Kim Boerema
About Kim Boerema
Kim A. Boerema is President and Chief Executive Officer of Twin Hospitality Group Inc. (Twin Peaks/Smokey Bones) since May 19, 2025; he holds a B.S. in Psychology from the University of Northern Colorado and previously held senior operating roles at Parry’s Pizzeria & Taphouse, Iron Hill Brewery & Restaurant, California Pizza Kitchen, and Texas Roadhouse . The company disclosed conflicting ages for Mr. Boerema—age 61 in the appointment 8-K (May 2025) and age 56 in the 2025 proxy; filings are inconsistent on this point . Since his appointment, TWNP reported revenues of $87.1m (Q1), $87.8m (Q2), and $82.3m (Q3) 2025 with Adjusted EBITDA of $5.1m, $5.2m, and $3.0m respectively; Twin Peaks restaurant-level margin was 16.9% (Q1), 17.7% (Q2), and 17.0% (Q3) while Smokey Bones underperformed materially by Q3 .
Operating performance (FY25 year-to-date)
| Metric | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|
| Total Revenue ($mm) | $87.1 | $87.8 | $82.3 |
| Adjusted EBITDA ($mm) | $5.1 | $5.2 | $3.0 |
| Restaurant-Level Contribution Margin – Twin Peaks | 16.9% | 17.7% | 17.0% |
Age discrepancy: “61” (May 2025 8‑K) vs “56” (Proxy). Company disclosures are inconsistent .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Parry’s Pizzeria & Taphouse | President & COO | Oct 2018 – Feb 2025 | Helped scale the brand from ~10 to ~30 units over ~2.5 years |
| Iron Hill Brewery & Restaurant | President & CEO | Jun 2018 – Apr 2021 | Led brand transformation initiatives |
| California Pizza Kitchen | Chief Operating Officer | Oct 2011 – Feb 2018 | Created a cost‑effective prototype; rebuilt operations and leadership teams |
| Texas Roadhouse | Regional Vice President | 2006 – 2011 | Oversaw 125 units across 22 states; drove growth and retention |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public‑company directorships or external board roles disclosed in the proxy or appointment 8‑K |
Fixed Compensation
| Component | Terms | Effective/Grant | Notes |
|---|---|---|---|
| Base Salary | $450,000 per year; merit increases at Board discretion | May 19, 2025 (employment start); memorialized June 27, 2025 | Employment Agreement entered June 27, 2025 |
| Minimum Annual Bonus | Not less than $250,000 per year; eligible for additional discretionary bonuses | From start; per Employment Agreement | No specific performance metrics disclosed |
| Relocation Allowance | One‑time $50,000 | June 27, 2025 | Dallas relocation |
| PTO/Benefits | 20 days PTO per 12 months; participates in company benefit plans | June 27, 2025 | Standard plan eligibility |
Performance Compensation
Annual Cash Incentive (Plan design)
| Metric | Weighting | Target | Actual (FY25) | Payout Vehicle | Vesting |
|---|---|---|---|---|---|
| Board‑discretionary (minimum floor) | Not disclosed | Minimum $250,000 | Not disclosed | Cash | Annual; no formula disclosed |
Equity Awards (Time‑based)
| Instrument | Grant Size | Vesting | Strike/Term | Notes |
|---|---|---|---|---|
| RSUs (Class A) | 250,000 units | Equal annual installments over 3 years | n/a | Entitled under Employment Agreement; time‑based vesting |
| Stock Options (Class A) | 50,000 options | Equal annual installments over 3 years | Not disclosed | Entitled under Employment Agreement; time‑based vesting |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial Section 16 filing | Form 3 (filed May 29, 2025) reported no securities beneficially owned as of May 19, 2025 |
| Award magnitude context | RSU grant equals ~0.46% of Class A outstanding at the Oct 31, 2025 record date (250,000 / 54,654,232); options equal ~0.09% (50,000 / 54,654,232) |
| Shares outstanding (record date) | 54,654,232 Class A; 2,870,000 Class B |
| Executive group ownership context | Directors/executive officers as a group held 1,307,839 Class A shares (2.3%); footnotes indicate significant near‑term‑vesting RSUs/options in that total |
| Hedging/pledging/margin | Insider Trading Policy discourages hedging, prohibits short sales and margining of Company stock; trading limited to windows |
| Ownership guidelines | Not disclosed in proxy; no specific CEO ownership multiple cited |
Employment Terms
| Term | Provision |
|---|---|
| Employment status | At‑will; either party may terminate with or without cause |
| Cause (illustrative) | Includes failure to perform, certain crimes, policy violations, misconduct, breach, disparagement, etc. |
| Good Reason | Material breach by Company; failure/refusal of successor to assume obligations |
| Severance (No cause/Good reason) | 12 months’ base salary plus pro‑rated bonus for year of termination; subject to release |
| Non‑compete | 12 months post‑termination; applies within 25 miles of any existing or planned Twin Peaks; scoped to casual dining with all‑female wait staff as integral part of model |
| Non‑solicit | 12 months post‑termination; employee and key vendor restrictions |
| IP/Assignment | Inventions and related IP assigned to Company; robust cooperation obligations |
| Change‑of‑control (equity plans) | 2025 Incentive Plan allows committee discretion to accelerate vesting, lapse restrictions, or deem performance achieved at/near target in a change in control, consistent with award agreements |
| Clawback | SEC/Nasdaq‑compliant clawback policy adopted; 3‑year lookback for erroneously‑awarded incentive comp |
| Anti‑hedging/timing | No MNPI‑based grant timing; no short‑term awards around filings; trading windows enforced |
Compensation Committee Analysis
- Compensation Committee members: Kenneth J. Anderson (Chair) and James G. Ellis; committee majority independent under SEC/Nasdaq standards .
- Committee administers 2025 Incentive Compensation Plan and reviews CEO compensation and performance .
Investment Implications
- Pay‑for‑performance alignment: A guaranteed minimum annual bonus ($250k) plus time‑based RSUs/options reduces formulaic performance linkage; no explicit financial/TSR metrics disclosed for the CEO’s annual bonus in 2025, increasing discretion risk .
- Vesting/selling pressure: Three equal annual installments for 250k RSUs and 50k options create potential supply around each vest beginning 2026–2028; magnitude is meaningful relative to Class A float (~0.46% RSUs, ~0.09% options) .
- Retention vs. change‑in‑control: Severance is moderate (1x salary + pro‑rated bonus) and plan‑level CoC treatment is at committee discretion, without CEO‑specific CoC multiples disclosed—adequate retention, limited golden parachute risk .
- Governance and risk controls: SEC/Nasdaq‑compliant clawback in place; insider policy discourages hedging and forbids short‑selling/margining, reducing misalignment/levered‑pledge risk .
- Execution track record and current performance: Boerema brings extensive operations/franchise scaling pedigree (Parry’s, CPK, TRH), and early commentary emphasizes operational discipline and conversions; 2025 to date shows declining revenue and elevated losses but stable Twin Peaks margins (17% range), highlighting a likely focus on mix/brand optimization and Smokey Bones turnaround into 2026 .