Company: FWRG
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001789940-25-000031
Chunk: 32

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 32
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 executive. For stock options, the award value is then converted into a number of non-qualified stock options determined using the Black-Scholes valuation model and for restricted stock units, the award value is converted into a number of restricted stock units using the closing price of our Common Stock on the date of grant. Generally, t he Compensation Committee’s practice is to (i) grant stock options and other equity incentives for current employees annually on the second business day following the filing of our Annual Report on Form 10-K for the preceding fiscal year, and (ii) grant stock options and other equity incentives for newly hired individuals on the second business day following the first to occur of (1) the filing of our Annual Report on Form 10-K for the preceding fiscal year or (2) the filing of our Quarterly Report on Form 10-Q for the preceding fiscal quarter, in each case following the date of hire. From time to time, the Compensation Committee may also determine to make special awards, or approve vesting terms that differ from the annual grant terms. The Compensation Committee may also impose holding periods or other vesting terms and conditions as it deems necessary or appropriate. The annual and other grants of stock options and other equity incentive awards, as applicable, is made without regard to the timing of the release of any other material information that may not be contained in our Annual Report on Form 10-K, as well as without regard to whether possible positive or negative information is contained in the Annual Report on Form 10-K.

#### Employment Arrangements
We are currently party to an employment agreement with Christopher A. Tomasso, and offer letters with Henry Melville Hope, III and Jay Wolszczak. The material provisions of the employment agreement and offer letters are described below, and, in certain circumstances, may be subject to the terms of the Executive Severance Plan, as described below under “Potential Payments upon Termination or Change in Control - Executive Severance Plan.”

Christopher A. Tomasso

On March 9, 2022, we entered into an employment agreement with Christopher A. Tomasso (the “Tomasso Employment Agreement”). The Tomasso Employment Agreement replaces in its entirety the employment agreement entered into as of August 21, 2017 between Mr. Tomasso and the Company’s subsidiary, First Watch Restaurants, Inc., which agreement was terminated and canceled pursuant to the terms of the Tomasso Employment Agreement. The Tomasso Employment Agreement provides for a one-year term beginning on March 9, 2022,