Laura Sorensen
About Laura Sorensen
Chief People Officer (CPO) of First Watch Restaurant Group since September 2021; CPO of First Watch Restaurants, Inc. since August 2016. Age 52 as of April 8, 2025. Prior roles include SVP, HR at LongHorn Steakhouse (Darden) and HR leadership at Chico’s/White House | Black Market. She holds a B.S. in Marketing and an MBA in HR from the University of Miami. Sorensen is a visible driver of First Watch’s “You First” culture and employee listening (W.H.Y. Tour), which the company credits for repeat recognition as Newsweek’s #1 Most Loved Workplace in 2024–2025, including her direct quote on people-first initiatives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Darden Restaurants (LongHorn Steakhouse) | SVP, Human Resources | 2010–2016 | Led HR for ~500 restaurants and ~30,000 employees; scaled HR systems for national brand . |
| Chico’s / White House | Black Market | Director of Human Resources; strategic business partner to brand president | Prior to 2010 |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Women’s Foodservice Forum | Director | Current | Industry leadership and network in foodservice . |
Fixed Compensation
No NEO-specific disclosure for Sorensen (First Watch is an Emerging Growth Company and only reports CEO, CFO, CLO in NEO tables). Base salary, target bonus %, and cash paid amounts for Sorensen were not disclosed in DEF 14A .
Performance Compensation
First Watch’s executive bonus plan design (applies to executive officers) uses Adjusted EBITDA for company performance (70% weight) and individual objectives (30% weight), with threshold >85% of target to fund and max of 200% at specified achievement bands. Company results and payout calibration below; Sorensen’s target % is not disclosed.
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Company performance metric | Adjusted EBITDA ($99.5M) | Adjusted EBITDA ($113.8M) |
| Company payout % (for executive officers) | 203.5% | 113.1% |
| Weighting | 70% company; 30% individual (all executive officers) | 70% company; 30% individual (all executive officers) |
| Individual component payout % | 100% (executive officers) | 100% (executive officers) |
Notes:
- Target bonus opportunities are disclosed for the CEO/CFO/CLO but not for CPO Sorensen .
- Equity awards for executive officers follow annual RSU grant practices; grant value targets median peer group, converted at grant-date price. Individual RSU/option counts for Sorensen not in proxy due to EGC limited NEO disclosure .
Equity Ownership & Alignment
| Item | Value | Reference |
|---|---|---|
| Shares outstanding (common) | 60,700,090 (as of March 7, 2025) | |
| Sorensen beneficial ownership (direct) | 87,888 shares (as of Mar 12–14, 2025 filings) | |
| Ownership as % of shares outstanding | ~0.145% (87,888 / 60,700,090) | |
| Insider trading plan (10b5-1) | Adopted 6/11/2025; allows sale of up to 246,625 shares through 6/30/2026 (subject to limit prices and cooling-off) | |
| Recent Form 4 activity | 3/12/2025 sale of 3,675 shares @ $16.81; 3/13/2025 award of 21,315 shares; 3/12/2024 sale of 2,096 shares @ $24.43 | |
| Hedging/pledging policy | Prohibited (Company Insider Trading Policy) | |
| Ownership guidelines | Corporate Governance Guidelines include stock ownership guidelines; specifics not detailed in proxy . |
Insider selling pressure: The adopted 10b5-1 plan for sales up to 246,625 shares implies potential supply overhang into mid-2026. Sales observed in March 2024 and March 2025 were modest (2,096 and 3,675 shares, respectively), alongside a March 2025 award .
Employment Terms
| Provision | Terms | Reference |
|---|---|---|
| Participation | Executive Severance Plan (adopted March 2025) covers executive officers (includes CPO) . | |
| Severance (no CIC; Qualifying Termination) | Lump sum: 1.5x base salary; 1.0x target annual bonus (pro-rated for year of termination); COBRA cash equivalent at 1.5x multiple; outplacement up to 18 months . | |
| Severance (with CIC; termination within 2 years post-CIC) | Lump sum: 2.0x base salary; 2.0x target annual bonus; COBRA cash equivalent at 2.0x multiple; full vesting of all unvested awards under 2021 plan . | |
| Equity acceleration (pre-Severance Plan award agreements) | If terminated without “cause” or for “good reason” within 1 year of CIC: a portion of unvested awards would vest (up to 50% for certain officers); superseded by Severance Plan’s full vesting within protection period . | |
| Restrictive covenants | 12-month non-compete (daytime-only comp set), non-solicit of customers and employees, confidentiality, non-disparagement; injunctive relief and fee shifting for enforcement . | |
| Clawback | Nasdaq-compliant Incentive Compensation Recovery Policy adopted; restatement-triggered recovery . | |
| Insider trading controls | Blackout periods, pre-clearance, prohibition on short sales, options, pledging, hedging, and standing orders outside approved plans . |
Definitions: Cause/Good Reason/Protection Period and payment timing subject to 409A and release requirements; payment cap applies to avoid 4999 excise tax .
Investment Implications
- Pay-for-performance linkage: Executive bonuses are anchored to Adjusted EBITDA with clear weightings and payout curves; FY2023 over-achievement (203.5%) vs FY2024 normalization (113.1%) supports variable cash alignment to operating performance . As CPO, Sorensen’s bonus mechanics follow this structure even though her target % isn’t disclosed.
- Retention economics: The 2025 Severance Plan materially enhances retention with 1.5x salary severance (no CIC) and 2.0x salary plus full equity vest on qualifying CIC terminations; the 12-month non-compete restricts lateral moves to daytime competitors and preserves value for shareholders .
- Insider supply overhang: A Rule 10b5-1 plan enabling sales up to 246,625 shares through 6/30/2026 indicates potential selling pressure; recent sales were small, but cumulative plan capacity warrants monitoring around earnings and liquidity windows .
- Alignment safeguards: Strict anti-hedging/pledging, Nasdaq clawback policy, and pre-clearance/blackout controls reduce misalignment and governance risk .
Governance context: Compensation Committee chaired by Stephanie Lilak (EVP/CPO at Mondelēz), with Alvarez, Fleisher, Glynn—independent oversight; EGC status exempts First Watch from say‑on‑pay for now .