Form 4: First Watch Director Jostein Solheim Receives Equity Grant, Boosting Stake

First Watch Restaurant Group, Inc. Director Jostein Solheim was granted 8,799 restricted stock units (RSUs) on May 22, 2025, increasing his direct beneficial ownership to 19,256 shares.

Summary

• Jostein Solheim, a Director of First Watch Restaurant Group, Inc. (FWRG), acquired 8,799 shares of common stock.
• The acquisition occurred on May 22, 2025, and was a grant of restricted stock units (RSUs).
• These RSUs were granted at a price of $0 per unit, indicating a compensation-related award.
• The RSUs are scheduled to vest on May 22, 2026, contingent on continued service and subject to earlier forfeiture or acceleration.
• Each RSU represents a contingent right to receive one share of the Issuer's common stock.
• Following this transaction, Mr. Solheim's direct beneficial ownership in First Watch Restaurant Group, Inc. stands at 19,256 shares.

Sentiment

Score: 7

Explanation: The grant of RSUs to a director is a positive sign of alignment between management and shareholders, reflecting standard compensation practices and commitment.

Positives

• The grant of restricted stock units to a director aligns management's interests with those of shareholders, as the value of the compensation is tied to the company's stock performance.
• An increase in a director's beneficial ownership demonstrates continued commitment and confidence in the company's future prospects.

Future Outlook

The granted restricted stock units are scheduled to vest on May 22, 2026, which will result in the issuance of common stock to Director Jostein Solheim, subject to the terms of the grant.

Industry Context

The grant of restricted stock units to directors is a common practice across various industries, including the restaurant sector, as a form of long-term incentive compensation designed to align the interests of company leadership with shareholder value creation.

Corporate Governance

Related Party Transactions

• The transaction involves the grant of restricted stock units from First Watch Restaurant Group, Inc. to Jostein Solheim, a director of the company. This is a standard compensation arrangement between the company and a related party (an insider).

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's financial interests with shareholder value creation, potentially leading to more focused long-term decision-making.
• Employees: While not directly impacting all employees, such compensation practices for leadership can set a precedent for performance-based incentives within the organization.

Next Steps

• The restricted stock units will vest on May 22, 2026, at which point they will convert into shares of First Watch Restaurant Group, Inc. common stock, assuming vesting conditions are met.

Key Dates

Keywords

First Watch Restaurant Group, FWRG, Jostein Solheim, SEC Form 4, Insider Transaction, Restricted Stock Units, RSU Grant, Equity Compensation, Director Ownership, Beneficial Ownership