Matt Eisenacher
About Matt Eisenacher
Matt Eisenacher is Chief Brand Officer at First Watch Restaurant Group (FWRG), elevated in August 2023 after serving as SVP of Brand Strategy & Innovation since April 2019; he is 45 years old and part of the company’s executive officer team . He holds a BBA in Finance and Management from Ohio University and an MBA (Marketing) from The Ohio State University; he’s been recognized as an Ad Age Breakout Brand Leader (2023) and one of FSR Magazine’s 13 Most Influential Marketing Leaders (2022) . Company performance levers tied to leadership incentives include Adjusted EBITDA (company metric) which reached $113.8M in FY2024 for plan purposes, funding the company performance bonus pool at 113.1% of target, and 2025 guidance calls for ~20% total revenue growth, 59–64 net new system-wide units, and flat-to-slightly positive same-restaurant traffic growth .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Watch Restaurant Group | Chief Brand Officer | Aug 2023–present | Leads brand strategy, marketing, and demand generation; marketing tests contributed to a return to positive traffic and targeted digital spend efficiency . |
| First Watch Restaurant Group | SVP, Brand Strategy & Innovation | Apr 2019–Aug 2023 | Drove brand awareness, evolved digital touchpoints, elevated seasonal LTOs into national brand moments . |
| Piada Italian Street Food | Chief Concept Officer | 2018–Mar 2019 | Oversaw branding, marketing, IT, and business development during expansion . |
| Piada Italian Street Food | Director/VP Marketing & Brand Development | 2013–2018 | Led marketing and brand development, laying groundwork for concept growth . |
| Abbott Nutrition; Nestlé USA; PwC | Various brand/consulting roles | Prior to 2013 | Built CPG and advisory foundation (brand leadership/analytics) . |
External Roles
- No public company directorships disclosed; external recognition includes Ad Age Breakout Brand Leader (2023) and FSR Magazine Influential Marketing Leaders (2022) .
Fixed Compensation
- Not disclosed individually for Eisenacher (he is not an NEO in the 2025 proxy; NEOs are CEO, CFO, CLO) .
Performance Compensation
Eisenacher participates in the Executive Bonus Plan structure used for executive officers, with company and individual components.
| Metric | Weighting | Target | Actual | Payout | Vesting/Payment |
|---|---|---|---|---|---|
| Adjusted EBITDA (Company metric) | 70% | Committee-set target | $113.8M (FY2024) | 113.1% of target (company component funding) | Cash bonus (annual plan) |
| Individual Objectives | 30% | Set at start of year | Assessed by Committee | 100% for 2024 (executive officers) | Cash bonus (annual plan) |
Notes:
- Executive Bonus Plan eligibility, target bonus as % of salary, and Committee discretion are defined annually; 2024 plan used the above weights across executive officers .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Direct common shares (post-transaction) | 47,964 shares following a March 12, 2025 Form 4 (insider transaction page) . |
| Ownership as % of shares outstanding | ~0.08% = 47,964 / 60,968,674 shares outstanding as of March 24, 2025 . |
| Hedging/Pledging | Company policy prohibits pledging, margin, and hedging of company stock . |
| Clawback | Company adopted an Incentive-Based Compensation Recovery Policy pursuant to Nasdaq Listing Rule 5608 . |
| Stock ownership guidelines | Corporate Governance Guidelines include stock ownership guidelines (details not quantified in proxy) . |
Insider activity and potential selling pressure:
- 2025-03-12: Acquisition (non-open market) of 21,315 shares at $0.00 per share reported on Form 4 (typical RSU vesting) .
- 2024-03-12: Open-market sale reported with price range $24.06–$25.04 (Form 4) .
Vesting & grant timing (applies broadly to executive awards and indicates calendar-based vesting/supply):
- Annual grants typically occur on the second business day following filing of the Annual Report on Form 10‑K; grants for existing employees generally follow this cadence .
- Post-IPO time-based awards vest in three equal annual installments from grant date; historical executive grants show March grant dates (e.g., 3/9/2023; 3/7/2024) .
- These practices imply potential concentrated vesting-related supply in early March annually (mitigated by company policy restrictions and any 10b5‑1 plans) .
Lock-up participation:
- Eisenacher was listed among insiders subject to a lock-up agreement in connection with an August 2025 secondary offering by Advent affiliates .
Employment Terms
| Term | Detail |
|---|---|
| Start at First Watch | April 2019 (SVP Brand Strategy & Innovation); Chief Brand Officer since August 2023 . |
| Employment status | Executive officer (Chief Brand Officer) as of April 8, 2025 . |
| Severance Plan participation | Executive Severance Plan adopted March 5, 2025 covers executive officers; participation via individual agreement . |
| Severance (non‑CIC) | Lump sum = 1.5x base salary + 1.0x target annual bonus + COBRA premium lump sum (1.5x multiple); outplacement (18 months for executive officers) . |
| Severance (CIC + qualifying termination within 2 years) | Lump sum = 2.0x base salary + 2.0x target annual bonus + COBRA premium lump sum (2.0x multiple); full vesting of unvested equity under the 2021 Plan . |
| Restrictive covenants | Participation agreement confirms non‑competition, non‑solicitation, confidentiality, and non‑disparagement covenants tied to severance benefits . |
| Other contracts | No individual employment agreement for Eisenacher disclosed in proxy; CEO has a separate employment agreement, while executive officers are covered by the Severance Plan . |
Investment Implications
- Pay-for-performance alignment: Executive annual incentives for 2024 weighted 70% to company Adjusted EBITDA and 30% to individual goals; the company exceeded its Adjusted EBITDA target (113.8M) yielding >100% payout on the company component, consistent with performance-based pay design for executives including the Chief Brand Officer .
- Retention and change-in-control protections: The 2025 Executive Severance Plan provides 1.5x salary + 1x target bonus (non‑CIC) and 2x salary + 2x target bonus (CIC), plus equity acceleration under CIC, supporting retention but also creating potential overhang in a transaction scenario .
- Insider selling pressure and supply: RSU grants occur after the 10‑K filing and vest over three years, with historical March grant/vest dates; Form 4s indicate March vesting and occasional open-market sales, concentrating potential supply dynamics around early March each year .
- Alignment safeguards: Prohibitions on hedging/pledging, a formal clawback policy, and corporate stock ownership guidelines reduce misalignment risks and are shareholder-friendly .
- Execution track record: Management commentary attributes improved traffic trends to targeted digital marketing tactics tested in late 2023 and broadened in 2024–2025, overseen by the brand organization; 2025 guidance calls for ~20% revenue growth with continued unit expansion, positioning brand investment as a growth lever under Eisenacher’s remit .
Overall: Compensation design and policies align Eisenacher with long-term performance, while vesting calendars and periodic insider sales warrant monitoring in early March windows. Retention risk appears mitigated by the newly adopted severance framework and equity acceleration protections under change-in-control, though those protections can amplify payout magnitude in strategic events .