Form 4: First Watch Director Sells Shares Under 10b5-1 Plan

First Watch Restaurant Group Director William A. Kussell exercised stock options and immediately sold the resulting common stock for a profit, as per a pre-arranged 10b5-1 trading plan.

Summary

• William A. Kussell, a Director of First Watch Restaurant Group, Inc. (FWRG), engaged in a series of transactions on January 22, 2026.
• Kussell exercised 6,165 stock options at an exercise price of $8.45 per share.
• Immediately following the exercise, he sold 6,165 shares of common stock at a price of $17.00 per share.
• These transactions were conducted pursuant to a Rule 10b5-1 trading plan established on September 9, 2025.
• The stock options were originally awarded on August 21, 2017, under the Issuer's 2017 Omnibus Equity Incentive Plan and are exercisable until August 21, 2027.
• Following these transactions, Kussell's direct beneficial ownership of common stock is 26,402 shares.
• His direct beneficial ownership of derivative securities (stock options) is 86,320.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as a director profited from a pre-planned transaction, demonstrating a successful realization of equity compensation. However, the reduction in direct share ownership introduces a minor neutral aspect.

Positives

• The director realized a profit from the exercise of stock options and subsequent sale of shares, with a sale price of $17.00 significantly higher than the exercise price of $8.45.
• The transaction was pre-planned under a Rule 10b5-1 trading plan, indicating a structured and compliant approach to insider trading.

Negatives

• The director's direct beneficial ownership of common stock decreased by 6,165 shares following the sale.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance.

Industry Context

This Form 4 filing reports a routine insider transaction and does not provide information directly related to broader industry trends or competitive landscape within the restaurant sector. Such transactions are common for executives and directors managing their equity compensation.

Stakeholder Impact

• Shareholders may observe a director reducing their direct equity stake, which is a common occurrence for managing personal finances and diversifying holdings, especially when executed under a 10b5-1 plan.

Key Dates

Keywords

First Watch Restaurant Group, FWRG, Insider Transaction, Form 4, Stock Option Exercise, Share Sale, 10b5-1 Plan, Director, Equity Incentive Plan