First Watch (FWRG) director receives 12,345 RSUs in new equity grant

Rhea-AI Filing Summary

First Watch Restaurant Group, Inc. reported that director Rachel K. Tipograph acquired equity-based compensation through a new award. On May 21, 2026, she received 12,345 restricted stock units (RSUs), each representing a contingent right to receive one share of common stock. The RSUs vest on May 21, 2027, provided she remains in continuous service through that date. After this grant, the filing shows she directly beneficially owns 21,647 shares of common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Tipograph Rachel K

Role null

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

Holdings After Transaction: Common Stock — 21,647 shares (Direct, null)

Footnotes (1)

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Key Figures

RSUs granted: 12,345 units Grant price: $0.00 per unit Vesting date: May 21, 2027 +1 more

4 metrics

RSUs granted 12,345 units Equity award on May 21, 2026

Grant price $0.00 per unit Compensation-related RSU grant

Vesting date May 21, 2027 RSUs vest if continuous service through this date

Post-grant holdings 21,647 shares Common stock beneficially owned directly after transaction

Key Terms

restricted stock units, RSUs, contingent right, continuous service

4 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.

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."

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^*

Tipograph Rachel K

(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	21,647	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 insider transaction did First Watch (FWRG) disclose for Rachel K. Tipograph?

First Watch disclosed an equity award to director Rachel K. Tipograph. She received 12,345 restricted stock units, which are rights to receive common shares in the future if vesting conditions are met.

How many First Watch (FWRG) RSUs were granted to Rachel K. Tipograph?

Rachel K. Tipograph was granted 12,345 RSUs. Each restricted stock unit represents a contingent right to receive one share of First Watch common stock upon vesting, if service requirements are satisfied.

When do Rachel K. Tipograph’s First Watch (FWRG) RSUs vest?

The RSUs vest on May 21, 2027. Vesting is conditioned on her continuous service with First Watch Restaurant Group through that date, meaning the shares are delivered only if she remains in her role.

What is Rachel K. Tipograph’s reported First Watch (FWRG) ownership after this grant?

The filing reports 21,647 common shares beneficially owned directly by Rachel K. Tipograph following the RSU grant. This figure reflects her updated ownership position as shown in the Form 4.

Did Rachel K. Tipograph buy or sell First Watch (FWRG) shares in the market?

The transaction was a grant, not a market trade. The Form 4 shows a compensation-related award of restricted stock units at a price of $0.00 per unit, rather than an open-market purchase or sale.