Form 4: First Watch Restaurant Group Director Stephanie Lilak Receives Significant RSU Grant

First Watch Restaurant Group Director Stephanie Lilak was granted 8,799 restricted stock units, vesting on May 22, 2026, as part of her compensation.

Summary

• Stephanie Lilak, 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) at a price of $0 per unit.
• These RSUs are scheduled to vest on May 22, 2026, with each RSU representing a contingent right to receive one share of the Issuer's common stock.
• Following this transaction, Ms. Lilak's direct beneficial ownership of First Watch Restaurant Group common stock increased to 27,016 shares.

Sentiment

Score: 7

Explanation: The grant of Restricted Stock Units to a director is a positive event as it aligns the director's interests with long-term shareholder value and is a standard, expected practice in corporate governance.

Positives

• The grant of 8,799 Restricted Stock Units (RSUs) to Director Stephanie Lilak aligns her interests with those of shareholders, as the value of the RSUs is directly tied to the company's stock performance.
• The vesting schedule of May 22, 2026, incentivizes long-term commitment and performance from the director, promoting stability in governance.

Negatives

• No direct negatives are indicated in this Form 4 filing, as it reports a standard equity compensation grant rather than a sale or adverse event.

Risks

• This Form 4 filing does not introduce new specific risks; however, the value of the granted RSUs is subject to the inherent market risks associated with the company's common stock, including fluctuations in share price.

Future Outlook

This Form 4 filing does not provide a future outlook for the company's operations or financial performance, as its sole purpose is to report changes in beneficial ownership by an insider.

Management Comments

• This Form 4 filing does not contain direct management comments or quotes, as it is a regulatory disclosure of an insider transaction.

Industry Context

This Form 4 filing, reporting an equity grant to a director, is a routine compensation event within the restaurant industry, reflecting standard practices for aligning executive and director incentives with shareholder value. It does not provide broader industry trends or competitive analysis.

Comparison to Industry Standards

• This Form 4 filing details a standard equity compensation grant to a director, a common practice across publicly traded companies, including those in the restaurant sector.
• The mechanism of granting Restricted Stock Units (RSUs) is consistent with compensation structures seen in comparable companies like Cracker Barrel Old Country Store (CBRL), Denny's Corporation (DENN), or The Cheesecake Factory Incorporated (CAKE), which frequently utilize equity awards to incentivize long-term performance and retention of key personnel.

Related Party Transactions

• The grant of 8,799 Restricted Stock Units to Stephanie Lilak, a Director of First Watch Restaurant Group, constitutes a related party transaction as it involves compensation provided by the issuer to a member of its board of directors.

Stakeholder Impact

• Shareholders: The grant of RSUs to a director aligns management incentives with shareholder interests, potentially leading to improved long-term performance and value creation.
• Employees: No direct impact on general employees is indicated by this filing, as it pertains specifically to director compensation.
• Management/Directors: The grant provides equity compensation to the director, incentivizing their continued service and performance, and strengthening their financial stake in the company's success.

Next Steps

• The granted Restricted Stock Units (RSUs) are scheduled to vest on May 22, 2026, at which point they will convert into shares of First Watch Restaurant Group common stock, subject to the terms of the grant.

Key Dates

Keywords

FWRG, First Watch Restaurant Group, Stephanie Lilak, Form 4, Restricted Stock Units, RSU, insider transaction, director compensation, equity grant