How many Bojangles performance-based awards were forfeited as of December 31, 2023?
Bojangles Franchise · 2025 FDDAnswer from 2025 FDD Document
| Time Based Awards | Performance Based Awards | Total Awards | |
|---|---|---|---|
| December 25, 2022 | 169,085 | 228,979 | 398,064 |
| Granted | 28,320 | 42,480 | 70,800 |
| Forfeited | (21,945) | (40,692) | (62,637) |
| December 31, 2023 | 175,460 | 230,767 | 406,227 |
| Vested as of December 31, 2023 | 111,140 | - | 111,140 |
Source: Item 22 — CONTRACTS (FDD page 82)
What This Means (2025 FDD)
According to Bojangles' 2025 Franchise Disclosure Document, as of December 31, 2023, a total of 40,692 performance-based awards were forfeited. These awards are part of a broader compensation structure that includes both time-based and performance-based components.
The forfeiture of performance-based awards suggests that certain performance objectives were not met, leading to the loss of these awards. This could be due to various factors, such as not achieving specific financial targets, operational goals, or other key performance indicators set by Bojangles.
For a prospective franchisee, this information highlights the importance of understanding the specific performance metrics that Bojangles uses to determine award eligibility. It also underscores the need to carefully evaluate the achievability of these targets and the potential impact on overall compensation and incentives. Understanding these metrics and their implications can help franchisees better plan and manage their business to maximize their chances of earning these performance-based awards.