Kenneth Kuick - Chief Financial Officer | Fat Brands (FAT) Executive Profile & Compensation

About Kenneth Kuick

Attribute	Detail
Current role	Chief Financial Officer (since May 31, 2021); served as Co‑Chief Executive Officer from May 2023 to September 2025
Age	56
Education & credentials	B.S. in Accounting and Business Systems (Taylor University); Certified Public Accountant
Prior experience	CFO, Noodles & Company (2018–2020); Chief Accounting Officer, VICI Properties (2017–2018); Chief Accounting Officer, Caesars Entertainment Operating Company; VP/Assistant Controller, Caesars Entertainment
External roles	CFO, Twin Hospitality Group Inc. (since Feb 2024); Interim CEO, Twin Hospitality (Mar–Apr 2025)

Performance context (company-level):

Pay-versus-performance shows cumulative TSR declining year-over-year and materially negative net income in 2024, framing a difficult operating backdrop for pay alignment evaluations .

Metric (Company)	2023	2024
“Compensation Actually Paid” to Kuick ($)	1,684,468	463,026
Year-end value of $100 investment (Cumulative TSR)	73	71
Net Income (Loss) ($ thousands)	(90,110)	(189,847)

Organization	Role	Years	Strategic impact
Noodles & Company	Chief Financial Officer	2018–2020	Led finance, accounting, and supply chain operations
VICI Properties Inc.	Chief Accounting Officer	2017–2018	Oversaw accounting, capital markets, treasury, internal audit, tax, external reporting
Caesars Entertainment Operating Co.	Chief Accounting Officer	n/d	Enterprise accounting leadership
Caesars Entertainment Corp.	VP, Assistant Controller	n/d	Corporate controllership support

Organization	Role	Years	Scope/impact
Twin Hospitality Group Inc.	Chief Financial Officer	2024–Present	Public subsidiary CFO
Twin Hospitality Group Inc.	Interim Chief Executive Officer	Mar–Apr 2025	Interim leadership during transition

Component	2023	2024	Notes
Base salary ($)	532,439	550,000	Contract base: $550,000; eligible for merit increases
Target/guaranteed bonus ($)	≥270,000 minimum under agreement	≥270,000 minimum under agreement	Discretionary bonus with minimum floor; based on personal and company targets
Actual bonus paid ($)	1,000,000	—	2024 bonus not paid per SCT
All other compensation ($)	1,669	—	n/d

Annual incentive framework (cash):

Structure: Discretionary bonus determined by Board; contingent on personal and company‑wide targets (metrics not disclosed); guaranteed minimum $270,000 per year .

Plan	Fiscal Year	Metric(s)	Weighting	Target	Actual	Payout ($)	Vesting/Timing
Annual cash bonus	2023	Not disclosed (personal and company targets)	n/d	n/d	n/d	1,000,000	Paid 2023
Annual cash bonus	2024	Not disclosed (personal and company targets)	n/d	n/d	n/d	—	n/a

Equity awards (grants and re-issuance):

On Dec 14, 2023, awards originally issued above plan limits in 2021 were re‑issued following shareholder approval: 50,000 restricted shares and 100,000 stock options at $11.43 (exp. 11/16/2031), “equal in all respects” to the original grants; vesting terms not specified in the 8‑K .

Grant type	Grant/re-issue date	Shares/Options	Strike ($)	Expiration	Vesting
Restricted shares	12/14/2023	50,000	n/a	n/a	Not specified
Stock options	12/14/2023 (re-issued 2021 grant)	100,000	11.43	11/16/2031	Not specified

Outstanding equity at FY2024 year-end:

Instrument	Exercisable (#)	Unexercisable (#)	Strike ($)	Expiration
Stock options	100,000	—	11.43	11/16/2031
Stock options	16,667	33,333	5.37	04/26/2033

Additional notes:

Option exercises: None by named executive officers in 2024 (i.e., no exercise-related selling pressure in 2024) .

Security	Beneficially owned	% of class	Notes
Class A Common	233,333 shares	1.4%	Includes options exercisable within 60 days: 133,333; excludes 16,667 unvested options
Class B Common	10,000 shares	<1%	Class B carries 2,000 votes/share
Series B Preferred	2,000 shares	<1%	Non‑voting preferred

Policies and alignment safeguards:

Insider trading policy: Quarterly trading windows; prohibits short-sales and margining of Company stock; hedging is discouraged (not strictly prohibited) .
Clawback policy: Section 16 officers subject to 3‑year lookback upon an accounting restatement; administered by Board/Comp Committee .

Term	Kuick Employment Agreement (executed May 5, 2023)
Status	At-will employment
Base salary	$550,000 annually; eligible for merit-based increases
Annual bonus	Discretionary, with guaranteed minimum $270,000 per year; contingent on personal and Company targets
Equity eligibility	Eligible for stock options, stock purchase rights, and/or restricted stock as determined by Board
Change-in-control (CIC)	Double-trigger acceleration: upon a CIC and involuntary termination without cause or resignation for good reason (other than death/disability), 100% of then‑unvested equity vests
Severance	Six months of base salary if terminated without cause or resigns for good reason (outside of death/disability)
Benefits/PTO	Participation in employee benefit plans; expense reimbursement; 15 days paid time off per year

Controlled company: Majority voting power held by Fog Cutter Holdings LLC; not required to have majority‑independent board or a nominating committee under NASDAQ rules .
Compensation Committee: Comprised of directors including independents; responsible for executive pay oversight; current roster listed with Andrew Wiederhorn as Chair .
Say‑on‑Pay (2023 Annual Meeting): Votes For 1,742,731,549; Against 120,440,884; Abstain 5,274,423; Broker non‑votes 241,309,341 .

Indicator	Observation
Cash vs. equity mix trend	2023 included sizable cash bonus ($1.0M) and option grant value ($268k); 2024 shows salary only, no equity or bonus in SCT, and lower “compensation actually paid” in PVP .
Reliance on options vs. RSUs	Equity program includes both options and restricted shares; re‑issuance in Dec 2023 restored 50k RS and 100k options originally from 2021, suggesting emphasis on option-based incentives with some time-based equity .
At‑risk pay linkage	Bonus contingent on personal and company targets, but specific performance metrics/weightings not disclosed, limiting visibility on pay‑for‑performance calibration .
Clawback and trading controls	Restatement‑based clawback in place (3‑year lookback); hedging discouraged, short‑sales/margining prohibited—moderate alignment features .

Pay-for-performance alignment: Kuick’s “compensation actually paid” declined sharply in 2024 alongside weaker company TSR and larger net losses, indicating directional alignment; however, opaque bonus metrics and the December 2023 re‑issuance of legacy awards temper transparency on incentive rigor .
Retention and change-in-control risk: Six months’ cash severance and double‑trigger equity acceleration upon CIC provide moderate protection; equity overhang is manageable given current disclosed holdings but accelerated vesting would crystallize upon qualifying CIC terminations .
Insider selling pressure: No option exercises by NEOs in 2024 reduces near‑term technical selling overhang from exercises; continued monitoring of Form 4s advisable given significant vested options .
Ownership alignment: Kuick’s direct/derivative ownership in Class A and Class B shares supports voting alignment, with policies discouraging hedging and prohibiting margining reducing misalignment risks; no stock ownership guidelines disclosed .
Governance context: Controlled company status and committee structure concentrate influence; 2023 say‑on‑pay passed with substantial support, but ongoing scrutiny of governance and related‑party dynamics remains prudent for risk assessment .