Form 4: Noodles & Company Chief Accounting Officer Receives Stock Award

Kathryn Rae Lockhart, Chief Accounting Officer of Noodles & Company, was granted 15,015 shares of Class A Common Stock on May 15, 2024, as part of a restricted stock unit award.

Summary

• Kathryn Rae Lockhart, the Chief Accounting Officer of Noodles & Company, received a grant of 15,015 shares of Class A Common Stock on May 15, 2024.
• This grant was in the form of Restricted Stock Units (RSUs), where each RSU represents the right to receive one share of Noodles & Company Class A common stock.
• The RSUs will vest in four equal installments, starting on May 15, 2025.
• Following this transaction, Ms. Lockhart beneficially owns 53,527 shares of Noodles & Company Class A Common Stock directly.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects a standard executive compensation practice, indicating confidence in the company's future.

Positives

• The grant of RSUs to a key officer like the Chief Accounting Officer can be seen as a positive sign, aligning her interests with the long-term success of the company.
• The vesting schedule encourages continued service and commitment from Ms. Lockhart.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedule of the RSUs.

Industry Context

Stock awards are a common practice in the restaurant industry to incentivize and retain key executives. This grant aligns with standard compensation practices.

Comparison to Industry Standards

• Comparing Noodles & Company's executive compensation practices to similar fast-casual chains like Panera Bread or Chipotle reveals that stock-based compensation is a common component.
• These grants are typically structured with vesting schedules to align executive interests with long-term shareholder value, similar to the four-year vesting schedule observed in this RSU grant.

Stakeholder Impact

• Shareholders may view this as a positive incentive for the Chief Accounting Officer to contribute to the company's success.
• Employees may see this as a sign of the company's commitment to its leadership team.

Key Dates