First Watch (FWRG) director exercises 6,165 options and sells shares

Rhea-AI Filing Summary

First Watch Restaurant Group director William A. Kussell reported an option exercise and share sale. On January 22, 2026, he exercised 6,165 stock options at $8.45 per share, receiving the same number of common shares under options granted on August 21, 2017 pursuant to the company’s 2017 Omnibus Equity Incentive Plan. That same day, he sold 6,165 common shares at $17.00 per share under a Rule 10b5-1 trading plan dated September 9, 2025. After these transactions, he directly owned 26,402 common shares and 86,320 stock options.

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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

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^*

Kussell William A

(Last) (First) (Middle)

C/O FIRST WATCH RESTAURANT GROUP, INC.

8725 PENDERY PLACE, STE. 201

(Street)

BRADENTON FL 34201

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
01/22/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	01/22/2026		M		6,165(1)	A	$8.45	32,567	D
Common Stock	01/22/2026		S		6,165(1)	D	$17	26,402	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
Stock Option (right to buy)	$8.45	01/22/2026		M			6,165(1)	(2)	08/21/2027	Common Stock	6,165	$8.45	86,320	D

Explanation of Responses:

1. Transaction pursuant to a 10b5-1 Trading Plan dated September 9, 2025.

2. Represents stock options awarded on August 21, 2017, pursuant to the Issuer's 2017 Omnibus Equity Incentive Plan.

Remarks:

	/s/ Jay Wolszczak, as attorney-in-fact	01/26/2026
	** 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).
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FAQ

What insider transaction did First Watch (FWRG) disclose in this Form 4?

The filing shows director William A. Kussell exercised 6,165 stock options at $8.45 and sold 6,165 common shares at $17.00 on January 22, 2026.

Whose shares were involved in the January 22, 2026 FWRG Form 4?

The transactions involved shares and options beneficially owned directly by director William A. Kussell, reported with a direct ownership form.

Was the FWRG insider sale part of a Rule 10b5-1 trading plan?

Yes. A footnote states the transaction was made pursuant to a Rule 10b5-1 Trading Plan dated September 9, 2025, which pre-schedules trades.

What options did the First Watch director exercise in this Form 4?

He exercised 6,165 stock options with an exercise price of $8.45, originally awarded on August 21, 2017 under the 2017 Omnibus Equity Incentive Plan.

How many First Watch (FWRG) shares does the director own after this Form 4?

Following the reported transactions, he directly owned 26,402 shares of common stock and 86,320 stock options.

At what prices were the FWRG insider transactions executed?

The stock options were exercised at $8.45 per share, and the 6,165 common shares were sold at $17.00 per share on January 22, 2026.