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Equity Based Compensation
6 Months Ended
Jun. 25, 2022
E W C Ventures L L C And Subsidiaries [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Equity Based Compensation

9. Equity Based Compensation

Restricted Stock Units

During the 13 and 26 weeks ended June 25, 2022, we granted 671 and 41,171 restricted stock units (“RSUs”), respectively, to certain employees under the 2021 Omnibus Incentive Plan that will vest in three equal installments of 33.33% on each of the first three anniversaries of the date of grant, subject in all cases to continued employment on the applicable vesting date. The total grant date fair value of the RSUs will be recognized as equity-based compensation expense over the vesting period. The weighted average grant date

fair value of the RSUs for the 13 and 26 weeks ended June 25, 2022 was $29.80 and $26.29, respectively, and was determined based on the fair value of the underlying Class A common stock on the date of grant.

 

We recognized $2,000 and $5,335 in equity based compensation expense as a component of selling, general and administrative expense on the condensed consolidated statement of operations during the 13 and 26 weeks ended June 25, 2022, respectively. During the 26 weeks ended June 25, 2022, approximately $1,248 of equity based compensation expense related to the acceleration of vesting on 75,000 time-based incentive units granted under the Management Holdco, LLC Equity Incentive Plan in accordance with the separation agreement between the Company and our previous chief financial officer. We recognized $259 and $557 in equity based compensation expense as a component of selling, general and administrative expense on the condensed consolidated statement of operations during the 13 and 26 weeks ended June 26, 2021.