FLEISHER MICHAEL D 4

What Happened

• Michael D. Fleisher, a director of First Watch Restaurant Group, Inc. (FWRG), received a grant of 12,345 restricted stock units (RSUs) reported on a Form 4 dated 2026-05-22 for a transaction on 2026-05-21. The reported acquisition price is $0.00 (RSU award), so no cash was paid by the insider at grant.
• These RSUs are a contingent right to receive one share of First Watch common stock per RSU upon vesting; the award vests on May 21, 2027, subject to Fleisher’s continuous service through the vesting date.

Key Details

• Transaction date: 2026-05-21; Filing date: 2026-05-22 (timely filing).
• Amount: 12,345 RSUs; reported acquisition price $0.00.
• Shares owned after transaction: not specified in the Form 4 filing.
• Footnote: RSUs vest May 21, 2027 and each RSU represents a contingent right to one share, conditional on continuous service through the vesting date.
• Transaction type: Award/Grant (code A on Form 4).

Context

• RSU awards do not immediately change market exposure until vested shares are issued; their ultimate value depends on First Watch’s stock price at vesting.
• Such awards are routine compensation for directors/executives and are not the same signal as an open-market purchase or sale.