[Form 4] Twin Hospitality Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 overview: On 26 June 2025, Twin Hospitality Group Inc. (ticker TWNP) filed a Form 4 reporting insider equity activity by director Kenneth Jeffery Anderson.

• Transaction date: 24 June 2025
• Securities involved: 100,000 Restricted Stock Units (RSUs)
• Transaction code: A (acquisition)
• Conversion ratio: Each RSU represents one share of Class A Common Stock
• Exercise/Conversion price: $0.00 (standard equity compensation grant)
• Post-transaction beneficial ownership: 100,000 derivative securities held directly

The filing discloses no sales or disposals and does not specify vesting terms or performance conditions (footnote 1 only clarifies the 1-to-1 share conversion).

Investor takeaways: The grant aligns the director’s incentives with shareholder value creation and signals continued board-level commitment. However, it also introduces potential dilution equivalent to up to 100,000 new shares once the RSUs settle. No cash outflow is involved, and there is no impact on current earnings metrics because the RSUs are non-cash equity compensation.

Positive

• Alignment of interests: 100,000 RSUs tie the director’s compensation directly to share price performance.

Negative

• Dilution risk: Settlement of 100,000 RSUs will increase outstanding Class A shares when vested.

Insights

Securities Analyst

TL;DR Small RSU grant; modest dilution, increases insider alignment; neutral overall impact.

The award of 100 k RSUs to Director Anderson is routine board compensation. At a $0 exercise price, it is an equity-settled, non-cash grant that will flow through future share-based compensation expense but has no immediate P&L effect. With no accompanying sale, the filing does not signal bearish sentiment. Potential dilution depends on TWNP’s total shares outstanding; without that baseline, the proportional impact cannot be quantified here. Overall market reaction is likely muted.

Corporate Governance Expert

TL;DR Grant enhances incentive alignment; magnitude typical for mid-cap board; low governance risk.

Board-level equity grants are a standard tool to align directors with long-term performance. The direct ownership classification shows personal accountability rather than trust or vehicle holding. No 10b5-1 checkbox was selected, indicating the grant was not executed under a pre-arranged trading plan, which is normal for RSUs. Absent performance metrics, investors may wish to verify vesting schedules in the next proxy, but nothing in the filing suggests problematic governance.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Anderson Kenneth Jeffery

(Last) (First) (Middle)

5151 BELT LINE ROAD,

SUITE 1200

(Street)

DALLAS TX 75254

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Twin Hospitality Group Inc. [ TWNP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	06/24/2025		A		100,000		(1)	(1)	Class A Common Stock	100,000	$0.00	100,000	D

Explanation of Responses:

1. Each restricted stock unit represents a right to receive one share of Class A Common Stock of Twin Hospitality Group Inc.

	/s/ Allen Sussman, Attorney-in-Fact	06/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did TWNP report on 26 Jun 2025?

A director, Kenneth Anderson, received 100,000 Restricted Stock Units on 24 Jun 2025.

Does the Form 4 show any insider sales for Twin Hospitality (TWNP)?

No. The filing only reports an acquisition; no disposals or sales are listed.

How many shares could be issued from the reported RSUs?

Each RSU converts 1-for-1, so up to 100,000 Class A shares may be issued.

Was a 10b5-1 trading plan involved in this TWNP Form 4?

The checkbox for 10b5-1 was not selected; the grant was not under such a plan.

What is the exercise price of the RSUs granted to the TWNP director?

The RSUs carry a $0.00 exercise price, typical for stock-settled awards.