Noodles & Co Appoints Kevin Reddy as New CEO

TL;DR

Noodles & Co brings back former CEO Kevin Reddy to lead the company, effective Sept 11.

AI Summary

On September 10, 2024, Noodles & Company announced the appointment of Kevin Reddy as Chief Executive Officer, effective September 11, 2024. Reddy previously served as President and CEO of Noodles & Company from 2005 to 2015 and has been a member of the Board of Directors since 2017. He will also serve as a member of the Board.

Why It Matters

The appointment of a former CEO with a proven track record signals a potential strategic shift or renewed focus on growth and operational efficiency for Noodles & Company.

Risk Assessment

Risk Level: medium — Leadership changes can introduce uncertainty, but Reddy's prior experience with the company may mitigate some risks.

Key Players & Entities

• Noodles & Company (company) — Registrant
• Kevin Reddy (person) — Appointed CEO
• September 10, 2024 (date) — Announcement Date
• September 11, 2024 (date) — Effective Date of CEO Appointment
• 2005 to 2015 (date) — Reddy's Previous CEO Tenure
• 2017 (date) — Reddy's Board Membership Start

FAQ

Key Financial Figures

• $376,362 — to receive an annualized base salary of $376,362, (ii) remain eligible to participate in
• $100,000 — thereof. The Agreement also provides a $100,000 cash retention bonus, payable subject t

Filing Documents

• ndls-20240910.htm (8-K) — 35KB
• ex101transitionservicesand.htm (EX-10.1) — 89KB
• 0001275158-24-000090.txt ( ) — 265KB
• ndls-20240910.xsd (EX-101.SCH) — 2KB
• ndls-20240910_lab.xml (EX-101.LAB) — 21KB
• ndls-20240910_pre.xml (EX-101.PRE) — 12KB
• ndls-20240910_htm.xml (XML) — 3KB

From the Filing

ndls-20240910 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): September 10, 2024 NOODLES & COMPANY (Exact name of registrant as specified in its charter) Delaware 001-35987 84-1303469 (State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Incorporation) Identification No.) 520 Zang Street, Suite D Broomfield, CO 80021 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: ( 720 ) 214-1900 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock NDLS Nasdaq Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 11, 2024, Noodles & Company (the "Company") announced that Brad West, its Chief Operating Officer, will retire from the Company on June 30, 2025. In connection with his planned retirement, the Company and Mr. West entered into a Transition Services and Separation Agreement (the "Agreement"). Pursuant to the Agreement, Mr. West will continue in his role as Chief Operating Officer until the date on which his successor to such position is appointed and commences employment with the Company (the "Transition Date"). From the Transition Date through June 30, 2025, Mr. West has agreed to serve as Chief of Staff to the Company's Chief Executive Officer. For the duration of his employment with the Company, Mr. West will (i) continue to receive an annualized base salary of $376,362, (ii) remain eligible to participate in the Company's annual cash incentive bonus program for the 2024 and 2025 calendar years, with any earned 2025 bonus to be pro-rated through June 30, 2025, (iii) continue to participate in the Company's employee benefit plans, and (iv) continue to vest in all outstanding Company equity awards through June 30, 2025 in accordance with the terms thereof. The Agreement also provides a $100,000 cash retention bonus, payable subject to Mr. West's continued employment in good standing with the Company through June 30, 2025. The retention bonus will become payable if Mr. West is terminated by the Company without cause or by Mr. West for good reason prior to June 30, 2025. Mr. West will not be entitled to any severance payments and benefits upon his termination of employment on June 30, 2025. If Mr. West's employment is terminated by the Company without cause or by Mr. West for good reason prior to June 30, 2025, subject to his execution and non-revocation of a general release of claims, Mr. West will continue to receive payment of his base salary through June 30, 2025; provided that if such earlier termination of employment also occurs following a change in control of the Company prior to June 20, 2025, Mr. West will instead receive (i) a cash amount equal to Mr. West's annual base salary, (ii) a pro-rated target bonus for the year of termination and (iii) a lump sum payment equal to 12 months of the cost of continuation of group health coverage. Th e foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated by reference herein. Exhibit No. Description 10.1 Transition Services and Separation Agreement between Noodles & Company and Brad West dated September 1 0 , 2024. 104 Cover Page Interactive Data File. The cover page XBRL tags are embedded within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934,

View Full Filing

View this 8-K filing on SEC EDGAR