[144] First Watch Restaurant Group, Inc. SEC Filing

Rhea-AI Filing Summary

First Watch Restaurant Group, Inc. (FWRG) filed a Form 144 disclosing a proposed sale of 100,000 common shares with an aggregate market value of $1,800,000. The shares are listed on NASDAQ and the sale is planned approximately on 08/13/2025 through Morgan Stanley Smith Barney LLC. The filing shows these shares were acquired as restricted stock from the issuer on 08/01/2017.

The notice also reports that Christopher Tomasso sold 41,346 common shares on 05/14/2025 for gross proceeds of $702,993.63. The filer affirms no undisclosed material adverse information and includes the standard signature representation. Several administrative fields (CIK/CCC and some issuer contact fields) are not populated in the form.

Positive

• Planned sale fully disclosed with class, broker, aggregate market value, planned date, and exchange
• Acquisition details provided: shares were restricted stock issued on 08/01/2017, showing prior lockup/award origin
• Prior sale in disclosure (41,346 shares on 05/14/2025) is reported, supporting transparency about recent insider transactions

Negative

• Administrative fields missing: filer CIK/CCC and some issuer contact fields are not populated in the provided content
• Insider sale activity (41,346 shares on 05/14/2025) may attract investor attention despite being routine

Insights

Securities Analyst

TL;DR: Routine Form 144 discloses a planned insider sale of 100,000 shares (~$1.8M); size is small relative to outstanding shares.

The planned sale of 100,000 shares represents a small fraction of the issuer's reported 61,023,971 outstanding shares (roughly 0.16%). The disclosure is complete on key sale items: class, broker, market value, planned date, and acquisition details (restricted stock from issuer, 08/01/2017). Recent sale by Christopher Tomasso of 41,346 shares on 05/14/2025 is disclosed with gross proceeds of $702,993.63. From a market-impact perspective, these transactions are routine and unlikely to materially affect company valuation.

Corporate Governance Expert

TL;DR: Filing meets disclosure requirements but omits some administrative identifiers; representation of no material nonpublic information is included.

The Form 144 supplies required transactional details and the signer’s representation regarding material nonpublic information, which is standard governance practice. However, several administrative fields such as the filer CIK/CCC and issuer contact details are blank in the provided content, reducing traceability for stakeholders seeking the full filing chain. The noted prior sale by an individual (Christopher Tomasso) is disclosed, which is relevant for insider activity monitoring but not necessarily indicative of governance concerns on its face.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	100000	1800000.00	61023971	08/13/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	08/01/2017	Restricted Stock	Issuer			100000	08/01/2017	Not Applicable

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
CHRISTOPHER TOMASSO 8725 Pendery Place Suite 201 Bradenton FL 34201	COMMON	05/14/2025	41346	702993.63

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did First Watch (FWRG) disclose in this Form 144?

The filing discloses a proposed sale of 100,000 common shares valued at $1,800,000, planned around 08/13/2025, to be executed on NASDAQ via Morgan Stanley Smith Barney LLC.

When were the to-be-sold shares acquired by the seller?

The shares were acquired as restricted stock from the issuer on 08/01/2017.

Who executed a sale in the past three months and what were the proceeds?

Christopher Tomasso sold 41,346 common shares on 05/14/2025 for gross proceeds of $702,993.63.

Which broker is handling the planned sale disclosed in the Form 144?

The broker named is Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza 8th Floor, New York, NY 10004.

Does the filing state whether any material nonpublic information exists?

The person for whose account the securities are to be sold represents by signature that they do not know any material adverse information about the issuer that has not been publicly disclosed.