Risk Factors Update Summary

• Experienced 5.5% and 15.2% commodity price inflation for the years ended December 31, 2023, and December 25, 2022, respectively.
• Expansion of employment eligibility verification to Arizona and Florida may impact operations.
• Failure to preserve corporate culture could negatively impact operations and recruitment efforts.
• Increased risk of infringement or misappropriation claims, leading to significant expenses and adverse effects.
• Tax Receivable Agreement may result in significant cash payments and affect liquidity and financial condition.
• Dependence on a limited number of suppliers and distributors for key ingredients.
• Potential for service interruptions, cyberattacks, and system failures, impacting operations and financial condition.
• Potential unionization of team members could lead to labor disputes and impact financial results.
• Aim to increase the number of restaurants by approximately 12% to 15% annually.
• Increased focus on sustainability goals may lead to higher costs impacting financial condition.
• Changes in wage rates and benefits to attract and retain qualified team members may increase costs.
• Failure to protect intellectual property may harm brand perception and financial results.
• Evolving cybersecurity and privacy regulations may require significant investment and time for compliance.
• Increased investment in marketing for delivery partnerships to expand the delivery business.
• Plan to invest in additional supply chain capacity to support growth.
• Risks related to leasing property include long-term, non-cancelable leases and potential renewal challenges.
• Concentration of restaurants in the Midwestern United States decreased from 86% to 77%.
• Changes in laws and regulations could impose limitations, increase costs, and impact marketing strategies.
• Fluctuations in tax obligations and effective tax rate could impact financial condition and results.
• Compliance with evolving laws and regulations may increase costs and exposure to litigation.
• Choice of forum provisions may limit shareholders' ability to bring claims in favorable judicial forums.