Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 27

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 ended June 29, 2025. A summary of stock option activity during the twenty-six weeks ended June 29, 2025 is as follows: NUMBER OF OPTIONSWEIGHTED AVERAGEEXERCISE PRICE PER SHAREAGGREGATE INTRINSIC VALUE (in thousands)WEIGHTED AVERAGEREMAINING CONTRACTUAL LIFE (in years)Outstanding, December 29, 20243,701,017 $10.14 $31,676 4.1Forfeited(963)$12.58 Exercised(30,959)$9.79 Outstanding, June 29, 20253,669,095 $10.14 $21,914 3.7Exercisable, June 29, 20253,655,437 $10.13 $21,882 3.6The aggregate intrinsic value is based on the difference between the exercise price of the stock option and the closing price  of the Company’s common stock on Nasdaq on the last trading day of the period.

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Table of ContentsFIRST WATCH RESTAURANT GROUP, INC.NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (continued)

A summary of the non-vested stock option activity during the twenty-six weeks ended June 29, 2025 is as follows: NUMBER OF OPTIONSWEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARENonvested, December 29, 2024324,245 $6.55 Forfeited(963)$6.76 Vested (309,624)$6.62 Nonvested, June 29, 202513,658 $5.00 Restricted stock units During the twenty-six weeks ended June 29, 2025, a total of 1,028,509 restricted stock units (“RSUs”) were granted. Of the total RSU’s granted, 597,737 will vest ratably over a period of three years from grant date, 65,364 will vest one year from the grant date, and the remaining 365,408 will vest four years from the grant date. A summary of the Company’s RSU activity during the twenty-six weeks ended June 29, 2025 is as follows:RESTRICTED STOCK UNITSWEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHAREAGGREGATE INTRINSIC VALUE (in thousands)Outstanding, December