First Watch Restaurant Group (NASDAQ:FWRG) held its 2026 annual meeting of stockholders virtually, with Chairman Ralph Alvarez formally calling the meeting to order and emphasizing the company’s use of an online format to broaden shareholder access.
Chris Tomasso, president and chief executive officer, opened the meeting and introduced Alvarez, who has served as a director and chairman of the board since December 2019. Alvarez also introduced Rachel Tipograph, founder and CEO of MikMak, as the company’s newest board member, saying First Watch was “excited to leverage her knowledge and expertise for the benefit of First Watch and its stockholders.”
Shareholder Quorum and Voting Matters
Wolszczak said the board fixed March 23, 2026, as the record date for determining stockholders entitled to vote. As of that date, First Watch had 61,625,155 shares of common stock outstanding and entitled to vote.
The inspector of election reported that 58,671,002 votes were represented in person or by proxy, equal to approximately 95% of the voting power as of the record date. Wolszczak said that amount represented more than a majority of the shares entitled to vote, establishing a quorum for the meeting.
Stockholders voted on four proposals:
- The election of Irene Chang Britt, Charles Jemley and Rachel Tipograph as Class II directors to serve until the 2029 annual meeting of stockholders, or until their successors are elected and qualified.
- An advisory, non-binding vote approving the compensation paid to the company’s named executive officers, commonly known as the say-on-pay proposal.
- An advisory, non-binding vote on how frequently future say-on-pay votes should occur, with options of every one, two or three years.
- The ratification of PricewaterhouseCoopers as the company’s independent registered public accounting firm for fiscal 2026.
Preliminary Results Announced
After the polls closed, Wolszczak said the preliminary vote report showed that all three Class II director nominees had been elected to the board. The say-on-pay proposal was approved, and the option receiving the greatest number of votes for the frequency of future say-on-pay votes was every one year.
Wolszczak also said stockholders ratified the appointment of PricewaterhouseCoopers as First Watch’s independent registered public accounting firm for the 2026 fiscal year.
The company said it would report final voting results in a Form 8-K filing within four business days.
No Stockholder Questions Addressed
Following adjournment of the formal meeting, Wolszczak opened the session for stockholder questions submitted through the meeting web portal. He noted that the company would attempt to answer as many relevant questions as time allowed and that any appropriate questions not addressed during the meeting would be answered on the company’s website within two business days.
Wolszczak also cautioned that responses could include forward-looking statements subject to risks and uncertainties, referring investors to the company’s recent earnings release and SEC filings, including its annual report on Form 10-K and subsequent quarterly reports on Form 10-Q.
The company said no relevant questions had been submitted through the portal, and the Q&A session was concluded.
About First Watch Restaurant Group (NASDAQ:FWRG)
First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.
Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.
