Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 29

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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10.86 Outstanding, March 30, 20253,687,766 $10.14 $24,802 3.9Exercisable, March 30, 20253,670,895 $10.12 $24,751 3.9The aggregate intrinsic value is based on the difference between the exercise price of the stock option and the closing price  of the Company’s common stock on Nasdaq on the last trading day of the period.A summary of the non-vested stock option activity during the thirteen weeks ended March 30, 2025 is as follows: NUMBER OF OPTIONSWEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARENonvested, December 29, 2024324,245 $6.55 Forfeited(963)$6.76 Vested (306,411)$6.68 Nonvested, March 30, 202516,871 $4.26 Restricted stock units During the thirteen weeks ended March 30, 2025, a total of 597,737 restricted stock units (“RSUs”) were granted. The grants will vest ratably over a period of three years from grant date. A summary of the Company’s RSU activity during the thirteen weeks ended March 30, 2025 is as follows:

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Table of ContentsFIRST WATCH RESTAURANT GROUP, INC.NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (continued)

RESTRICTED STOCK UNITSWEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHAREAGGREGATE INTRINSIC VALUE (in thousands)Outstanding, December 29, 2024759,721 $20.67 $14,207 Granted 597,737 $16.42 Forfeited(2,741)$19.44 Vested (262,165)$19.42 Outstanding, March 30, 20251,092,552 $18.65 $18,420 The aggregate intrinsic value is based on the closing price of the Company’s common stock on Nasdaq of $16.86 and $18.70 on March 28, 2025 and December 27, 2024, the last trading days of the periods, respectively.Stock-based compensation expense was $2.3 million and $1.9 million during the thirteen weeks ended March 30, 2025 and March 31