Business Context and Reporting Period
This Form 8-K Current Report was filed by Noodles & Company on November 2, 2020, with the earliest event reported on October 29, 2020. The filing discloses the appointment of a new Chief Financial Officer (CFO) and details the associated compensatory arrangements.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation terms.
- New CFO Base Salary: $350,000 annually.
- Target Bonus: 60% of base salary ($210,000).
- Sign-on Bonus: $50,000.
- Initial Equity Grant: $100,000.
- 2021 Annual Equity Grant: $400,000 (50% performance-based RSUs, 50% RSUs).
Material Changes
The primary material change is the appointment of Carl Lukach as Chief Financial Officer, effective November 30, 2020. Mr. Lukach will report directly to CEO Dave Boennighausen and oversee accounting, finance, and supply chain operations. This represents a change in the Company's principal financial officer.
Outlook, Risks, and Management Commentary
Management highlights Mr. Lukach's 17+ years of financial leadership, including roles at Equinox, Abercrombie & Fitch, and Credit Suisse. The employment agreement allows for termination by either party at any time for any reason. No specific risks, contingencies, or unusual items regarding the Company's operations were disclosed in this filing.
Investor Verification Checklist
- Verify the effective date of the CFO transition (November 30, 2020) and the interim financial leadership arrangement.
- Review the specific performance targets tied to the 60% bonus opportunity and the 50% performance-based equity grant.
- Confirm the total equity grant value ($500,000 combined initial and 2021 grants) against the Company's existing Equity Incentive Plan limits.
- Check for any subsequent filings regarding the departure of the previous CFO.