Driven Brands discloses CFO Tiffany Mason separation agreement; $550K severance, equity adjustments

Driven Brands Holdings Inc.

Severance cash payment of $550,000 paid over 12 months; termination without cause effective May 4, 2023.
Accelerated vesting of 37,615 performance-based RSAs, 86,493 performance-based top-up options, 1,299 time-based RSAs, and 11,269 time-based top-up options.
Continued vesting eligibility for 56,990 RSAs and 131,049 top-up options until May 4, 2025, subject to performance criteria.
All other unvested equity cancelled, including retention options, RSUs, and PSUs.
Agreement includes 12-month lock-up, reaffirms confidentiality, non-compete, non-solicitation, and cooperation covenants.

item 5.02 item 9.01

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Departed

Tiffany Mason

Chief Financial Officer

DRVN · Driven Brands Holdings Inc.

Effective: 2023-05-04
Filed: June 8, 2023, 7:59 PM ET

Ms. Mason’s employment with the Company ended on May 4, 2023, which the Compensation Committee of the Company’s Board of Directors determined was a termination without cause under her employment agreement with the Company.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Tiffany Mason was terminated as Chief Financial Officer at Driven Brands Holdings Inc..

Action: terminated
Role: Chief Financial Officer

Exact text from the filing

Ms. Mason’s employment with the Company ended on May 4, 2023, which the Compensation Committee of the Company’s Board of Directors determined was a termination without cause under her employment agreement with the Company.

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Driven Brands Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-163051

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