Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 123

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 123
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 stock were distributed to the selling stockholders. During Fiscal 2022, funds managed by Advent sold 4,500,000 shares of the Company’s common stock through a Secondary Offering. The selling stockholders sold an additional 675,000 shares of common stock on October 6, 2022 pursuant to the terms of the underwriter’s option associated with the Secondary Offering. All net proceeds from the sale of the shares of common stock were distributed to the selling stockholders. No cash dividends were declared or paid in Fiscal 2024, Fiscal 2023 and Fiscal 2022. FIRST WATCH RESTAURANT GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 82

16. Defined Contribution Plan The Company sponsors a defined contribution 401(k) savings plan (“401(k) Plan”) which requires the Company to match contributions for participants. In Fiscal 2024 and Fiscal 2023, the Company matched 50% of the first 6% of employees’ wages deferred into the 401(k) Plan. In Fiscal 2022, the Company matched of 25% of the first 6% of employees’ wages deferred into the 401(k) Plan. The 401(k) Plan also allows for additional profit-sharing contributions by the Company at the sole discretion of Management. Company contributions vest over a five-year service period. Total expense recognized for the Company’s contributions to the 401(k) Plan was $1.9 million, $1.1 million and $0.6 million in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. 17. Stock-Based Compensation Equity Plans The Company has two compensation plans that provide for the granting of stock options and other share-based awards to key employees and non-employee members of the board of directors. The 2017 Omnibus Equity Incentive Plan (the “2017 Equity Plan”) and the 2021 Equity Incentive Plan (the “2021 Equity Plan”) provide for the grant of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units, stock appreciation rights and stock-based awards. 2021 Equity Plan The number of common stock reserved for issuance under the 2021 Equity Plan (“Share Reserve”) for Fiscal 2024, Fiscal 2023 and Fiscal 2022 was 6,416,126, 5,218,292 and 4,034,072 respectively. The number of shares of common stock that may be