Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 128

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 128
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67 $ 14,207 Of the 475,328 RSUs granted in Fiscal 2024, 353,683 will vest ratably over a period of three years from the grant date, 50,049 will vest one year from the grant date, and 50% of the remaining 71,596 will vest two years from the grant date and 50% will vest three years from the grant date. The total intrinsic value of restricted stock units that vested in Fiscal 2024 and Fiscal 2023 was $4.7 million and $0.7 million, respectively. FIRST WATCH RESTAURANT GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 85

Stock-Based Compensation Expense Stock-based compensation expense was $8.5 million, $7.6 million and $10.4 million during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. The total related income tax benefit for stock-based compensation expense was $0.8 million, $0.6 million and $2.1 million for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. Cash received from stock options exercised was $6.4 million, $5.8 million and $1.4 million for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. The tax benefit realized from stock option exercises and vesting of restricted stock units was $2.3 million, $1.6 million and $0.3 million in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. Unrecognized Stock-Based Compensation Expense The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of December 29, 2024: UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands) REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years) Stock options $ 509 0.3 Restricted stock units $ 10,647 1.7 18. Commitments and Contingencies Purchase Commitments We enter into various purchase obligations in the ordinary course of business, generally of a short-term nature. These purchase obligations include commitments for inventory purchases, marketing-related contracts, corporate sponsorships, software/license commitments and service contracts. We also enter into long-term, exclusive contracts with vendors to supply us with certain goods and services, however, they generally do not include firm minimum purchase commitments. Unconditional Purchase obligations The Company