Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 20

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 20
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 impact of social media and artificial intelligence Risks Related to Information Technology and Intellectual Property • our failure to adequately protect our network security • compliance with federal and state laws and regulations relating to privacy, data protection, advertising and consumer protection • potential state property law liability with our gift cards • our failure to enforce and maintain our trademarks and other intellectual property • adverse litigation outcomes with respect to our intellectual property rights Risks Related to Employees and the Workforce • our inability to identify qualified individuals for our workforce • our failure to maintain our corporate culture • potential unionization activities • risks associated with our sustainability activities, including ESG matters Legal and Regulatory Risks • compliance with federal and local environmental, labor, employment, food safety, franchise, zoning and other applicable laws and regulations • the distraction and expense of litigation • increased labor and healthcare costs due to changes in laws and regulations • risks associated with leasing properties subject to long-term and non-cancelable leases • compliance with the laws and regulations applicable to public companies • volatility in our results of operations caused by fluctuations in our tax obligations and effective tax rate and realization of our deferred tax assets • risks related to our sale of alcoholic beverages Risks Related to Accounting and Financial Reporting Matters • impairment in the carrying value of our goodwill or indefinite-lived intangible assets • risks associated with changes to accounting estimates • our inability to effectively manage our internal control over financial reporting Risks Related to Our Indebtedness • our level of indebtedness and our duty to comply with covenants under our Credit Agreement Risks Related to Our Company and Organizational Structure • the interests of Advent may differ from those of our public stockholders • our reliance on our operating subsidiaries • risks associated with our status as an emerging growth company • risks associated with the anti-takeover provisions of Delaware law, our amended and restated certificate of incorporation and bylaws • risks associated with exclusive forum jurisdiction in the Court of Chancery in the State of Delaware 13

Risks Related to Ownership of Our Common Stock • the market price of our common stock could be reduced by future offerings of debt or equity securities • risks associated with our status as a controlled company with highly concentrated ownership of common stock • our expectation not to pay any dividends on our common stock in the foreseeable future • possible significant fluctuations in our quarterly results of operations that could fall below the expectations of securities analysts and investors • sales of substantial amounts of common stock in the public markets by Advent • dilutive impact from grants under our equity incentive plans General Risk Factors • the loss of our executive officers or other