secwatch.observer — SEC 8-K summary
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Issuer:     Fat Brands, Inc (FATAQ)
CIK:        0001705012
Form:       8-K
Filed at:   2023-07-21T23:59:59+00:00
Accession:  0001493152-23-025254
Event type: leadership
Sentiment:  neutral
Materiality: 0.70
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Former CEO Andrew Wiederhorn exits as CEO, signs separation & consulting deal; $950k final bonus, $1,850/hr fee
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- Former CEO Andrew Wiederhorn resigned effective May 5, 2023; now provides consulting via Fog Cutter Consulting Corp.
- Separation agreement includes $950,000 final bonus for 2023; stock options continue vesting during consulting term.
- Consulting agreement pays Fog Cutter Consulting $1,850 per hour; Wiederhorn also receives standard board fees as director.
- Company advances all attorney fees and expenses to Wiederhorn related to pending litigation and investigations, no clawback.
- Mutual releases of claims; Wiederhorn agrees to cooperate with company on investigations and legal matters.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1705012/000149315223025254/0001493152-23-025254-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1705012/000149315223025254/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-025254

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer