First Watch director granted 12,345 RSUs

FLEISHER MICHAEL D reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

FLEISHER MICHAEL D reported acquisition or exercise transactions in this Form 4 filing.

First Watch Restaurant Group, Inc. director Michael D. Fleisher received an equity award from the company. He was granted 12,345 restricted stock units (RSUs), each representing one share of common stock. These RSUs vest on May 21, 2027, subject to his continuous service, bringing his direct holdings to 29,297 shares.

Insider Trade Summary

Grant/Award: 12,345 shares

Grant/Award 1 txn

Insider FLEISHER MICHAEL D

Role Director

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

Holdings After Transaction: Common Stock — 29,297 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

RSU grant size: 12,345 RSUs Post-transaction holdings: 29,297 shares Vesting date: May 21, 2027 +1 more

4 metrics

RSU grant size 12,345 RSUs Restricted stock units granted to director on May 21, 2026

Post-transaction holdings 29,297 shares Director’s direct common stock holdings after RSU grant

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

Price per share $0.0000 per share Reported transaction price for RSU grant on Form 4

Key Terms

restricted stock units ("RSUs"), contingent right, continuous service

3 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.

contingent right financial

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

continuous service financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did First Watch (FWRG) director Michael D. Fleisher report in this Form 4?

Michael D. Fleisher reported receiving 12,345 restricted stock units (RSUs) of First Watch common stock. This is a compensation-related equity grant, not an open-market purchase or sale, and increases his reported direct holdings to 29,297 shares after the transaction.

Is the FWRG Form 4 transaction a stock purchase or sale by the director?

The transaction is an equity grant, not a market trade. Fleisher received 12,345 RSUs from the company as compensation. The Form 4 shows no open-market buying or selling activity, only an acquisition via grant/award at a reported price of $0.0000 per share.

When do Michael D. Fleisher’s 12,345 RSUs from First Watch vest?

The 12,345 restricted stock units vest on May 21, 2027. Vesting is conditioned on Fleisher’s continuous service through that date, and each vested RSU will convert into one share of First Watch Restaurant Group common stock upon settlement.

How many First Watch (FWRG) shares does Michael D. Fleisher hold after this grant?

After the RSU grant, Fleisher’s reported direct holdings total 29,297 shares of First Watch common stock. This figure includes the effect of the 12,345 newly awarded restricted stock units as reflected in the post-transaction ownership line on the Form 4.

What does each restricted stock unit (RSU) in the FWRG Form 4 represent?

Each RSU represents a contingent right to receive one share of First Watch common stock. The units are subject to vesting on May 21, 2027, conditioned on continuous service, before they can settle into actual shares in Fleisher’s name.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/22/2026 - 04:05 PM EDT Learn about SEC filing dates

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^*

FLEISHER MICHAEL D

(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	29,297	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)