Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 29

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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.1Forfeited(964)$12.58 Exercised(30,959)$9.79 Outstanding, September 28, 20253,669,094 $10.14 $21,512 3.4Exercisable, September 28, 20253,659,622 $10.14 $21,480 3.4The 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.A summary of the non-vested stock option activity during the thirty-nine weeks ended September 28, 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 (313,810)$6.66 Nonvested, September 28, 20259,472 $2.88 Restricted stock units During the thirty-nine weeks ended September 28, 2025, a total of 1,028,509 restricted stock units (“RSUs”) were granted. Of the total RSUs 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 thirty-nine weeks ended September 28, 2025 is as follows:

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

RESTRICTED STOCK UNITSWEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHAREAGGREGATE INTRINSIC VALUE (in thousands)Outstanding, December 29, 2024759,721 $20.67 $14,207 Granted 1,028,509 $16.75 Forfeited(8,846)$19.95 Vested (301,056)$19.36 Outstanding, September 28, 20251,478,328 $18.22 $23,653 The aggregate intrinsic value is based on the closing price of the Company’s common stock on Nasdaq of $16.