Form 4: First Watch CEO Sells Shares for Tax Obligations

First Watch Restaurant Group's President and CEO, Christopher Anthony Tomasso, sold 25,062 shares of common stock to cover tax withholding obligations.

Summary

• Christopher Anthony Tomasso, President and CEO of First Watch Restaurant Group, Inc. (FWRG), reported a sale of common stock.
• The transaction involved the disposition of 25,062 shares of common stock on March 17, 2026.
• The shares were sold at a weighted average price of $12.52 per share, with prices ranging from $11.98 to $12.70.
• This sale was mandatory, executed by the Issuer on behalf of the reporting owner, to cover necessary tax withholding obligations associated with the vesting of restricted stock units.
• The sale does not represent a discretionary trade by Mr. Tomasso.
• Following the transaction, Mr. Tomasso directly beneficially owns 957,315 shares of common stock.
• He also indirectly beneficially owns 71,768 shares through Big Fish Investments LLC and 500 shares through his daughter.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event. The sale was mandatory for tax purposes and not a discretionary decision by the CEO, thus it does not reflect a change in sentiment towards the company's performance or outlook.

Future Outlook

No forward-looking statements or guidance were provided in this filing.

Management Comments

• The 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.

Industry Context

StockSavvy.ai notes that mandatory 'sell to cover' transactions are a common practice for executives receiving equity compensation, particularly restricted stock units, to satisfy tax liabilities upon vesting. This type of transaction is generally not indicative of management's sentiment towards the company's future prospects or a broader industry trend.

Related Party Transactions

• Indirect beneficial ownership of 71,768 shares through Big Fish Investments LLC.
• Indirect beneficial ownership of 500 shares through daughter.

Stakeholder Impact

• Shareholders: Minimal impact as the sale is non-discretionary and for tax purposes, not signaling a change in management confidence.
• Employees: The proceeds of all such sales were allocated to employees, including the reporting person, on a pro rata basis, indicating a standard process for RSU vesting and tax coverage.

Key Dates

Keywords

First Watch Restaurant Group, FWRG, Christopher Anthony Tomasso, Insider Trading, Stock Sale, Restricted Stock Units, Tax Withholding, CEO