Was the FWRG CEO’s March 2026 share sale a discretionary trade?

No, the CEO’s reported share sale was not discretionary. The filing states the company sold 25,062 shares on his behalf under a mandatory “sell to cover” policy to satisfy tax withholding obligations from restricted stock unit vesting.

What price range applied to the FWRG CEO’s tax-related share sale?

The weighted average sale price was $12.52 per share. The filing notes the broker sold shares in multiple trades at prices ranging from $11.98 to $12.70, with proceeds allocated pro rata among participating employees.

How significant is the 25,062-share sale for the FWRG CEO’s holdings?

The 25,062 shares sold represent a small portion of his direct stake. Tomasso still directly holds 957,315 shares after the tax-related sale, along with additional indirect holdings through an LLC and a family member.

First Watch (FWRG) CEO logs 25,062-share tax withholding sale, retains large stake

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

First Watch Restaurant Group, Inc. President and CEO Christopher Anthony Tomasso reported an open-market sale of 25,062 shares of common stock at a weighted average price of $12.52 per share. According to the footnotes, this was a mandatory sale executed by the company to cover tax withholding obligations arising from the vesting of restricted stock units and did not represent a discretionary trade by Tomasso.

Following the transaction, Tomasso directly holds 957,315 shares of common stock. He also has indirect holdings of 71,768 shares through Big Fish Investments LLC and 500 shares held by his daughter, as shown in the filing.

Insider Trade Summary

Net Seller: 25,062 shares ($313,776)

Net Sell 3 txns

Insider Tomasso Christopher Anthony

Role President and CEO

Sold 25,062 shs ($314K)

Type	Security	Shares	Price	Value
Sale	Common Stock	25,062	$12.52	$314K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 957,315 shares (Direct); Common Stock — 71,768 shares (Indirect, By Big Fish Investments LLC)

Footnotes (1)

Represents the number of shares sold by Issuer on behalf of the reporting owner, which sale is mandatory pursuant to Issuer's policies to cover necessary tax withholding obligations in connection with the vesting of restricted stock units. Such sales do not represent a discretionary trade by the reporting owner. The price reported in column 4 represents the weighted average price of the common stock sold by the broker on behalf of the employees of the Issuer as a result of mandatory sell to cover transactions associated with the vesting of restricted stock units. These shares were sold in multiple transactions at prices ranging from $11.98 to $12.70, inclusive. The proceeds of all such sales were allocated to the employees, including the reporting person, on a pro rata basis. The reporting person undertakes to provide to the Issuer, any securityholder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4.

Form 4 Insider Transactions: What Each Field Means →

03/19/2026 - 04:07 PM

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^*

Tomasso Christopher Anthony

(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
X	Officer (give title below)	Other (specify below)
	President and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/17/2026		S⁽¹⁾		25,062	D	$12.52⁽²⁾	957,315	D
Common Stock								71,768	I	By Big Fish Investments LLC
Common Stock								500	I	By daughter

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents the number of shares sold by Issuer on behalf of the reporting owner, which sale is mandatory pursuant to Issuer's policies to cover necessary tax withholding obligations in connection with the vesting of restricted stock units. Such sales do not represent a discretionary trade by the reporting owner.

2. The price reported in column 4 represents the weighted average price of the common stock sold by the broker on behalf of the employees of the Issuer as a result of mandatory sell to cover transactions associated with the vesting of restricted stock units. These shares were sold in multiple transactions at prices ranging from $11.98 to $12.70, inclusive. The proceeds of all such sales were allocated to the employees, including the reporting person, on a pro rata basis. The reporting person undertakes to provide to the Issuer, any securityholder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4.

Remarks:

	/s/ Jay Wolszczak, as attorney-in-fact	03/19/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did First Watch (FWRG) CEO Christopher Tomasso report?

Christopher Tomasso reported a sale of 25,062 First Watch shares. The common stock was sold at a weighted average price of $12.52 per share. The shares were sold in multiple transactions within a price range from $11.98 to $12.70.

Why did First Watch (FWRG) sell shares on behalf of its CEO?

Shares were sold to cover tax withholding from RSU vesting. Company policies required a mandatory sell-to-cover transaction when restricted stock units vested, and the proceeds from the 25,062-share sale were used to pay necessary tax obligations.

How many First Watch (FWRG) shares does the CEO hold after this Form 4?

After the transaction, the CEO holds 957,315 shares directly. The filing also shows indirect ownership of 71,768 shares through Big Fish Investments LLC and 500 shares held by his daughter, providing a picture of overall equity exposure.