Tax-withholding stock sale by First Watch (FWRG) operations chief

Rhea-AI Filing Summary

First Watch Restaurant Group’s Chief Operations Officer John Daniel Jones reported a small, tax-related stock sale. The company sold 4,600 shares of common stock on his behalf at a weighted average price of $12.59 per share.

According to the footnotes, this was a mandatory “sell to cover” transaction required by company policy to fund tax withholding on vested restricted stock units, and not a discretionary trade. After the sale, he directly owns 86,422 shares of First Watch common stock.

Insider Trade Summary

Net Seller: 4,600 shares ($57,914)

Net Sell 1 txn

Insider Jones John Daniel

Role Chief Operations Officer

Sold 4,600 shs ($58K)

Type	Security	Shares	Price	Value
Sale	Common Stock	4,600	$12.59	$58K

Holdings After Transaction: Common Stock — 86,422 shares (Direct)

Footnotes (1)

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 $12.40 to $12.73, 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.

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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^*

Jones John Daniel

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operations Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

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	03/10/2026		S(1)		4,600	D	$12.59(2)	86,422	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 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 $12.40 to $12.73, 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	03/12/2026
	** 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.

FAQ

What insider transaction did First Watch (FWRG) report for its COO?

First Watch reported its Chief Operations Officer John Daniel Jones had 4,600 shares of common stock sold on his behalf. The transaction was linked to tax withholding on vested restricted stock units, rather than a discretionary open-market trade initiated by the executive.

How many First Watch (FWRG) shares were sold and at what price?

A total of 4,600 First Watch common shares were sold at a weighted average price of $12.59. Footnotes explain the broker executed multiple trades between $12.40 and $12.73 per share, with proceeds allocated pro rata among participating employees.

Why were First Watch (FWRG) shares sold for the COO in this Form 4?

The shares were sold to satisfy mandatory tax withholding obligations tied to the vesting of restricted stock units. Company policy required a “sell to cover” transaction, so the sale does not represent a voluntary or discretionary trading decision by the executive.

How many First Watch (FWRG) shares does the COO hold after this transaction?

After the tax-related sale, Chief Operations Officer John Daniel Jones directly owns 86,422 shares of First Watch common stock. This figure reflects his remaining direct equity position immediately following the 4,600-share sell-to-cover transaction disclosed in the Form 4 filing.

Were the First Watch (FWRG) tax-related sales executed as a single trade?

No. The filing notes the broker sold shares in multiple transactions between $12.40 and $12.73 per share. The reported $12.59 figure is a weighted average price, and proceeds from all such sales were allocated pro rata to participating employees.