John Jones
About John Jones
John Daniel Jones, 46, is Chief Operations Officer of First Watch, serving since October 2021. Prior roles include COO of CAVA Mezze Grill (2016–2021) and Regional Director of Operations at Starbucks Coffee Co. (2002–2016) . Executive annual incentives are tied to company Adjusted EBITDA with a formal plan and payout curve, and the company reported FY2024 Adjusted EBITDA of $113.8 million with a company-performance payout of 113.1% under the bonus plan framework . He is cited as “COO Dan Jones” in First Watch’s culture-focused W.H.Y. Tour, engaging frontline teams and influencing operating systems and compensation/benefit enhancements .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Watch Restaurant Group, Inc. | Chief Operations Officer | Oct 2021–present | W.H.Y. Tour with CEO and CPO driving menu, operating system, and compensation/benefit enhancements |
| CAVA Mezze Grill | Chief Operating Officer | Aug 2016–Sep 2021 | Not disclosed |
| Starbucks Coffee Co. | Regional Director of Operations | Aug 2002–Aug 2016 | Not disclosed |
External Roles
No external directorships or public roles disclosed for Jones in the proxy’s executive officer section .
Fixed Compensation
- Executive Severance Plan (adopted March 2025): upon termination without cause or for good reason, other executive officers (including COO) receive lump sum severance equal to 1.5× base salary, plus a lump sum equal to target annual bonus, plus COBRA premium coverage multiplied by 1.5×; upon change-in-control followed by a qualifying termination within two years, severance increases to 2.0× base salary, target bonus multiplied by 2.0×, COBRA at 2.0×, and full vesting of outstanding unvested awards under the 2021 Plan .
- Individual base salary for Jones is not disclosed in the proxy filings; the company is an Emerging Growth Company and discloses only NEO compensation .
Performance Compensation
FY2024 Executive Bonus Plan mechanics applied to executive officers:
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Adjusted EBITDA (company-based) | 70% of target bonus opportunity | 100% funding at target | $113.8 million | 113.1% company-performance payout |
| Individual business objectives | 30% of target bonus opportunity | As approved by Compensation Committee | Not disclosed for Jones | Not disclosed for Jones |
Notes:
- Funding thresholds: pool begins >85% of target; 200% max at ≥125.7% of target .
- The plan is adopted annually; target awards are expressed as a % of base salary; Jones-specific target % is not disclosed .
Equity Ownership & Alignment
- Anti-hedging and anti-pledging: Insider Trading Policy prohibits short sales, options/derivatives on Company stock, pledging/margin accounts, and hedging transactions; standing or limit orders restricted outside pre-clearance/Rule 10b5‑1 windows .
- Clawback: Incentive-Based Compensation Recovery Policy (Nasdaq Rule 5608) requires recovery of incentive compensation erroneously granted/earned/vested due to financial restatement .
- Equity plan and vesting: 2021 Equity Incentive Plan permits RSUs, options, SARs; post-IPO grants generally vest in equal installments over three years; pre-IPO options had specific time-based schedules; shares withheld for taxes are counted as delivered under the plan .
- Change-in-control vesting: Under the Executive Severance Plan, upon CIC with qualifying termination within two years, all unvested awards under the 2021 Plan vest in full .
- Near-term insider selling constraints: In connection with a November 2025 public offering, directors and executive officers entered lock-up agreements restricting transfers for 30 days, with carve-outs for 10b5‑1 plan establishment (no sales during restricted period), sales to cover tax withholding on vesting/exercise, and limited transfer carve-outs; certain signatories had carve-outs allowing transfer of 5,000–115,000 shares in aggregate per signatory .
Employment Terms
- Role and start date: Chief Operations Officer since October 2021 .
- Severance/change-of-control economics: Covered by Executive Severance Plan with 1.5× base salary + target bonus on qualifying separation, and 2.0× base salary + 2.0× target bonus + full equity vesting on CIC termination within two years; COBRA premiums paid at corresponding multiples .
- Equity award treatment on certain terminations: While “good reason” definitions are described for NEO award agreements, Jones’ award agreement terms are not specifically disclosed; post-IPO annual RSU/option grants generally vest over three years .
- Non-compete/offer letter: Not disclosed for Jones in the proxy .
Investment Implications
- Pay-for-performance alignment: Jones’ bonus is tied to Adjusted EBITDA with a calibrated payout curve and individual objectives, aligning operations execution with profitability; FY2024 outperformance funded the pool at 113.1% for the company metric .
- Retention vs. liquidity: The March 2025 Executive Severance Plan increases severance protections and provides full equity vesting upon CIC termination, which can aid retention but may elevate CIC-related cost; near-term lock-ups and anti-hedging/pledging policies constrain opportunistic insider sales, reducing misalignment and short-term selling pressure .
- Ownership alignment: While Jones’ individual holdings are not disclosed in the proxy, the 2021 Plan structure, anti-hedging/pledging policy, and clawback framework collectively strengthen alignment and risk controls .
- Execution risk: Jones’ operational track (Starbucks, CAVA) and involvement in the W.H.Y. Tour indicate focus on frontline feedback and systems; this can support labor productivity and brand culture—key levers for daytime dining throughput and EBITDA consistency .