First Watch director receives 12,345 RSU award

Lilak Stephanie reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Lilak Stephanie reported acquisition or exercise transactions in this Form 4 filing.

First Watch Restaurant Group director Stephanie Lilak received a stock-based compensation award. She was granted 12,345 shares of common stock in the form of restricted stock units at no cost. These RSUs vest on May 21, 2027, if she remains in continuous service, bringing her reported direct holdings to 39,361 shares.

Insider Trade Summary

Grant/Award: 12,345 shares

Grant/Award 1 txn

Insider Lilak Stephanie

Role Director

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

Holdings After Transaction: Common Stock — 39,361 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: 12,345 shares Grant price: $0.0000 per share Holdings after grant: 39,361 shares +1 more

4 metrics

RSU grant 12,345 shares Restricted stock units granted on May 21, 2026

Grant price $0.0000 per share Compensation award, not open-market purchase

Holdings after grant 39,361 shares Total direct common stock holdings following transaction

RSU vesting date May 21, 2027 Vest subject to continuous service through vesting date

Key Terms

restricted stock units, RSUs, vesting date, continuous service, +1 more

5 terms

restricted stock units financial

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

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

RSUs financial

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

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

vesting date financial

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

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 Stephanie Lilak report in this Form 4?

She reported receiving a grant of 12,345 restricted stock units from First Watch Restaurant Group. These RSUs represent a contingent right to receive an equal number of common shares, increasing her reported direct holdings to 39,361 shares after the award.

How many First Watch (FWRG) shares were granted to Stephanie Lilak?

She was granted 12,345 restricted stock units, each tied to one share of common stock. The grant price is shown as $0.0000 per share, reflecting that this is a compensation award, not an open-market purchase transaction.

When do Stephanie Lilak’s First Watch (FWRG) RSUs vest?

The restricted stock units vest on May 21, 2027, subject to continuous service through that date. Vesting means the RSUs convert into common shares, provided she satisfies the service condition laid out in the award terms.

What is Stephanie Lilak’s First Watch (FWRG) ownership after this RSU grant?

Following the RSU award, her total reported direct holdings are 39,361 shares of common stock. This figure comes from the post-transaction balance disclosed in the Form 4 and reflects her position after the compensation grant.

Was Stephanie Lilak’s First Watch (FWRG) RSU grant a market purchase or sale?

It was a compensation-related award, not a market trade. The Form 4 uses transaction code “A” for a grant or award acquisition, and the price is listed as $0.0000 per share, indicating no cash purchase on the open market.

What does each First Watch (FWRG) RSU granted to Stephanie Lilak represent?

Each restricted stock unit represents a contingent right to receive one share of First Watch common stock. The contingency is based on her continuous service to the company through the May 21, 2027 vesting date described in the footnote.

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

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Accepted by SEC EDGAR 05/22/2026 - 04:02 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^*

Lilak Stephanie

(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	39,361	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)