First Watch (FWRG) CPO has shares sold to cover RSU taxes

Rhea-AI Filing Summary

First Watch Restaurant Group Chief People Officer Laura Anne Sorensen reported a small share sale tied to tax withholding. She sold 4,732 shares of common stock at a weighted average price of $12.59 per share, in transactions executed by the company’s broker.

The filing explains these were mandatory "sell-to-cover" sales under company policy to cover tax withholding obligations from the vesting of restricted stock units, and not discretionary trades by Sorensen. After these transactions, she directly owns 239,050 shares of First Watch common stock.

Insider Trade Summary

Net Seller: 4,732 shares ($59,576)

Net Sell 1 txn

Insider Sorensen Laura Anne

Role Chief People Officer

Sold 4,732 shs ($60K)

Type	Security	Shares	Price	Value
Sale	Common Stock	4,732	$12.59	$60K

Holdings After Transaction: Common Stock — 239,050 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^*

Sorensen Laura Anne

(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 People 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)		4,732	D	$12.59(2)	239,050	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 Laura Anne Sorensen?

First Watch reported that Chief People Officer Laura Anne Sorensen had 4,732 shares of common stock sold on her behalf. The transactions were executed to cover tax withholding obligations arising from the vesting of her restricted stock units under company policy.

At what price were Laura Anne Sorensen’s First Watch (FWRG) shares sold?

The Form 4 shows a weighted average sale price of $12.59 per share for Sorensen’s 4,732 shares. The footnote notes multiple trades between $12.40 and $12.73, with proceeds allocated pro rata among employees participating in these mandatory sell-to-cover transactions.

Was Laura Anne Sorensen’s First Watch (FWRG) stock sale a discretionary trade?

No. The filing explains the sale was mandatory under First Watch’s policies to cover tax withholding on vested restricted stock units. The company sold the shares on Sorensen’s behalf, so the transaction does not represent a discretionary market-timing decision by her.

How many First Watch (FWRG) shares does Laura Anne Sorensen hold after this transaction?

After the tax-related sale, Sorensen directly holds 239,050 shares of First Watch common stock. This indicates the 4,732 shares sold for tax withholding represent a relatively small portion of her overall direct equity position in the company.

Why did First Watch (FWRG) sell Laura Anne Sorensen’s shares to cover taxes?

The company’s policy requires a mandatory “sell-to-cover” transaction when restricted stock units vest, to satisfy related tax withholding obligations. In Sorensen’s case, 4,732 shares were sold by a broker, and the resulting proceeds were used to cover these required tax payments.

How were the sale proceeds allocated in the First Watch (FWRG) insider transaction?

The Form 4 notes that a broker sold shares in multiple trades for several employees at prices from $12.40 to $12.73. The total proceeds from these sales were then allocated pro rata among the employees, including Sorensen, based on their respective sell-to-cover share amounts.