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): December 14, 2023

 

FAT Brands Inc.

(Exact name of Registrant as Specified in Its Charter)

 

Delaware		001-38250		82-1302696
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

9720 Wilshire Blvd., Suite 500 Beverly Hills, CA		90212
(Address of Principal Executive Offices)		(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (310) 319-1850

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

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 Instructions 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		FAT		The Nasdaq Stock Market LLC
Class B Common Stock		FATBB		The Nasdaq Stock Market LLC
Series B Cumulative Preferred Stock		FATBP		The Nasdaq Stock Market LLC
Warrants to purchase Common Stock		FATBW		The Nasdaq Stock Market LLC

 

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.

 

The information set forth under Item 5.07 below is incorporated by reference into this Item 5.02.

 

Item 5.07 Submission of Matters to a Vote of Security Holders.

 

2023 Annual Meeting of Stockholders

 

On December 14, 2023, FAT Brands Inc. (the “Company”) held its 2023 Annual Meeting of Stockholders (the “Annual Meeting”). At the Annual Meeting, four proposals were submitted for a vote of the Company’s stockholders, which proposals are described in the Company’s proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on November 3, 2023 (the “Proxy Statement”). Holders of shares of Class A Common Stock and Class B Common Stock voted together as a single class on all matters (including the election of directors) submitted to a vote of stockholders at the Annual Meeting. The number of votes cast for and against and the number of abstentions and broker non-votes with respect to each matter voted upon are set forth below, which amounts reflect an aggregate of the number of votes per share to which all classes of common stock were entitled to vote at the Annual Meeting. The aggregate voting power of all outstanding classes of common stock at the Annual Meeting amounted to 2,557,128,518 votes.

 

(1) Election of Directors. Stockholders elected 14 nominees for director to the Company’s Board of Directors to hold office until the 2024 Annual Meeting of Stockholders and until their respective successors have been duly elected and qualified. The votes regarding this proposal were as follows:

 

Name of Nominee		For		Withheld		Broker Non-Votes
John S. Allen		1,863,001,370		5,447,487		241,307,339
Donald J. Berchtold		1,692,523,130		175,925,727		241,307,339
Tyler B. Child		1,686,088,274		182,360,584		241,307,339
Lynne L. Collier		1,696,641,350		171,807,508		241,307,339
Mark Elenowitz		1,819,982,608		48,466,230		241,307,339
James G. Ellis		1,863,593,456		4,855,401		241,307,339
Peter R. Feinstein		1,863,566,299		4,882,538		241,307,339
Matthew H. Green		1,862,777,659		5,671,199		241,307,339
John C. Metz		1,715,131,424		153,317,414		241,307,339
Carmen Vidal		1,697,540,968		170,907,889		241,307,339
Andrew A. Wiederhorn		1,690,647,333		177,801,525		241,307,339
Mason A. Wiederhorn		1,690,673,079		177,775,779		241,307,339
Taylor A. Wiederhorn		1,690,647,057		177,801,801		241,307,339
Thayer D. Wiederhorn		1,690,421,260		178,027,598		241,307,339

 

(2) Amendment and Restatement of the Company’s 2017 Omnibus Equity Incentive Plan. The proposal to approve an amendment and restatement of the Company’s 2017 Omnibus Equity Incentive Plan (the “Plan”) was approved. The votes regarding this proposal were as follows:

 

For		Against		Abstained		Broker Non-Votes
1,759,415,962		107,881,459		1,151,414		241,307,361

 

(3) Advisory Vote on the Compensation of Named Executive Officers. The proposal to approve, on a non-binding advisory basis, the compensation of the Company’s named executive officers was approved. The votes regarding this proposal were as follows:

 

For		Against		Abstained		Broker Non-Votes
1,742,731,549		120,440,884		5,274,423		241,309,341

 

 

(4) Ratification of Appointment of Independent Registered Public Accounting Firm. The proposal to ratify the selection of Macias Gini & O’Connell, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023 was approved. The votes regarding this proposal were as follows:

 

For		Against		Abstained		Broker Non-Votes
2,096,040,426		13,226,548		489,223		N/A

 

Re-Issuance of Excess Awards under the Plan

 

As discussed in further detail in the Proxy Statement, following the completion of the Annual Meeting on December 14, 2023, a sub-committee of the Compensation Committee authorized to administer the Plan (the “Committee”) met and reviewed the awards of stock options and restricted stock previously granted under the Plan in excess of 50,000 shares per annum (referred to herein and in the Proxy Statement as the “Excess Amounts”) in light of the approval by stockholders at the Annual Meeting of proposal #2 to amend and restate the Plan. Based on such review, the Committee approved (i) the re-issuance of awards under the Plan equal in all respects to the Excess Amounts originally granted in 2021 to the individuals described in the Proxy Statement, and (ii) the retention of the Excess Amount of stock options granted in 2023 to Robert Rosen, each of which was contingent on an affirmative vote of the stockholders on proposal #2. The awards which were re-issued or retained, as applicable, on December 14, 2023 are set forth below:

 

Grantee		Type of Award		Excess Amount Re-Issued				Per Share Exercise Price (Options)				Expiration Date (Options)
Kenneth Kuick		Restricted Shares			50,000				n/a			n/a
Kenneth Kuick		Stock Option			100,000			$	11.43			11/16/2031
Allen Sussman		Restricted Shares			50,000				n/a			n/a
Allen Sussman		Stock Option			75,000			$	11.43			11/16/2031
Andrew Wiederhorn		Stock Option			50,000			$	11.43			11/16/2031
Mason Wiederhorn		Stock Option			25,000			$	11.43			11/16/2031
Taylor Wiederhorn		Stock Option			50,000			$	11.43			11/16/2031
Thayer Wiederhorn		Stock Option			50,000			$	11.43			11/16/2031
Robert Rosen		Restricted Shares			50,000				n/a			n/a
Robert Rosen		Stock Option			100,000			$	11.43			11/16/2031
Robert Rosen		Stock Option			350,000			$	5.37			04/26/2033
Other non-executive officer employees		Stock Options			150,000			$	11.43			11/16/2031

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: December 20, 2023

 

	FAT Brands Inc.
	By:	/s/ Kenneth J. Kuick
		Kenneth J. Kuick
		Chief Financial Officer