First Watch adopts executive severance plan with CEO receiving 2x salary on non-CIC termination

First Watch Restaurant Group, Inc.

CEO gets 2x base salary + target bonus on qualifying termination; other execs 1.5x; VPs 1x and 0.75x.
On change in control (CIC), CEO gets 2.5x base salary + 2.5x target bonus; other execs 2x; VPs 1.5x and 0.75x.
CIC termination within 2 years triggers full vesting of unvested equity awards under the 2021 plan.
Severance conditioned on execution of general release and compliance with 12-month non-compete and non-solicit.
Plan supersedes previous severance arrangements; requires participation agreement for each executive.

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