christopher O’Neil is Vice President of Package Operations at Flanigan’s Enterprises (BDL) and a non-independent director. He has been employed by the company since 1998, became a Supervisor in 2003, was elected Vice President in 2013, and has served as Vice President of Package Operations since 2016; he has served on the board since 2006 and is 59 years old . Company performance during FY2024: revenue grew 7.98% to $188.3M from $174.4M in FY2023, while net income declined 2.14% to $5.3M from $5.4M; total shareholder return (TSR) measured as a $100 base ended FY2024 at 110.74 vs 130.21 in FY2023 . He is a Named Executive Officer (NEO) alongside the CEO, CFO and COO .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Flanigan’s Enterprises, Inc. | Supervisor (restaurant and maintenance supervision) | 2003–2012 | Oversight of restaurant supervision and maintenance operations |
| Flanigan’s Enterprises, Inc. | Vice President | 2013–2016 | Expanded leadership scope across operations |
| Flanigan’s Enterprises, Inc. | Vice President of Package Operations | 2016–Present | Leads package liquor operations (BDL’s “Big Daddy’s” stores) |
| Flanigan’s Enterprises, Inc. | Director | 2006–Present | Board oversight in a controlled-company structure |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or outside roles disclosed in proxy bios/10‑K for O’Neil . |
Fixed Compensation
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary | $306,000 | $329,000 | $359,000 |
| Bonus Paid | — (not disclosed for O’Neil) | — (not disclosed for O’Neil) | — (not disclosed for O’Neil) |
| Stock/Option Awards | Not applicable – no equity plans disclosed | Not applicable – no equity plans disclosed | Not applicable – no equity plans disclosed |
Notes:
- The company has no stock option or equity award plans; executive pay is predominantly cash-based .
- Incidental perquisites under $10,000, if any, are not itemized in the NEO table .
Performance Compensation
| Executive/Plan | Metric | Weighting/Formula | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| CEO (Flanigan) | Annual income before taxes, depreciation and amortization above $650k (excl. extraordinary items) | 14.75% of the metric | Threshold $650k | Bonus paid ($1.081M in FY24; $1.425M in FY23) | Cash (annual) |
| CFO/COO | (1) Same corporate metric | 2.625% of the metric | Threshold $650k | Corporate bonus paid (part of totals shown) | Cash (annual) |
| CFO/COO | (2) Pre‑tax income before D&A from company‑owned and managed restaurants | 5% of segment pre‑tax before D&A | Not stated | Segment bonus paid ($518k FY24; $545k FY23 each) | Cash (annual) |
| Christopher O’Neil | — | No formulaic bonus disclosed | — | No bonus amounts reported in NEO table | — |
Notes:
- BDL does not operate long-term equity incentive plans; no PSUs/RSUs, option awards, or equity-vesting schedules are disclosed .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (common shares) | 6,000 shares (<1% of outstanding) |
| Vested vs. unvested | No equity awards outstanding; all personally owned shares are not subject to vesting |
| Options (exercisable/unexercisable) | None; no option plan |
| Shares pledged/hedging | Company policy prohibits pledging, hedging and derivatives in BDL stock by employees and directors |
| Stock ownership guidelines | None implemented for executive officers |
Affiliated limited partnership distributions (cash, non-compensation):
| Year | Total Distributions to Christopher O’Neil |
|---|---|
| 2023 | $25,400 (from affiliated LPs) |
| 2024 | $25,600 (from affiliated LPs) |
Employment Terms
| Term | Status |
|---|---|
| Employment agreement | None; executives (including NEOs) are employed at will |
| Severance provisions | None (no severance agreements) |
| Change-of-control | No cash payments disclosed; no change-in-control agreements |
| Clawback policy | Not disclosed in proxy/10‑K (no discussion identified) |
| Deferred compensation | None |
| Pension/SERP | No SERP; limited one-time lump-sum death/retirement benefits (up to $10,000 for 35-year employees; $20,000 for supervisors ≥25 years) |
| Non‑compete / non‑solicit | Not disclosed |
| Tax gross‑ups | None |
Board Governance
| Attribute | Detail |
|---|---|
| Board service | Director since 2006; non‑independent (also an executive officer) |
| Committee roles | Not listed on Audit or Corporate Governance/Nominating Committees |
| Board attendance | Board held 4 meetings in FY2024; every director attended ≥75% of Board and committee meetings |
| Independence / structure | “Controlled company” under NYSE American/SEC rules; only three independent directors (Bennett, Nelms, Foster) |
| Leadership | CEO serves as Chairman; Board cites unified vision and independent oversight as rationale |
| Lead Independent Director | Not designated (prior proxy noted independent directors have full access to management) |
| Policy on pledging/hedging | Prohibited for employees and directors |
| Director compensation | Employee-directors receive no additional remuneration; non‑employee directors: $25,000 annual retainer; Audit Chair +$10,000; $1,000 per Board/committee meeting |
Company Performance Context (for pay-for-performance and execution risk)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($M) | $174.4 | $188.3 |
| Net Income ($M) | $5.416 | $5.300 |
| TSR (Value of $100) | 130.21 | 110.74 |
Additional operating notes:
- Package liquor store sales rose from $35.2M to $40.5M (+15.1%) in FY2024, aided by new/reopened units (Miramar #24; Hollywood #19P) .
- The Hollywood restaurant (#19R) reopened in March 2024; pricing actions were taken to offset cost inflation .
Related Party Transactions and Controls
- O’Neil, like several insiders/directors, holds interests in affiliated limited partnerships and received distributions from them (see table above); these are reviewed under the company’s related person transaction policy by the Audit Committee .
- The company discloses extensive related-party franchise and partnership arrangements involving the Flanigan family and directors; BDL states these transactions were on terms no less favorable than with disinterested third parties .
Compensation Structure Analysis
- Cash vs. equity mix: Entirely cash-based for O’Neil; BDL has no equity plan (no RSUs/PSUs/options), reducing direct stock-based alignment and removing vesting-related selling overhang .
- Metric rigor/line-of-sight: Formulaic cash bonuses are reserved for CEO/CFO/COO tied to EBITDA-like metrics and restaurant segment pre‑tax results; no formulaic bonus is disclosed for O’Neil, implying primarily fixed pay .
- Governance risk: No compensation committee; as a controlled company the full Board sets NEO pay, and the CEO is also Chair, concentrating influence over compensation decisions .
Say‑on‑Pay and Shareholder Feedback
- 2025 proxy includes an advisory Say‑on‑Pay vote and a Say‑on‑Frequency vote; the Board recommends a vote “FOR” Say‑on‑Pay and “THREE YEARS” for frequency .
- Historical Say‑on‑Pay approval percentages are not disclosed in the materials reviewed.
Investment Implications
- Alignment and incentives: O’Neil’s pay is predominantly fixed salary with no disclosed bonus or equity. While this eliminates equity overhang and forced selling from vesting, it weakens direct pay-for-performance alignment at his level and may dampen variable incentive intensity. Prohibitions on pledging/hedging mitigate alignment risks, but the absence of executive stock ownership guidelines and low personal share ownership (~6,000 shares, <1%) reduce “skin in the game” signaling .
- Retention risk: At‑will employment with no severance or change‑of‑control protections could elevate retention risk during transitions; counterpoint is long tenure (since 1998) and steady salary progression (FY2022–FY2024: $306k → $329k → $359k) .
- Trading signals: With no equity awards outstanding, there is no near‑term vesting‑related selling pressure. Insider cash flows from affiliated LP distributions (about $25.6k to O’Neil in FY2024) are separate from BDL compensation, but extensive related‑party structures and controlled company status warrant a governance discount until robust independent oversight and clear conflict safeguards are evident –.
- Execution and performance context: FY2024 showed solid revenue growth (+8%) but lower net income amid inflation, with TSR declining versus FY2023; as VP of Package Operations and a director, O’Neil’s remit is tied to the package store segment, which grew to $40.5M (+15.1%) in FY2024, suggesting operational execution in his domain even as company‑wide margins were pressured .