FAT Brands settles derivative lawsuits; gets $10M from insurers and 200K Twin Hospitality shares

Fat Brands, Inc

Settlement resolves two Delaware Chancery derivative actions filed in 2021 and 2022 without admitting liability.
Company's insurers will pay $10 million, from which plaintiffs' counsel fees and expenses will be deducted.
Fog Cutter Holdings LLC will contribute 200,000 shares of Twin Hospitality Group Inc. to FAT Brands.
Board agreed to adopt corporate governance modifications as part of settlement terms.
Settlement requires approval by Delaware Court of Chancery; if approved, all derivative claims dismissed.

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