FAT Brands Inc. announced that on March 28, 2023, the holder of a majority of the voting power of the outstanding voting stock of the company took action to remove the following directors of the Company pursuant to Section 141(k) of the Delaware General Corporation Law and Section 5.04 of the Company's Certificate of Incorporation: Kenneth Anderson, Lynne Collier, Amy Forrestal, James Neuhauser and Edward Rensi.   Following such action, the sole remaining director of the Company took action to increase the size of the Board of Directors (the “Board”) and appointed the following individuals to fill vacancies on the Board: Donald Berchtold, Tyler Child, Kenneth Kepp, Carmen Vidal, Mason Wiederhorn, Taylor Wiederhorn and Thayer Wiederhorn. In addition, on March 29, 2023, Lynne Collier was re-appointed as a director on the Board, and on April 1, 2023, Mark Elenowitz was appointed as a director on the Board.

Edward Rensi was also re-appointed but subsequently decided not to re-join the Board.   In connection with these actions, the size of the Board was increased to ten persons, and is currently comprised of Donald Berchtold, Tyler Child, Lynne Collier, Mark Elenowitz, Kenneth Kepp, Carmen Vidal, Andrew Wiederhorn (Chairman), Mason Wiederhorn, Taylor Wiederhorn and Thayer Wiederhorn. The members of the Audit Committee were re-appointed and consist of Lynne Collier, Mark Elenowitz and Kenneth Kepp, each of whom was determined to be independent under the applicable director independence standards of the Securities and Exchange Commission and The Nasdaq Stock Market.

Donald Berchtold– Mr. Berchtold serves as Chief Concept Officer of the Company. Since the beginning of fiscal 2022, Mr. Berchtold received aggregate cash compensation from the Company of approximately $349,067 in base and $125,000 in bonus compensation, and participated in the general welfare and benefit plans of the Company. Mr. Berchtold is the father of Tyler Child and the grandfather of Mason Wiederhorn, Taylor Wiederhorn and Thayer Wiederhorn.

Carmen Vidal – Ms. Vidal serves as the Company's International Legal Counsel and Director of International Franchise Development (Europe/Middle East/North Africa). Since the beginning of fiscal 2022, Ms. Vidal received aggregate cash compensation from the Company of approximately $167,000 in base and $100,000 in bonus compensation, participated in the general welfare and benefit plans of the Company and vested in stock options to purchase 8,333 shares of the Company's Class A common stock granted in prior years. Mason Wiederhorn – Mason Wiederhorn serves as Chief Brand Officer of the Company and is a member of the Board of Managers of the majority stockholder of the Company.

Since the beginning of fiscal 2022, Mr. Wiederhorn received aggregate cash compensation from the Company of approximately $523,076 in base and $1,220,000 in bonus compensation, participated in the general welfare and benefit plans of the Company and vested in stock options to purchase 25,000 shares of the Company's Class A common stock granted in prior years. Mason Wiederhorn is the son of Andrew Wiederhorn, the brother of Taylor Wiederhorn and Thayer Wiederhorn and the grandson of Donald Berchtold. Taylor Wiederhorn – Taylor Wiederhorn serves as Chief Development Officer of the Company and is a member of the Board of Managers of the majority stockholder of the Company.

His compensation during fiscal 2022 was reported in the Company's Annual Report on Form 10-K filed on February 24, 2023. Taylor Wiederhorn is the son of Andrew Wiederhorn, the brother of Mason Wiederhorn and Thayer Wiederhorn and the grandson of Donald Berchtold. Thayer Wiederhorn – serves as Chief Operating Officer of the Company and is a member of the Board of Managers of the majority stockholder of the Company.

His compensation during fiscal 2022 was reported in the Company's Annual Report on Form 10-K filed on February 24, 2023. Thayer Wiederhorn is the son of Andrew Wiederhorn, the brother of Mason Wiederhorn and Taylor Wiederhorn and the grandson of Donald Berchtold.