secwatch.observer — SEC 8-K summary
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Issuer:     First Watch Restaurant Group, Inc. (FWRG)
CIK:        0001789940
Form:       8-K
Filed at:   2025-03-14T23:59:59+00:00
Accession:  0001789940-25-000025
Event type: other_material
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1789940/000178994025000025/0001789940-25-000025-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1789940/000178994025000025/fwrg-20250305.htm
  HTML page:      https://secwatch.observer/filing/0001789940-25-000025

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer