Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Driven Brands Holdings Inc. (the "Company") announced on January 26, 2023, that
it had elected Daniel Rivera, age 43, as its Executive Vice President and Chief
Operating Officer ("COO") effective February 20, 2023. In this capacity,
Mr. Rivera will oversee each of our business segments and the leader of each
business segment will report to him. He will also be responsible for our
environment and safety programs.
Mr. Rivera joined Driven Brands as Chief Information Officer in 2012 and has
served as Executive Vice President and Segment President, Maintenance since
December 2019. Mr. Rivera served as the President of the Company's Meineke Car
Centers brand from October 2014 to December 2019.
In connection with his election, Mr. Rivera will receive an annual base salary
of $575,000, will be eligible to receive an annual performance-based cash bonus
(with a target of 100% of his annual base salary), and will be eligible to
receive annual equity grants of restricted stock units and performance stock
units under the Company's 2021 Omnibus Incentive Plan (with a target of 125% of
his total cash compensation), in each case as determined and approved by the
Board or a committee thereof. Any equity grants will be subject to the terms of
the Company's 2021 Omnibus Incentive Plan and the applicable award agreement.
There are no arrangements or understandings between Mr. Rivera and any other
person pursuant to which he is being appointed as COO of the Company.
Item 7.01. Regulation FD Disclosure
The Company issued a press release announcing that it had elected (i) Mr. Rivera
to serve as COO and (ii) Muhammad Khalid to serve as Executive Vice President
and Segment President, Maintenance. A copy of the press release announcing these
elections is being furnished with this report and is incorporated herein by
reference.
Note: The information provided pursuant to Item 7.01 is being furnished and
shall not be deemed to be "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to
the liabilities of that section, nor shall it be deemed to be incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release dated January 26, 2023
104 Cover Page Interactive Data File - the cover page XBRL tags are
embedded within the Inline XBRL document
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