Company: FWRG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001789940-25-000031
Chunk: 30

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 30
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To determine the 2024 Executive Bonus Plan payouts, participants were assigned individual target bonus opportunity as a percentage of their base salary, which percentage was based on their level of responsibility. The target bonus opportunities approved by the Compensation Committee for each of our named executive officers for fiscal 2024 were:

| Named Executive Officer                |     | Target Bonus Opportunity (as a % of base salary) |     | FY2024 Base Salary |     | Target Bonus Amount at 100% Achievement |
| Christopher A. Tomasso..........       |     | 100%                                             |     |           $905,625 |     |                                $905,625 |
| Henry Melville Hope, III.........      |     | 70%                                              |     |           $446,270 |     |                                $312,389 |
| Jay Wolszczak......................... |     | 70%                                              |     |           $460,575 |     |                                $322,403 |

For each of our executive officers, including our NEOs, the weighting of the company-based performance goals and achievement of individual business objectives as a percentage of their target bonus opportunity was 70% and 30%, respectively.

At the beginning of fiscal 2024, our Compensation Committee approved the performance target for the corporate performance category applicable to the participants in our 2024 Executive Bonus Plan. The performance target was set with the objective for the target to be challenging but attainable based on the expectations of the business at the time that the goal was established.

For purposes of the 2024 Executive Bonus Plan, the performance metric used for purposes of the company-based performance goal was Adjusted EBITDA, which was based on our calculation of Adjusted EBITDA of 113.8 million reported in our Form 10-K for the fiscal year ended December 29, 2024. Based on our Adjusted EBITDA performance for fiscal 2024, which was above the Adjusted EBITDA performance target set by the Compensation Committee, the company-based performance payout percentage as calculated pursuant to the parameters of the bonus plan was 113.1%.

Based on the level of our performance achieved in fiscal 2024, the Compensation Committee approved final funding levels and company-based performance incentive pool payouts for our NEOs as follows:

| Named Executive Officer                        |     | Target Bonus Amount at 100% Achievement |     | Company-Performance Weighted % |     | Adjusted EBITDA Performance Payout % |     | FY