8-K: Pinstripes Holdings Appoints Caitlin Schaefer as Interim CFO Following Querciagrossa's Resignation

Pinstripes Holdings names Caitlin Schaefer as interim CFO, effective March 1, 2025, following the resignation of Anthony Querciagrossa.

Summary

• Anthony Querciagrossa resigned as Chief Financial Officer of Pinstripes Holdings, Inc., effective February 28, 2025.
• The Board of Directors appointed Caitlin Schaefer as Chief Accounting Officer and interim principal financial officer, effective March 1, 2025.
• Ms. Schaefer previously served as the Company's Corporate Controller since January 2024 and Assistant Controller from September 2023 to January 2024.
• Prior to joining Pinstripes, Ms. Schaefer worked at Mondelez International, Inc. and Ernst & Young LLP.
• Ms. Schaefer's annual base salary will be $275,000.
• She will receive a $50,000 one-time cash bonus on March 14, 2025, and another bonus upon the closing of a strategic transaction, termination (other than for cause), or July 1, 2025.
• Ms. Schaefer is eligible for an annual incentive target opportunity equal to 35% of her annual base salary, with a minimum guarantee of $30,000.
• The Company has entered into an indemnity agreement with Ms. Schaefer.

Sentiment

Score: 6

Explanation: The sentiment is neutral. While there's a CFO resignation, the company has promptly appointed an interim replacement. The financial terms for the interim CFO are clearly outlined, providing transparency.

Positives

• The company has quickly appointed an interim CFO to ensure continuity in financial leadership.
• Caitlin Schaefer has a strong background in accounting and finance, with experience at Mondelez International and Ernst & Young LLP.
• Ms. Schaefer's compensation package includes a base salary, bonuses, and an incentive opportunity.

Negatives

• The resignation of the CFO could create uncertainty in the short term.

Risks

• The company is currently pursuing a strategic transaction, the outcome of which is uncertain.
• The interim CFO appointment may be temporary, requiring the company to find a permanent replacement.

Future Outlook

The company is pursuing a strategic transaction, the outcome and timing of which are uncertain.

Industry Context

Executive leadership changes are common in the hospitality and entertainment industry, especially during periods of strategic shifts or financial restructuring. The appointment of an interim CFO is a typical measure to ensure stability while the company searches for a permanent replacement.

Comparison to Industry Standards

• Compensation packages for interim CFOs in similar-sized companies typically include a base salary, bonus potential, and benefits.
• The annual incentive target opportunity of 35% of the base salary is within the range of industry standards for similar roles.
• Indemnity agreements are standard practice for officers and directors of publicly traded companies.

Management Changes

Stakeholder Impact

• Shareholders may experience short-term uncertainty due to the CFO transition.
• Employees may be affected by the change in leadership, but the appointment of an interim CFO should provide stability.
• The company's creditors and suppliers may monitor the situation to assess any potential impact on financial stability.

Next Steps

• The company will likely begin a search for a permanent CFO.
• The company will continue to pursue its strategic transaction.

Key Dates