Allen Sussman
About Allen Sussman
Allen Z. Sussman is Chief Legal Officer and Secretary of Twin Hospitality Group Inc. (TWNP) since April 2025; he concurrently serves as General Counsel and Secretary of FAT Brands Inc. since March 2021 . He is 61 years old, holds a B.S. in Industrial and Labor Relations from Cornell University and a J.D. from Boston University School of Law, and previously was a partner at Loeb & Loeb LLP (corporate/securities) and an attorney in the SEC’s Division of Enforcement in the early 1990s . Company operating performance during his tenure year shows modest revenue variability and negative EBITDA in Q2/Q3 2025, useful context for incentive alignment assessments.
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue ($USD) | $86,481,000 | $87,105,000 | $87,846,000 | $82,316,000 |
| EBITDA ($USD) | -$1,032,000* | $5,038,000* | -$7,517,000* | -$1,623,000* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Loeb & Loeb LLP | Partner, Corporate & Securities | Prior to Mar 2021 | Served as primary outside corporate/securities counsel to FAT Brands; deep capital markets and governance expertise |
| U.S. SEC Division of Enforcement | Attorney | Early 1990s | Enforcement background supports compliance/risk oversight for a controlled public company |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FAT Brands Inc. | General Counsel & Secretary | Mar 2021–present | Cross-entity legal leadership and information flow between parent and controlled subsidiary |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| RSUs | Not disclosed | Not disclosed | Not disclosed | Not disclosed | 200,000 RSUs granted on Jun 24, 2025 | Vesting schedule not disclosed |
The Form 4 indicates an RSU grant (Code “A”) of 200,000 RSUs, with no immediate sale/disposition reported .
Equity Ownership & Alignment
| Holding | Amount (shares) | Ownership Form | Note |
|---|---|---|---|
| Class A Common Stock (Direct) | 17,439 | Direct (D) | – |
| Class A Common Stock (Indirect via LLC) | 14,402 | Indirect (I) | LLC where Sussman is 50% owner/managing member |
| RSUs (derivative) | 200,000 | Direct (D) | Grant date Jun 24, 2025 |
| Beneficial ownership (non-derivative) as % of Class A outstanding | ~0.058% | – | Based on 54,654,232 Class A shares outstanding as of Oct 31, 2025 |
- Hedging/pledging: Insider Trading Policy discourages hedging, prohibits short-sales and margining of Company stock; trading limited to windows . No personal pledging disclosed for Sussman.
- Stock ownership guidelines: Not disclosed for executives in DEF 14A .
Fixed Compensation
- Base salary/bonus: Not disclosed for Sussman in the latest proxy; 2024 Summary Compensation Table covers different NEOs and notes no other written employment agreements besides the CEO .
- Perquisites, pensions, deferred comp: Not disclosed for Sussman .
Employment Terms
- Start date and role: Chief Legal Officer & Secretary since April 2025 .
- Employment agreement: Company states it has no other written employment agreements beyond the CEO’s agreement; implies no individual written employment agreement for Sussman .
- Severance/change-of-control: Not disclosed for Sussman .
- Clawback: Section 16 officers are subject to a clawback for erroneously-awarded incentive-based compensation for 3 years preceding a required restatement; administered by Board/Comp Committee .
- Insider trading: Trading windows; discourages hedging; prohibits short sales/margining .
- Non-compete/non-solicit: Only CEO agreement terms are disclosed; no terms for Sussman .
Related Party & Interlocks
- Overlap: Disclosure notes overlap with FAT Brands—CFO serves both entities and Sussman is also FAT Brands’ General Counsel/Secretary .
- Governance framework with parent: The Master Separation and Distribution Agreement sets registration rights, observer rights, non-solicit, indemnities, and anti-dilution option for FAT Brands; underscores controlled-company dynamics and information flow .
Compensation Structure Analysis
- Equity emphasis: A 200,000 RSU grant suggests retention/alignment; performance metrics/vesting mechanics were not disclosed in the Form 4 .
- Clawback adoption: Company-wide clawback policy aligned with NYSE/Nasdaq/Sarbanes rules strengthens pay-for-performance recourse .
- Guaranteed compensation/discretion: No information disclosed specific to Sussman for guaranteed bonuses or discretionary payouts .
Say-on-Pay & Peer Group
- Say-on-Pay outcomes and compensation peer group: Not disclosed in the DEF 14A for the period reviewed .
Investment Implications
- Alignment: Sussman holds modest non-derivative equity (~31.8k shares) and a sizable RSU grant of 200k, indicating retention incentives but limited immediate “skin in the game” by % of float (~0.058%) .
- Governance risk: Dual role with FAT Brands and controlled-company status (FAT Brands holds ~98.5% total voting power) raise interlock and minority governance risks; MSDA mitigants exist but parent maintains strong rights (anti-dilution, board observers) .
- Incentive quality: Lack of disclosed performance metrics/vesting for Sussman’s RSUs and absence of a bespoke employment agreement reduce transparency on pay-for-performance and severance economics; clawback policy partially offsets moral hazard .
- Trading signals: No evidence of insider selling by Sussman around the RSU grant; Form 4 indicates grant only and no immediate dispositions, suggesting low near-term selling pressure from the award .