Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-14

Noodles & Co (NDLS)

CEO Joseph Christina was paid $889,720 in fiscal year 2025, the 1st percentile of its disclosed peer group (SEC filing 0001275158-26-000030 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$889,720
Joseph Christina total, FY2025
1st
CEO pay percentile vs peers
—
CEO-to-median pay ratio
99.45%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Joseph Christina (President and Chief Executive Officer), FY2025 total compensation $889,720 (base salary $407,116) [exec_comp, SEC accession 0001275158-26-000030, filed 2026-04-01]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

NDLS's next annual pay disclosure, estimated April 1, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Joseph Christina$407,116$0$388,700$0$82,569$0$11,335$889,720
President and Chief Executive Officer
Drew Madsen547,6920296,93300024,360868,985
Former Chief Executive Officer
Mike Hynes382,611099,328051,002016,623549,564
Chief Financial Officer
Corey Kline297,541037,248026,445015,846377,080
Executive Vice President, Technology
Kathy Lockhart293,339037,248026,429019,194376,210
Chief Accounting Officer
Brad West195,4190—024,8220107,830328,071
Former Executive Vice President, Operations

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Joseph Christina$889,720———
Drew Madsen868,9852,439,636474,000↓ −1,570,651
Mike Hynes549,564666,766390,254↓ −117,202
Corey Kline377,080402,515411,612↓ −25,435
Kathy Lockhart376,210394,591408,363↓ −18,381
Brad West328,071677,073780,729↓ −349,002

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against NDLS
6 companies name NDLS as a compensation peer

Each company listed discloses NDLS in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named NDLS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Brad WestExecutive$328,071
Drew MadsenChief Executive Officer$868,985
Joseph ChristinaCEO$889,720
Corey KlineEVP$377,080
Kathy LockhartChief Accounting Officer$376,210
Mike HynesCFO$549,564
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Britain PeakesIndependent Director$93,532
Elisa SchreiberIndependent Director$101,032
Jeff JonesChair of the Board$181,548
Mary EganIndependent Director$111,032
Robert HartnettIndependent Director$116,032
Shawn TaylorIndependent Director$106,032
Thomas LynchIndependent Director$101,032
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Mike HynesPSU2025-05-156,00012,000—18,000$44,160
Corey KlineRSU2025-05-15——3,000—20,688
Kathy LockhartPSU2025-05-152,2504,500—6,75016,560
Drew MadsenPSU2025-05-1520,84441,688—62,531153,410
Corey KlinePSU2025-05-152,2504,500—6,75016,560
Kathy LockhartRSU2025-05-15——3,000—20,688
Drew MadsenRSU2025-05-15——20,813—143,523
Joseph ChristinaRSU2025-03-10——20,000—388,700
Joseph ChristinaRSU2025-08-31——31,250—177,500
Mike HynesRSU2025-05-15——8,000—55,168
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Mike Hynes$55,168$44,160$044.5%
Corey Kline20,68816,560044.5%
Kathy Lockhart20,68816,560044.5%
Drew Madsen143,523153,410051.7%
Joseph Christina566,200000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Kathy LockhartRSU614—$3,400
Joseph ChristinaRSU20,000—110,784
Mike HynesRSU8,000—44,314
Corey KlineRSU1,796—9,913
Mike HynesRSU4,464—24,728
Corey KlineRSU4,500—24,926
Joseph ChristinaRSU31,250—173,100
Kathy LockhartRSU4,500—24,926
Drew MadsenRSU16,600—91,952
Mike HynesRSU9,009—49,903
Mike HynesRSU4,505—24,951
Corey KlineRSU3,000—16,618
Kathy LockhartRSU3,000—16,618
Corey KlineRSU2,815—15,594
Kathy LockhartRSU1,796—9,913
Kathy LockhartRSU2,815—15,594
Corey KlineRSU1,408—7,797
Kathy LockhartRSU1,408—7,797
Corey KlineRSU614—3,400
Corey KlineRSU253—1,403
Kathy LockhartRSU253—1,403
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation philosophy is to pay non-employee directors competitively and fairly for the work performed, with a significant portion of total compensation in full-value equity awards for alignment with stockholder interests.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFW Cook
Clawback policy—
Anti-hedging—
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-133,126,67517,2942,01599.45%Passed
20252025-05-1425,354,728502,704152,12098.06%Passed
20242024-05-1531,385,276832,833151,08797.42%Passed
20232023-05-1633,379,7274,166,22848,88388.9%Passed
20222022-05-1035,409,3253,692,910118,39690.56%Passed
20212021-04-2731,802,599664,274287,50397.95%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1399.45%a
20252025-05-1498.06%b
20242024-05-1597.42%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Jeff JonesIndependent · Board Chair · Audit · Compensation$135,000$46,548———$181,548
Robert HartnettIndependent · Audit · Compensation · Not standing for re-election85,00031,032———116,032
Mary EganIndependent · Compensation · Nominating and Corporate Governance · Not standing for re-election80,00031,032———111,032
Shawn TaylorIndependent · Audit · Nominating and Corporate Governance75,00031,032———106,032
Thomas LynchIndependent · Nominating and Corporate Governance · Audit · Compensation70,00031,032———101,032
Elisa SchreiberIndependent · Compensation · Nominating and Corporate Governance · Audit70,00031,032———101,032
Britain PeakesIndependent · Audit · Compensation · Nominating and Corporate Governance62,50031,032———93,532
Drew MadsenIndependent16,6200———16,620
Joseph ChristinaEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$90,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)10,000 / 10,000 / 10,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$594,120
Equity awards (grant-date value)$232,740
All other compensation$0
Total cost of the board$826,860

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Noodles & Co names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Noodles & Co.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1First Watch Restaurant Group, Inc.2025Chris Tomasso$932,793$9,576,365$0$963,610$11,523,150
2El Pollo Loco Holdings, Inc.2025Elizabeth Williams750,9501,434,000717,000581,1623,539,320
3BJ's Restaurants, Inc.2025Lyle Tick710,7691,567,179319,590637,1433,441,781
4Build-A-Bear Workshop, Inc.2026Sharon John807,8691,580,0770968,5363,396,235
5Red Robin Gourmet Burgers, Inc.2025David Pace510,5771,567,000—1,169,4943,252,947
6Chuy's Holdings, Inc.2023Steve Hislop745,498559,0880745,4982,068,041
7Citi Trends, Inc.2025Kenneth Seipel788,736001,120,0001,912,312
8The Container Store Group, Inc.2023Satish Malhotra878,750667,113001,550,986
9Portillo's, Inc.2025Michael Miles Jr.16,3191,320,000001,467,689
10Noodles & Co2025Joseph Christina407,116388,700082,569889,720
—Big 5 Sporting Goods——————not in coverage universe
—Destination XL Group, Inc.——————not in coverage universe
—The ONE Group Hospitality, Inc.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Noodles & Conot disclosedPSU 60 · RSU 40NoFW Cook
Big 5 Sporting Goodsnot disclosednot disclosednot disclosednot disclosed
BJ's Restaurants, Inc.100%PSU 60 · RSU 20 · Options 20Yes — Relative Total Shareholder Return (TSR)Frederic W. Cook & Co., Inc.
Build-A-Bear Workshop, Inc.not disclosedPRSU 70 · RSU 30not disclosedMeridian
Chuy's Holdings, Inc.100%RSU 100not disclosedMercer
Citi Trends, Inc.not disclosednot disclosednot disclosedMercer
Destination XL Group, Inc.not disclosednot disclosednot disclosednot disclosed
El Pollo Loco Holdings, Inc.77.5%Option 33.33 · RSA 33.33 · PSU 33.33NoSemler Brossy
First Watch Restaurant Group, Inc.not disclosedRSU 100not disclosedAon Consulting Inc.
Portillo's, Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners
Red Robin Gourmet Burgers, Inc.103.96%not disclosedYes — Relative TSRMeridian Compensation Partners, LLC
The Container Store Group, Inc.not disclosednot disclosednot disclosedAon
The ONE Group Hospitality, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Noodles & Co in fiscal 2025?
As disclosed, Joseph Christina (President and Chief Executive Officer) was the highest-paid executive at Noodles & Co in fiscal 2025, with total compensation of $889,720.
How does Noodles & Co's chief executive pay compare to its disclosed peer group?
As disclosed, Joseph Christina's total compensation ranked at the 1st percentile of Noodles & Co's disclosed peer group.
How did shareholders vote on Noodles & Co's executive compensation?
As disclosed, 99.45% of shareholders supported Noodles & Co's executive compensation in the latest say-on-pay vote.
How much does Noodles & Co spend in total on board compensation for fiscal 2025?
As disclosed, Noodles & Co reported total board compensation of $826,860 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Joseph ChristinaDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation”. As printed: 889,720. Filing ↗machine: span 363953–363960
2Section 01, Drew MadsenDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation”. As printed: 868,985. Filing ↗machine: r13 · c48 · span 393779–393786
3Section 01, Mike HynesDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation”. As printed: 549,564. Filing ↗machine: r4 · c48 · span 367932–367939
4Section 01, Corey KlineDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation”. As printed: 377,080. Filing ↗machine: r7 · c48 · span 376506–376513
5Section 01, Kathy LockhartDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation”. As printed: 376,210. Filing ↗machine: r10 · c48 · span 384513–384520
6Section 01, Brad WestDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation”. As printed: 328,071. Filing ↗machine: r16 · c48 · span 402754–402761
7Section 03, Mike Hynes PSUDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 469452–469458
8Section 03, Corey Kline RSUDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 475523–475529
9Section 03, Kathy Lockhart PSUDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 486029–486035
10Section 03, Drew Madsen PSUDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 495555–495562
11Section 03, Corey Kline PSUDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 478675–478681
12Section 03, Kathy Lockhart RSUDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 483542–483548
13Section 03, Drew Madsen RSUDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 492399–492406
14Section 03, Joseph Christina RSUDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 457589–457596
15Section 03, Joseph Christina RSUDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 460439–460446
16Section 03, Mike Hynes RSUDEF 14A2026-04-010001275158-26-000030Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 466298–466304
17Section 08, Jeff JonesDEF 14A2026-04-010001275158-26-000030Section “Director Compensation”. As printed: 181,548. Filing ↗machine: span 759908–760213
18Section 08, Robert HartnettDEF 14A2026-04-010001275158-26-000030Section “Director Compensation”. As printed: 116,032. Filing ↗machine: span 758261–758566
19Section 08, Mary EganDEF 14A2026-04-010001275158-26-000030Section “Director Compensation”. As printed: 111,032. Filing ↗machine: span 756766–756897
20Section 08, Shawn TaylorDEF 14A2026-04-010001275158-26-000030Section “Director Compensation”. As printed: 106,032. Filing ↗machine: span 768129–768434
21Section 08, Thomas LynchDEF 14A2026-04-010001275158-26-000030Section “Director Compensation”. As printed: 101,032. Filing ↗machine: span 761556–761861
22Section 08, Elisa SchreiberDEF 14A2026-04-010001275158-26-000030Section “Director Compensation”. As printed: 101,032. Filing ↗machine: span 766492–766797
23Section 08, Britain PeakesDEF 14A2026-04-010001275158-26-000030Section “Director Compensation”. As printed: 93,532. Filing ↗machine: span 764853–765157
24Section 08, Drew MadsenDEF 14A2026-04-010001275158-26-000030Section “Director Compensation”. As printed: 16,620. Filing ↗machine: span 762286–762526
25Section 08, Joseph ChristinaDEF 14A2026-04-010001275158-26-000030Section “Director Compensation”. As printed: 0. Filing ↗
26Section 06, 2026 voteForm 8-K2026-05-140001275158-26-000039Item 5.07 · say-on-pay result. As reported: 99.45% (votes for as printed: 3,126,675). Filing ↗
27Section 06, 2025 voteForm 8-K2025-05-150001275158-25-000047Item 5.07 · say-on-pay result. As reported: 98.06% (votes for as printed: 25,354,728). Filing ↗
28Section 06, 2024 voteForm 8-K2024-05-160001275158-24-000043Item 5.07 · say-on-pay result. As reported: 97.42% (votes for as printed: 31,385,276). Filing ↗
29Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
31Section 09b board cost (computed)Computed——Cash 594,120 + equity 232,740 + all other 0 = 826,860, summed across the director compensation table rows.machine: formula: Σ = 826,860
32First Watch Restaurant Group, Inc., Section 10b CEO totalDEF 14A2026-04-080001789940-26-000048CEO total compensation as printed in First Watch Restaurant Group, Inc.'s own proxy. As printed: 11,523,150. Filing ↗machine: r2 · c48 · span 437281–437291
33El Pollo Loco Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-300001606366-26-000021CEO total compensation as printed in El Pollo Loco Holdings, Inc.'s own proxy. As printed: 3,539,320. Filing ↗machine: span 798734–798743
34BJ's Restaurants, Inc., Section 10b CEO totalDEF 14A2026-04-220001193125-26-169008CEO total compensation as printed in BJ's Restaurants, Inc.'s own proxy. As printed: 3,441,781. Filing ↗machine: span 2374397–2374406
35Build-A-Bear Workshop, Inc., Section 10b CEO totalDEF 14A2026-04-300001437749-26-013976CEO total compensation as printed in Build-A-Bear Workshop, Inc.'s own proxy. As printed: 3,396,235. Filing ↗
36Red Robin Gourmet Burgers, Inc., Section 10b CEO totalDEF 14A2026-03-260001104659-26-035198CEO total compensation as printed in Red Robin Gourmet Burgers, Inc.'s own proxy. As printed: 3,252,947. Filing ↗
37Chuy's Holdings, Inc., Section 10b CEO totalDEF 14A2024-06-130001524931-24-000072CEO total compensation as printed in Chuy's Holdings, Inc.'s own proxy. As printed: 2,068,041. Filing ↗machine: r2 · c42 · span 276662–276671
38Citi Trends, Inc., Section 10b CEO totalDEF 14A2026-05-010001104659-26-053458CEO total compensation as printed in Citi Trends, Inc.'s own proxy. As printed: 1,912,312. Filing ↗
39The Container Store Group, Inc., Section 10b CEO totalDEF 14A2024-07-090001628280-24-031430CEO total compensation as printed in The Container Store Group, Inc.'s own proxy. As printed: 1,550,986. Filing ↗machine: r2 · c42 · span 425484–425493
40Portillo's, Inc., Section 10b CEO totalDEF 14A2026-04-170001871509-26-000024CEO total compensation as printed in Portillo's, Inc.'s own proxy. As printed: 1,467,689. Filing ↗machine: r5 · c45 · span 1091132–1091141
41Noodles & Co (subject), Section 10b CEO totalDEF 14A2026-04-010001275158-26-000030CEO total compensation as printed in Noodles & Co's own proxy. As printed: 889,720. Filing ↗machine: span 363953–363960
42Section 10a, Red Robin Gourmet Burgers, Inc. reciprocityDEF 14A—0001104659-26-035198Red Robin Gourmet Burgers, Inc.'s most recent proxy was read; its disclosed peer group does not include Noodles & Co. Filing ↗
43Section 10a, Build-A-Bear Workshop, Inc. reciprocityDEF 14A—0001437749-26-013976Build-A-Bear Workshop, Inc.'s most recent proxy was read; its disclosed peer group does not include Noodles & Co. Filing ↗
44Section 10a, First Watch Restaurant Group, Inc. reciprocityDEF 14A—0001789940-26-000048First Watch Restaurant Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Noodles & Co. Filing ↗
45Section 10a, Citi Trends, Inc. reciprocityDEF 14A—0001104659-26-053458Citi Trends, Inc.'s most recent proxy was read; its disclosed peer group does not include Noodles & Co. Filing ↗
46Section 10a, BJ's Restaurants, Inc. reciprocityDEF 14A—0001193125-26-169008BJ's Restaurants, Inc. names Noodles & Co in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Portillo's, Inc. reciprocityDEF 14A—0001871509-26-000024Portillo's, Inc.'s most recent proxy was read; its disclosed peer group does not include Noodles & Co. Filing ↗
48Section 10a, Chuy's Holdings, Inc. reciprocityDEF 14A—0001524931-24-000072Chuy's Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Noodles & Co. Filing ↗