Company: FWRG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001789940-25-000031
Chunk: 29

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 29
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                       4,500 |     |                    — |     | 24,458 |

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(1) Amounts reflect the amounts payable to the NEOs in their capacity as optionholders as credit for certain net operating loss or FICA tip credit carryforwards pursuant to the terms of the merger agreement dated as of July 25, 2017 through which First Watch was acquired by funds affiliated with, or managed by, Advent.

Narrative Disclosure to Summary Compensation Table

For fiscal 2024, the principal elements of compensation provided to the NEOs were base salaries, cash bonuses, restricted stock units and broad-based employee benefits. Base salaries are generally set at levels deemed necessary to attract and retain individuals with superior talent commensurate with their relative expertise and experience.

#### Annual Cash Incentive Bonus
We adopt, on an annual basis, an Executive Bonus Plan for our executive officers and other eligible employees. Each participant is eligible to receive cash bonuses based on the achievement of certain company-based and individual-based performance goals, as determined in the sole discretion of the Compensation Committee. Each participant’s target award is a percentage of such participant’s annual base salary as of the beginning or end of a performance period. To be eligible to earn a bonus under the Executive Bonus Plan, a participant must be employed by us and in good standing on the date the bonus is paid. The Compensation Committee retains the discretion to adjust the annual cash incentive bonus amount upward or downward on a subjective basis to ensure an equitable result.

Fiscal 2024 Executive Bonus Plan

Under the Executive Bonus Plan for fiscal 2024 (the “2024 Executive Bonus Plan”), in order for the company-based performance incentive pool to begin to be funded for the company-based performance goals, we must achieve a minimum threshold of greater than 85% of the performance target. If the minimum performance threshold is not satisfied, the company-based performance incentive pool is not funded and no company-based performance cash incentive payments become payable to eligible participants, including our named executive officers. If we achieve the performance target exactly, the company-based performance incentive pool is funded at 100%, and if we achieve a maximum threshold of 125.7% or more of the performance target, the bonus pool is funded at the maximum level of 200%. For employees eligible to participate in the 2024 Executive Bonus Plan, including our NEOs, the final annual cash incentive payment can also be impacted by the employee’s level of achievement of individual business objectives established at the beginning of the year.

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