Ralph Alvarez - May 25, 2022 Form 4 Insider Report for First Watch Restaurant Group, Inc. (FWRG)

Role: Director
Signature: By: /s/ Jay Wolszczak, as attorney-in-fact for Ralph Alvarez
Stock symbol: FWRG
Transactions as of: May 25, 2022
Transactions value $: $0
Form type: 4
Date filed: 5/27/2022, 04:09 PM
Previous filing: May 18, 2022
Next filing: Jun 1, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FWRG	Common Stock	Award	$0	+10.3K	+2.68%	$0.00	394K	May 25, 2022	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents the grant by the Issuer of restricted stock units ("RSUs") to Mr. Alvarez, which vest on May 25, 2023, subject to Mr. Alvarez's continuous service through the vesting date. Each RSU represents a contingent right to receive one share of the Issuer's common stock.
F2	On October 5, 2021, AI Fresh Holdings Limited Partnership distributed to its limited partners, for no consideration, an aggregate of 48,170,596 shares of the Issuer's common stock, representing each such partner's pro-rata interest in such shares. The aforementioned distribution was made in accordance with the exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934. Includes 383,859 shares of common stock beneficially owned by the Reporting Person immediately following such distribution.

Content

Represents the grant by the Issuer of restricted stock units ("RSUs") to Mr. Alvarez, which vest on May 25, 2023, subject to Mr. Alvarez's continuous service through the vesting date. Each RSU represents a contingent right to receive one share of the Issuer's common stock.

On October 5, 2021, AI Fresh Holdings Limited Partnership distributed to its limited partners, for no consideration, an aggregate of 48,170,596 shares of the Issuer's common stock, representing each such partner's pro-rata interest in such shares. The aforementioned distribution was made in accordance with the exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934. Includes 383,859 shares of common stock beneficially owned by the Reporting Person immediately following such distribution.