First Watch director awarded 17,636 RSUs

Alvarez Ralph reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Alvarez Ralph reported acquisition or exercise transactions in this Form 4 filing.

First Watch Restaurant Group, Inc. reported that director Ralph Alvarez received an equity award in the form of restricted stock units. The grant covers 17,636 RSUs, each representing a contingent right to receive one share of common stock, at a stated price of $0.0000 per share. These RSUs vest on May 21, 2027, subject to his continuous service through that date. Following this award, Alvarez directly holds 440,471 shares of First Watch common stock.

Insider Trade Summary

Grant/Award: 17,636 shares

Grant/Award 1 txn

Insider Alvarez Ralph

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	17,636	$0.00	$0.00

Holdings After Transaction: Common Stock — 440,471 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

RSUs granted: 17,636 units Post-transaction holdings: 440,471 shares Grant price: $0.0000 per share +1 more

4 metrics

RSUs granted 17,636 units Equity award to Ralph Alvarez on May 21, 2026

Post-transaction holdings 440,471 shares Common stock directly held after RSU grant

Grant price $0.0000 per share Stated price for RSU award

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

Key Terms

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

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.

continuous service financial

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

contingent right financial

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

FAQ

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

What did First Watch (FWRG) director Ralph Alvarez report on this Form 4?

Ralph Alvarez reported receiving 17,636 restricted stock units from First Watch. Each RSU represents a contingent right to one share of common stock, granted as equity compensation rather than a cash purchase in the open market.

How many First Watch (FWRG) RSUs were granted to Ralph Alvarez?

Ralph Alvarez was granted 17,636 restricted stock units by First Watch. These awards increase his equity-based compensation position and will convert into common shares only upon vesting, assuming he continues to provide service through the vesting date.

When do Ralph Alvarez’s First Watch (FWRG) RSUs vest?

The RSUs granted to Ralph Alvarez vest on May 21, 2027. Vesting is conditioned on his continuous service with First Watch through that date, aligning his compensation with longer-term company performance and board tenure.

What does each RSU granted to Ralph Alvarez by First Watch (FWRG) represent?

Each RSU granted to Ralph Alvarez represents a contingent right to receive one share of First Watch common stock. The shares are not issued immediately and will only be delivered if the vesting and service conditions are satisfied.

How many First Watch (FWRG) shares does Ralph Alvarez hold after this RSU grant?

After this RSU award, Ralph Alvarez is reported as directly holding 440,471 shares of First Watch common stock. This figure reflects his position following the grant and shows his ongoing equity exposure to the company.

Did Ralph Alvarez buy First Watch (FWRG) shares on the market in this filing?

No, this filing reflects an equity award, not a market purchase. The 17,636 shares were granted as restricted stock units at a stated price of $0.0000 per share, consistent with compensation rather than open-market buying activity.

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

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Accepted by SEC EDGAR 05/22/2026 - 04:04 PM 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^*

Alvarez Ralph

(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		17,636(1)	A	$0	440,471	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)