European Wax Center officer receives long-dated options and RSUs totaling 445,000 shares

Rhea-AI Filing Summary

Kurtis Matthew Smith, Chief Development Officer of European Wax Center, Inc. (EWCZ), reported equity awards granted on 08/14/2025. He received 95,000 restricted stock units (RSUs) that vest in four equal annual installments beginning July 22, 2026, and three employee stock options totaling 350,000 option shares with exercise prices of $4.69, $9.00, and $12.00. The options are exercisable in full on July 22, 2029, and expire on August 14, 2035. The RSUs show $0 purchase price and the options list their exercise prices; after the reported transactions he beneficially owns 95,000 Class A shares and has economic exposure to 350,000 underlying Class A shares via options.

These grants appear structured to provide multi-year retention and alignment with shareholders through time-based vesting and long-dated exercise windows.

Insights

Financial Analyst

TL;DR Insider awards create multi-year alignment but add potential dilution; impact is routine for executive compensation.

The grants of 95,000 RSUs and 350,000 option shares are time-based and primarily retention-oriented. The RSUs vest in four annual tranches beginning in 2026, which spreads recognition and retention over several years. The options carry staggered exercise prices but vest 100% on July 22, 2029, providing long-term upside if the stock appreciates above $4.69, $9.00, or $12.00. From a financial perspective, these awards increase potential share count if exercised and will dilute existing shareholders incrementally over time, but they are typical for senior executives and signal management incentivization rather than an immediate cash cost.

Corporate Governance Expert

TL;DR Time-based vesting and staggered exercise prices reflect standard retention design; disclosure is complete and routine.

The structure—RSUs with annual vesting and options vesting on a single future date—aligns the officers interests with long-term performance and retention objectives. The disclosure identifies transaction dates, vesting schedules, and exercise prices, meeting transparency expectations for insider reporting. There is no indication of performance-based acceleration or unusual terms disclosed here. Governance considerations include monitoring aggregate executive dilution and ensuring compensation committee oversight of grant rationale.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SMITH KURTIS MATTHEW

(Last) (First) (Middle)

5830 GRANITE PARKWAY, 3RD FLOOR

(Street)

PLANO TX 75024

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
European Wax Center, Inc. [ EWCZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Development Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/14/2025		A		95,000(1)	A	$0	95,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$4.69	08/14/2025		A		150,000		07/22/2029(2)	08/14/2035	Class A Common Stock	150,000	$0	150,000	D
Employee Stock Option (right to buy)	$9	08/14/2025		A		100,000		07/22/2029(2)	08/14/2035	Class A Common Stock	100,000	$0	100,000	D
Employee Stock Option (right to buy)	$12	08/14/2025		A		100,000		07/22/2029(2)	08/14/2035	Class A Common Stock	100,000	$0	100,000	D

Explanation of Responses:

1. Represents restricted stock units that vest in four equal annual installments beginning on July 22, 2026, subject to the reporting person's continued employment on the applicable vesting date.

2. These options will become 100% vested and exercisable on July 22, 2029, subject to the reporting person's continued employment on the applicable vesting date.

	/s/ Gavin M. O'Connor, attorney-in-fact	08/15/2025
	** Signature of Reporting Person	Date
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