Company: FWRG
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001628280-25-050306
Chunk: 10

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 10
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 a decrease in consumer discretionary spending);

• the contents of published research reports about us or our industry or the failure of securities analysts to cover our common stock;

• additions or departures of key management personnel;

• any increased indebtedness we may incur in the future;

• announcements by us or others and developments affecting us;

• actions by institutional stockholders;

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• litigation and governmental investigations;

• legislative or regulatory changes;

• judicial pronouncements interpreting laws and regulations;

• changes in government programs;

• changes in market valuations of similar companies;

• speculation or reports by the press or investment community with respect to us or our industry in general;

• announcements by us or our competitors of significant contracts, acquisitions, dispositions, strategic relationships, joint ventures or capital commitments; and

• general market, political and economic conditions, including local conditions in the markets in which we operate, as well as global geopolitical tensions.

These broad market and industry factors may decrease the market price of our common stock, regardless of our actual financial performance. The stock market in general has from time to time experienced extreme price and volume fluctuations, including recently. In addition, in the past, following periods of volatility in the overall market and decreases in the market price of a company’s securities, securities class action litigation has often been instituted against these companies. This litigation, if instituted against us, could result in substantial costs and a diversion of our management’s attention and resources, which could have a material adverse effect on our business, financial condition and results of operations.

The market price of our common stock could be negatively affected by sales of substantial amounts of our common stock in the public markets.

As of October 31, 2025, we had 61,032,105 shares of common stock outstanding. Of our issued and outstanding shares, all of the shares of common stock sold in this offering are freely transferable, except for any shares held by our “affiliates,” as that term is defined in Rule 144 under the Securities Act.

We, the selling stockholders and our executive officers and directors have agreed, subject to specified exceptions, not to directly or indirectly:

• sell, offer, contract or grant any option to sell (including any short sale), pledge, transfer, establish an open “put equivalent position” within the meaning of Rule 16a-1(h) under the Exchange Act,

• otherwise dispose of any shares of common stock, options or warrants to acquire shares of common stock, or securities exchangeable