Company: FWRG
Filing Date: 2025-08-07
Form Type: 424B3
Source: 0001628280-25-038995
Chunk: 21

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-07
Form: 424B3
Chunk 21
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. LLC, as the underwriters. Subject to the terms and conditions set forth in an underwriting agreement among us, the selling stockholders and the underwriters, the selling stockholders have agreed to sell to the underwriters, and the underwriters have agreed, severally and not jointly, to purchase from the selling stockholders, the number of shares of common stock set forth opposite its name below.

| Underwriters            |     | Number of shares |           |
| Barclays Capital Inc.   |     |                  | 2,500,000 |
| Goldman Sachs & Co. LLC |     |                  | 2,500,000 |
| Total                   |     |                  | 5,000,000 |

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed to purchase all of the shares sold under the underwriting agreement if any of these shares are purchased.

We and the selling stockholders have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by its counsel, including the validity of the shares, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer’s certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

#### Commissions and Discounts
The underwriters are purchasing the shares of common stock from the selling stockholders at $17.70 per share (representing $88.5 million aggregate proceeds, before expenses). We will not receive any of the proceeds from the sale of shares of our common stock covered by this prospectus supplement. The underwriters may offer the shares of common stock from time to time for sale in one or more transactions on Nasdaq, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The underwriters may effect such transactions by selling shares of common stock to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or purchasers of shares of common stock for whom it may act as agents or to whom it may sell as principal. The difference between