First Watch (FWRG) COO has 1,697 shares sold to cover RSU taxes

Rhea-AI Filing Summary

First Watch Restaurant Group, Inc. Chief Operations Officer John Daniel Jones reported an open-market sale of 1,697 shares of common stock at a weighted average price of $12.52 per share. These shares were sold by the company’s broker under a mandatory “sell to cover” program tied to the vesting of restricted stock units, with proceeds used to cover required tax withholding rather than representing a discretionary trade. Following this transaction, Jones directly holds 84,725 shares of common stock.

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

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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).

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 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)

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/17/2026		S(1)		1,697	D	$12.52(2)	84,725	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 $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)

FAQ

What insider transaction did First Watch (FWRG) report for John Daniel Jones?

First Watch reported that COO John Daniel Jones had 1,697 shares sold. The common stock was sold at a weighted average price of $12.52 per share. The sale was executed by a broker as part of a mandatory tax withholding arrangement linked to restricted stock unit vesting.

Was the FWRG insider sale by John Daniel Jones a discretionary trade?

No, the 1,697-share sale was not a discretionary trade by Jones. The shares were sold automatically under company policies to cover tax withholding obligations from restricted stock unit vesting. The footnotes state explicitly that these sales do not represent a discretionary trade by the reporting owner.

What price range applied to the FWRG shares sold for John Daniel Jones?

The Form 4 shows a weighted average sale price of $12.52 per share. Footnote disclosure explains that shares were sold in multiple transactions by the broker at prices ranging from $11.98 to $12.70 per share, with proceeds allocated pro rata among participating employees.

How many FWRG shares does John Daniel Jones hold after the reported sale?

After the reported sale, John Daniel Jones holds 84,725 shares. The Form 4 states this total for his direct ownership of First Watch common stock following the 1,697-share mandatory sell-to-cover transaction associated with restricted stock unit vesting.

Why did First Watch’s broker sell shares on behalf of John Daniel Jones?

The broker sold shares to satisfy tax withholding on vested restricted stock units. Company policies require a mandatory “sell to cover” transaction upon RSU vesting. The broker sold common stock and allocated proceeds to employees, including Jones, proportionally to cover necessary tax obligations.

How were proceeds from the FWRG sell-to-cover transactions allocated to employees?

Proceeds from the broker’s sales were allocated to employees on a pro rata basis. According to the footnotes, multiple employees participated in these mandatory sell-to-cover transactions, and the aggregate proceeds from sales between $11.98 and $12.70 per share were divided among them, including John Daniel Jones.