Director Britt Chang gets 12,345 RSUs at First Watch (FWRG)

Rhea-AI Filing Summary

First Watch Restaurant Group, Inc. reported that director Britt Irene Chang received an equity award of 12,345 shares of Common Stock in the form of restricted stock units. The award was granted at a price of $0.00 per share as compensation, not an open-market purchase.

The footnote explains that these are RSUs that will vest on May 21, 2027, provided Chang remains in continuous service through that date. Each RSU will convert into one share of common stock at vesting, increasing her actual share ownership when delivered.

After this grant, Chang’s direct holdings reported in this filing total 31,645 shares of Common Stock, which reflects a routine compensation-related increase in her equity position rather than a market transaction.

Insights

Equity compensation analyst

Director received a time-based RSU grant, a routine non-cash equity award.

Director Britt Irene Chang was granted 12,345 restricted stock units of First Watch Restaurant Group, Inc. Each RSU converts into one common share if she remains in service through May 21, 2027. The grant price is $0.00 because it is compensation, not a purchase.

This transaction is coded as an A award, categorized as an acquisition rather than a market buy. After the grant, her reported direct holdings total 31,645 shares. No derivative positions remain in the filing’s derivativeSummary, so this Form 4 shows a straightforward, routine equity grant rather than trading activity.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Britt Irene Chang

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	12,345	$0.00	--

Holdings After Transaction: Common Stock — 31,645 shares (Direct, null)

Footnotes (1)

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Key Figures

RSUs granted: 12,345 units Grant price: $0.00 per share Shares after transaction: 31,645 shares +2 more

5 metrics

RSUs granted 12,345 units Restricted stock unit grant on May 21, 2026

Grant price $0.00 per share Equity award, not open-market purchase

Shares after transaction 31,645 shares Total direct holdings following RSU grant

Vesting date May 21, 2027 RSUs vest subject to continuous service

Transaction code A (Grant, award, or other acquisition) Non-derivative Common Stock transaction

Key Terms

restricted stock units ("RSUs"), vest, contingent right, transaction code A

4 terms

restricted stock units ("RSUs") financial

"Represents the grant by the Issuer of restricted stock units ("RSUs") to the Reporting Person"

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

vest financial

"which vest on May 21, 2027, subject to Reporting Person's continuous service"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

contingent right financial

"Each RSU represents a contingent right to receive one share of the Issuer's common stock."

transaction code A regulatory

"transaction_code": "A","transaction_code_description": "Grant, award, or other acquisition""

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Britt Irene Chang

(Last) (First) (Middle)

C/O FIRST WATCH RESTAURANT GROUP, INC.

8725 PENDERY PLACE, STE. 201

(Street)

BRADENTON FLORIDA 34201

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
First Watch Restaurant Group, Inc. [ FWRG ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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

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

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

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
Common Stock	05/21/2026		A		12,345(1)	A	$0	31,645	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

Explanation of Responses:

1. Represents the grant by the Issuer of restricted stock units ("RSUs") to the Reporting Person, which vest on May 21, 2027, subject to Reporting Person's continuous service through the vesting date. Each RSU represents a contingent right to receive one share of the Issuer's common stock.

Remarks:

	/s/ Jay Wolszczak, as attorney-in-fact	05/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Britt Irene Chang receive in this Form 4 for FWRG?

Britt Irene Chang received a grant of 12,345 restricted stock units from First Watch Restaurant Group, Inc. These RSUs represent future shares of common stock as part of her director compensation package, rather than shares bought on the open market.

When do Britt Irene Chang’s 12,345 RSUs in First Watch (FWRG) vest?

The 12,345 restricted stock units vest on May 21, 2027, if Britt Irene Chang remains in continuous service through that date. Upon vesting, each RSU converts into one share of First Watch common stock, increasing her actual share ownership.

How many First Watch (FWRG) shares does Britt Irene Chang hold after this grant?

After the equity award, Britt Irene Chang is reported to hold 31,645 shares of First Watch common stock directly. This total reflects the impact of the 12,345-share RSU grant as reported in this Form 4 filing for the director.

Was Britt Irene Chang’s First Watch (FWRG) RSU grant an open-market purchase?

No, the RSU grant was not an open-market purchase. It was a compensation-related equity award coded as transaction type A, with a grant price of $0.00 per share, meaning no cash was paid to acquire these contingent shares.

What does each RSU represent in Britt Irene Chang’s First Watch award?

Each restricted stock unit represents a contingent right to receive one share of First Watch common stock. The units convert into shares only if the vesting condition is met, which in this case is continued service through May 21, 2027.