Company: CAVA
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007882
Chunk: 194

Company: CAVA GROUP, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 194
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 Units—Vesting terms of RSUs are determined by our Board of Directors and generally vest annually in equal installments over four years of continuous service, except for 0.3 million RSUs that were granted to the Company’s CEO in connection with the IPO that vest over five years of continuous service. A summary of the Company’s restricted stock unit activity is as follows:(in thousands, except per share amounts)Number of UnitsWeighted-Average Grant Date Fair ValueAggregate Intrinsic ValueNon-vested - December 31, 20232,653 $12.69 $113,985 Granted34 63.24 Vested(900)10.42 Forfeited(151)14.98 Non-vested - December 29, 20241,636 $14.79 $187,109 As of December 29, 2024, there was $18.4 million of unrecognized compensation expense related to RSU awards. This cost is expected to be recognized over a weighted-average period of 2.6 years. The weighted-average grant date fair value of RSUs during fiscal 2023 and 2022 was $17.52 and $6.74, respectively. The aggregate fair value of shares vested during fiscal 2024, 2023, and 2022 was $64.8 million, $8.5 million, and $2.6 million, respectively.2023 Employee Stock Purchase Plan—In connection with the IPO, the Company’s Board of Directors adopted the 2023 Employee Stock Purchase Plan (the “2023 ESPP”). The 2023 ESPP authorizes issuance of 1.8 million shares of common stock to the Company’s employees of which, 1.7 million were available for issuance as of December 29, 2024. The number of shares of the Company’s common stock reserved for issuance will automatically increase on the first day of each fiscal year ending on December 29, 2032 by the lesser of (i) 1% of the outstanding common stock of the Company on the last day of the immediately preceding fiscal year and (ii) a lower number of shares of our common stock as determined by the Board of Directors. 

The 2023 ESPP allows eligible employees to acquire shares of the Company’s common stock through payroll deduction over offering periods that are approximately six months. The per share purchase price is equal to 85% of the lesser of the fair market value of