Lynne Collier - Director | Twin Hospitality Group (TWNP) Executive Profile & Compensation

About Lynne L. Collier

Lynne L. Collier (age 58) is an independent director of Twin Hospitality Group Inc. (TWNP), serving since December 2024. She brings ~30 years of capital markets experience focused on restaurants, and currently is Managing Director at Freedom Capital Markets; prior roles include Head of Consumer Discretionary at Water Tower Research (Oct 2022–May 2024), Managing Director at ICR (Apr 2021–Jun 2022), and a 25-year sell-side consumer analyst career at Loop Capital, Canaccord Genuity, and Sterne Agee. She holds a bachelor’s in Finance from Baylor University and an MBA in Finance from Texas Christian University, and also serves on the FAT Brands Inc. board since July 2022 .

Past Roles

Organization	Role	Tenure	Committees/Impact
Freedom Capital Markets	Managing Director	Current (as of proxy)	Capital markets coverage, consumer discretionary focus
Water Tower Research	Head of Consumer Discretionary	Oct 2022–May 2024	Research leadership in consumer sectors
ICR Inc.	Managing Director, Investor Relations	Apr 2021–Jun 2022	IR advisory to consumer companies
Loop Capital, Canaccord Genuity, Sterne Agee	Sell-side Consumer Analyst	~25 years (prior)	Long-tenured restaurant coverage and financial analysis

External Roles

Organization	Role	Tenure	Committees/Impact
FAT Brands Inc.	Director	Since Jul 2022	Shared interlock with TWNP board; potential information flow/conflict considerations

Board Governance

Independence: The Board determined Ms. Collier is independent under SEC and NASDAQ standards; Audit Committee members (including Collier) are independent .
Committee assignments: Member, Audit Committee; Member and Chair, Nominating & Corporate Governance Committee .
Financial expertise: The Board determined Ms. Collier qualifies as an “audit committee financial expert” under Item 407(d)(5) .
Attendance: In fiscal 2024, each director attended all Board and committee meetings on which they served .
Board cadence: The Board meets frequently, with scheduled meetings generally every two weeks, signaling high engagement .
Controlled company context: TWNP is a “controlled company” under NASDAQ due to majority voting power held by FAT Brands; TWNP nevertheless maintains majority independent board and independent committees .

Fixed Compensation

Component	FY/Date	Amount/Terms
Annual cash retainer	FY 2025	$100,000 annual cash for non-employee directors
Annual equity – options	FY 2025	Options to acquire 10,000 Class A shares; granted under 2025 Incentive Compensation Plan (strike, expiry, vesting not disclosed)
One-time RSU grant	Jun 2025	100,000 RSUs to each non-employee director under Management Equity Plan

Performance Compensation

No performance metrics disclosed for director pay; director equity is structured as RSUs and stock options without stated performance conditions (strike price, expiration, vesting schedules not disclosed) .

Other Directorships & Interlocks

Person	External Board	Overlap/Interlock	Notes
Lynne L. Collier	FAT Brands Inc.	Yes	Collier sits on FAT Brands board; TWNP is controlled by FAT Brands, creating governance interlock context
Shared interlocks	FAT Brands Inc.	Wiederhorn, Ellis	Wiederhorn (TWNP Chair) and Ellis also serve on FAT Brands board, increasing interlocks across parent and subsidiary

Expertise & Qualifications

Financial analysis and capital markets expertise, with deep restaurant industry focus (~30 years) .
Audit committee financial expert designation, bolstering oversight of financial reporting and controls .
Academic credentials: B.S. Finance (Baylor), MBA Finance (TCU) .

Equity Ownership

Holder	Class A Shares	RSUs Included	% of Class A Outstanding	% of Total Voting Power
Lynne L. Collier	101,520	Includes 100,000 RSUs vested or vesting within 60 days of Oct 31, 2025 record date	<1%	<1%
Shares Outstanding (record date)	Class A: 54,654,232; Class B: 2,870,000	—	—	—
Parent ownership (FAT Brands)	Class A: 51,778,412; Class B: 2,870,000	—	94.7% of Class A; 100% of Class B	98.5% total voting power

Governance Assessment

Positives:
- Independent director with audit committee financial expert credentials; chairs Nominating & Corporate Governance, strengthening governance processes .
- 100% attendance in 2024 and Board meets every two weeks, indicating engagement .
- Clawback policy adopted for Section 16 officers; Insider Trading Policy restricts trading windows, discourages hedging, and prohibits short-sales/margining, supporting alignment and compliance .
Risks and RED FLAGS:
- Controlled company status with parent FAT Brands holding 98.5% voting power; multiple structural ties (registration rights, anti-dilution option, board observer rights) can impair minority shareholder influence; Collier’s dual directorship at FAT Brands heightens interlock/conflict risk .
- Significant one-time RSU grants to all non-employee directors (100,000 RSUs) could be perceived as generous relative to early-stage governance; lack of disclosed performance conditions for director equity .
- Overlap of directors and executives between TWNP and FAT Brands (Collier, Wiederhorn, Ellis; CFO and CLO shared) creates related-party exposure that requires vigilant committee oversight .
Compensation structure observations:
- FY 2025 director pay mixes cash ($100,000) with equity (10,000 options + one-time 100,000 RSUs); absence of performance-based metrics for director awards reduces at-risk alignment indicators .
- Anti-hedging policy discourages but does not explicitly prohibit hedging, which is less stringent than many peers .
Committee quality:
- Compensation Committee comprised solely of independent directors (Anderson, Ellis) with no interlocks in 2024; Nominating & Corporate Governance chaired by Collier with independent membership .

Overall, Collier’s financial expertise and committee leadership are governance positives; however, the controlled-company context, extensive parent interlocks, and non-performance-based director equity warrant attention from investors focused on board independence and minority protections .