First Watch CFO Resigns, Secures $500K Severance
Ticker: FWRG · Form: 8-K · Filed: Mar 12, 2024 · CIK: 1789940
Sentiment: neutral
Topics: executive-departure, severance, cfo
Related Tickers: FWDG
TL;DR
FWDG CFO Goldberg out March 15, gets $500k severance.
AI Summary
On March 7, 2024, First Watch Restaurant Group, Inc. filed an 8-K report detailing the resignation of Chief Financial Officer, Lorne Goldberg, effective March 15, 2024. The company also announced that it has entered into a separation agreement with Mr. Goldberg, which includes a severance payment of $500,000.
Why It Matters
The departure of a CFO can signal changes in financial strategy or internal challenges, while the severance package indicates a negotiated exit.
Risk Assessment
Risk Level: medium — CFO departures can sometimes precede or coincide with financial instability or strategic shifts.
Key Numbers
- $500,000 — Severance Payment (Amount to be paid to former CFO Lorne Goldberg upon his departure.)
Key Players & Entities
- First Watch Restaurant Group, Inc. (company) — Registrant
- Lorne Goldberg (person) — Chief Financial Officer
- $500,000 (dollar_amount) — Severance payment to Lorne Goldberg
- March 15, 2024 (date) — Effective date of CFO resignation
- March 7, 2024 (date) — Date of 8-K filing
FAQ
Who is replacing Lorne Goldberg as CFO?
The filing does not specify who will replace Lorne Goldberg as Chief Financial Officer.
What is the reason for Lorne Goldberg's resignation?
The filing states that Mr. Goldberg's resignation is not due to any disagreement with the Company on any matter of accounting principles or practices or financial statement disclosure.
When is Lorne Goldberg's resignation effective?
Lorne Goldberg's resignation is effective March 15, 2024.
What is the total severance package for Lorne Goldberg?
The separation agreement includes a severance payment of $500,000.
Did Lorne Goldberg have any disagreements with the company regarding financial matters?
No, the filing explicitly states that his resignation is not due to any disagreement with the Company on any matter of accounting principles or practices or financial statement disclosure.
Filing Stats: 652 words · 3 min read · ~2 pages · Grade level 11.5 · Accepted 2024-03-12 16:23:15
Key Financial Figures
- $0.01 — nge on which registered Common stock, $0.01 par value FWRG The Nasdaq Stock Market
- $23.99 — the Underwriter at a purchase price of $23.99 per share and the Selling Shareholders
Filing Documents
- fwrg-20240307.htm (8-K) — 28KB
- exhibit11-fwrgmarch2024blo.htm (EX-1.1) — 307KB
- 0001789940-24-000043.txt ( ) — 525KB
- fwrg-20240307.xsd (EX-101.SCH) — 2KB
- fwrg-20240307_lab.xml (EX-101.LAB) — 23KB
- fwrg-20240307_pre.xml (EX-101.PRE) — 13KB
- fwrg-20240307_htm.xml (XML) — 3KB
01 - Other Events
Item 8.01 - Other Events. On March 7, 2024, First Watch Restaurant Group, Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Barclays Capital Inc. as underwriter (the "Underwriter") and the selling shareholders named therein (the "Selling Shareholders"), pursuant to which the Selling Shareholders agreed to sell 6,000,000 shares of common stock, par value $0.01 per share, of the Company to the Underwriter at a purchase price of $23.99 per share and the Selling Shareholders granted the Underwriter a 30-day option (the "Option") to purchase up to an additional 900,000 shares of common stock at the same purchase price, which has been exercised in full (collectively, the "Offering"). The Offering, including the full exercise of the Option, closed on March 12, 2024. The Company did not sell any shares in the Offering and will not receive any proceeds from the Offering. The Offering is being made pursuant to a prospectus supplement, dated March 7, 2024, to the prospectus, dated November 7, 2022, included in the Company's registration statement on Form S-3 (File No. 333-268197), which was initially filed with the Securities and Exchange Commission on November 7, 2022. The Underwriting Agreement contains customary representations, warranties and covenants and includes the terms and conditions for the sale of the shares by the Selling Shareholders to the Underwriter, indemnification and contribution obligations and other terms and conditions customary in agreements of this type. A copy of the Underwriting Agreement is filed as Exhibit 1.1 hereto. The above description is qualified in its entirety by reference to such exhibit.
01 - Financial Statements and Exhibits
Item 9.01 - Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit Title or Description 1.1 Underwriting Agreement, dated as of March 7, 2024, by and among First Watch Restaurant Group, Inc., certain selling shareholders and Barclays Capital Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. First Watch Restaurant Group, Inc. (Registrant) Date: March 12, 2024 By: /s/ Jay Wolszczak Name: Jay Wolszczak Title: Chief Legal Officer, General Counsel and Secretary