secwatch.observer — SEC 8-K summary
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Issuer:     Driven Brands Holdings Inc. (DRVN)
CIK:        0001804745
Form:       8-K/A
Filed at:   2023-06-08T23:59:59+00:00
Accession:  0001193125-23-163051
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1804745/000119312523163051/0001193125-23-163051-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1804745/000119312523163051/d508192d8ka.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-163051

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