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At First Watch Restaurant Group, Inc.'s shareholder meeting held May 21, 2025, in the 2024-2025 proxy season, 70 asset managers reported how they voted on 5 ballot items in their SEC Form N-PX filings, covering 909 separate fund positions. On the most widely held item on that ballot — Ratification of the appointment of PriceWaterhouseCoopers LLP ("PwC") as the independent… — First Watch Restaurant Group, Inc.'s filing reports the proposal as approved, with 99.1% support of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side). Source: First Watch Restaurant Group, Inc.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on May 21, 2025.
Download data (CSV): ballot items · votes by manager · column guide.
Compiled from SEC Form N-PX filings and First Watch Restaurant Group, Inc.’s Form 8-K, filed May 21, 2025 (Item 5.07 on EDGAR). Page generated November 8, 2026.
Meeting of May 21, 2025: 5 items on First Watch Restaurant Group, Inc.’s Form 8-K, filed May 21, 2025: 4 elected · 1 approved.
Material dissent: a director nominee under 80% of the votes cast, say-on-pay under 70%, any other item the board put forward under 80%, or a shareholder proposal with more than 50%, on the company’s own Form 8-K tally. How this is decided
Explore First Watch Restaurant Group, Inc. in the interactive database Compare manager voting policies
These tallies are First Watch Restaurant Group, Inc.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed May 21, 2025 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.
| Ballot item | For | Against | Abstain | Withheld | Broker non-votes | Support (of votes cast) | Reported outcome | Voting standard |
|---|---|---|---|---|---|---|---|---|
| Elect Director: Michael Fleisher | 52,956,871 | -- | -- | 903,733 | 4,157,258 | 98% | Elected | — |
| Elect Director: William Kussell | 39,002,617 | -- | -- | 14,857,987 | 4,157,258 | 72% | Elected | — |
| Elect Director: Stephanie Lilak | 52,009,219 | -- | -- | 1,851,385 | 4,157,258 | 97% | Elected | — |
| Elect Director: Jostein Solheim | 52,085,815 | -- | -- | 1,774,789 | 4,157,258 | 97% | Elected | — |
| 2. Ratification of Appointment of Independent Registered Public Accounting Firm | 57,439,140 | 487,887 | 90,835 | -- | -- | 99.1% | Approved | — |
Source: First Watch Restaurant Group, Inc., Form 8-K, filed with the SEC on May 21, 2025 — read the filing on EDGAR.
Each item below shows how the 70 asset managers that disclosed a First Watch Restaurant Group, Inc. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report.
Combines 3 wordings of this item as funds reported it.
97% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Jostein Solheim
First Watch Restaurant Group, Inc.’s own tally for this item (“Elect Director: Jostein Solheim”): 52,085,815 for, 1,774,789 withheld, per its Form 8-K filed May 21, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “Proposal One - Election of Class I Directors The stockholders elected each of the four nominees named below as Class I directors to serve until the 2028 annual meeting of stockholders or until their successors are duly elected and qualified or until their earlier resignation or removal.”
Support: 97% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.
The 68 asset managers below reported 18,785,139 for, 703,312 withheld, 17,995 abstained.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 2,303,258 | 0 | 0 | 0 | For |
| Fidelity | 2,104,203 | 0 | 0 | 0 | For |
| JPMorgan | 1,544,739 | 0 | 0 | 0 | For |
| John Hancock | 1,391,125 | 0 | 2,953 | 0 | For |
| Federated Hermes | 957,000 | 0 | 0 | 0 | For |
| SRH Total Return Fund, Inc. | 900,000 | 0 | 0 | 0 | For |
| BlackRock | 893,371 | 0 | 0 | 0 | For |
| Neuberger Berman | 883,166 | 0 | 0 | 0 | For |
| Putnam | 844,763 | 0 | 0 | 0 | For |
| Advisors' Inner Circle Fund II | 730,000 | 0 | 0 | 0 | For |
| Dimensional | 0 | 0 | 0 | 660,983 | Withhold |
| OLD WESTBURY FUNDS INC | 620,000 | 0 | 0 | 0 | For |
| Jackson National | 567,887 | 0 | 12,949 | 0 | For |
| Brown Advisory Funds | 525,539 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 467,609 | 0 | 0 | 0 | For |
| Legg Mason | 403,700 | 0 | 0 | 0 | For |
| MoA Funds Corp | 382,573 | 0 | 0 | 0 | For |
| AMG FUNDS | 378,402 | 0 | 0 | 0 | For |
| Allspring | 319,906 | 0 | 0 | 0 | For |
| Charles Schwab | 319,851 | 0 | 0 | 0 | For |
| BUFFALO FUNDS | 298,167 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 298,143 | 0 | 0 | 0 | For |
| Goldman Sachs | 196,869 | 0 | 0 | 0 | For |
| Lazard | 184,791 | 0 | 0 | 0 | For |
| Principal | 144,421 | 0 | 0 | 0 | For |
Showing the 25 largest of 68 asset managers. All 68 are in the interactive database (link above).
Combines 3 wordings of this item as funds reported it.
98% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Michael Fleisher
First Watch Restaurant Group, Inc.’s own tally for this item (“Elect Director: Michael Fleisher”): 52,956,871 for, 903,733 withheld, per its Form 8-K filed May 21, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “Proposal One - Election of Class I Directors The stockholders elected each of the four nominees named below as Class I directors to serve until the 2028 annual meeting of stockholders or until their successors are duly elected and qualified or until their earlier resignation or removal.”
Support: 98% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.
The 68 asset managers below reported 19,505,850 for, 167 withheld, 429 abstained.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 2,303,258 | 0 | 0 | 0 | For |
| Fidelity | 2,104,203 | 0 | 0 | 0 | For |
| JPMorgan | 1,544,739 | 0 | 0 | 0 | For |
| John Hancock | 1,394,078 | 0 | 0 | 0 | For |
| Federated Hermes | 957,000 | 0 | 0 | 0 | For |
| SRH Total Return Fund, Inc. | 900,000 | 0 | 0 | 0 | For |
| BlackRock | 893,371 | 0 | 0 | 0 | For |
| Neuberger Berman | 883,166 | 0 | 0 | 0 | For |
| Putnam | 844,763 | 0 | 0 | 0 | For |
| Advisors' Inner Circle Fund II | 730,000 | 0 | 0 | 0 | For |
| Dimensional | 660,983 | 0 | 0 | 0 | For |
| OLD WESTBURY FUNDS INC | 620,000 | 0 | 0 | 0 | For |
| Jackson National | 580,836 | 0 | 0 | 0 | For |
| Brown Advisory Funds | 525,539 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 467,609 | 0 | 0 | 0 | For |
| Legg Mason | 403,700 | 0 | 0 | 0 | For |
| MoA Funds Corp | 382,573 | 0 | 0 | 0 | For |
| AMG FUNDS | 378,402 | 0 | 0 | 0 | For |
| Allspring | 319,906 | 0 | 0 | 0 | For |
| Charles Schwab | 319,851 | 0 | 0 | 0 | For |
| BUFFALO FUNDS | 298,167 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 298,143 | 0 | 0 | 0 | For |
| Goldman Sachs | 196,869 | 0 | 0 | 0 | For |
| Lazard | 184,791 | 0 | 0 | 0 | For |
| Principal | 144,421 | 0 | 0 | 0 | For |
Showing the 25 largest of 68 asset managers. All 68 are in the interactive database (link above).
Combines 3 wordings of this item as funds reported it.
97% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: Stephanie Lilak
First Watch Restaurant Group, Inc.’s own tally for this item (“Elect Director: Stephanie Lilak”): 52,009,219 for, 1,851,385 withheld, per its Form 8-K filed May 21, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “Proposal One - Election of Class I Directors The stockholders elected each of the four nominees named below as Class I directors to serve until the 2028 annual meeting of stockholders or until their successors are duly elected and qualified or until their earlier resignation or removal.”
Support: 97% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.
The 68 asset managers below reported 18,784,543 for, 703,479 withheld, 18,424 abstained.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 2,303,258 | 0 | 0 | 0 | For |
| Fidelity | 2,104,203 | 0 | 0 | 0 | For |
| JPMorgan | 1,544,739 | 0 | 0 | 0 | For |
| John Hancock | 1,391,125 | 0 | 2,953 | 0 | For |
| Federated Hermes | 957,000 | 0 | 0 | 0 | For |
| SRH Total Return Fund, Inc. | 900,000 | 0 | 0 | 0 | For |
| BlackRock | 893,371 | 0 | 0 | 0 | For |
| Neuberger Berman | 883,166 | 0 | 0 | 0 | For |
| Putnam | 844,763 | 0 | 0 | 0 | For |
| Advisors' Inner Circle Fund II | 730,000 | 0 | 0 | 0 | For |
| Dimensional | 0 | 0 | 0 | 660,983 | Withhold |
| OLD WESTBURY FUNDS INC | 620,000 | 0 | 0 | 0 | For |
| Jackson National | 567,887 | 0 | 12,949 | 0 | For |
| Brown Advisory Funds | 525,539 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 467,609 | 0 | 0 | 0 | For |
| Legg Mason | 403,700 | 0 | 0 | 0 | For |
| MoA Funds Corp | 382,573 | 0 | 0 | 0 | For |
| AMG FUNDS | 378,402 | 0 | 0 | 0 | For |
| Allspring | 319,906 | 0 | 0 | 0 | For |
| Charles Schwab | 319,851 | 0 | 0 | 0 | For |
| BUFFALO FUNDS | 298,167 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 298,143 | 0 | 0 | 0 | For |
| Goldman Sachs | 196,869 | 0 | 0 | 0 | For |
| Lazard | 184,791 | 0 | 0 | 0 | For |
| Principal | 144,421 | 0 | 0 | 0 | For |
Showing the 25 largest of 68 asset managers. All 68 are in the interactive database (link above).
Combines 3 wordings of this item as funds reported it.
72% Majority: yes · of votes cast
Description as filed by funds: Election of Directors: William Kussell
First Watch Restaurant Group, Inc.’s own tally for this item (“Elect Director: William Kussell”): 39,002,617 for, 14,857,987 withheld, per its Form 8-K filed May 21, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.
Reported outcome: Elected, in the filing’s own words: “Proposal One - Election of Class I Directors The stockholders elected each of the four nominees named below as Class I directors to serve until the 2028 annual meeting of stockholders or until their successors are duly elected and qualified or until their earlier resignation or removal.”
Support: 72% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.
The 68 asset managers below reported 11,517,051 for, 5,976,615 withheld, 2,012,780 abstained.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 2,303,258 | 0 | 0 | 0 | For |
| Fidelity | 834,603 | 0 | 0 | 1,269,600 | Mixed |
| JPMorgan | 1,544,739 | 0 | 0 | 0 | For |
| John Hancock | 40,749 | 0 | 1,353,329 | 0 | Abstain |
| Federated Hermes | 957,000 | 0 | 0 | 0 | For |
| SRH Total Return Fund, Inc. | 0 | 0 | 0 | 900,000 | Withhold |
| BlackRock | 893,371 | 0 | 0 | 0 | For |
| Neuberger Berman | 0 | 0 | 0 | 883,166 | Withhold |
| Putnam | 844,763 | 0 | 0 | 0 | For |
| Advisors' Inner Circle Fund II | 730,000 | 0 | 0 | 0 | For |
| Dimensional | 0 | 0 | 0 | 660,983 | Withhold |
| OLD WESTBURY FUNDS INC | 0 | 0 | 0 | 620,000 | Withhold |
| Jackson National | 465,017 | 0 | 115,819 | 0 | Mixed |
| Brown Advisory Funds | 0 | 0 | 525,539 | 0 | Abstain |
| WASATCH FUNDS TRUST | 467,609 | 0 | 0 | 0 | For |
| Legg Mason | 403,700 | 0 | 0 | 0 | For |
| MoA Funds Corp | 0 | 0 | 0 | 382,573 | Withhold |
| AMG FUNDS | 378,402 | 0 | 0 | 0 | For |
| Allspring | 0 | 0 | 0 | 319,906 | Withhold |
| Charles Schwab | 319,851 | 0 | 0 | 0 | For |
| BUFFALO FUNDS | 298,167 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 298,143 | 0 | 0 | 0 | For |
| Goldman Sachs | 35,038 | 0 | 0 | 161,831 | Mixed |
| Lazard | 0 | 0 | 0 | 184,791 | Withhold |
| Principal | 0 | 0 | 0 | 144,421 | Withhold |
Showing the 25 largest of 68 asset managers. All 68 are in the interactive database (link above).
Combines 3 wordings of this item as funds reported it.
99.1% Approved · of votes cast
Description as filed by funds: Ratification of the appointment of PriceWaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm of the Company for the 2025 fiscal year.
First Watch Restaurant Group, Inc.’s own tally for this item (“2. Ratification of Appointment of Independent Registered Public Accounting Firm”): 57,439,140 for, 487,887 against — passed, per its Form 8-K filed May 21, 2025 (Item 5.07).
Reported outcome: Approved, in the filing’s own words: “Proposal Two - Ratification of Appointment of Independent Registered Public Accounting Firm The stockholders ratified the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the Company's fiscal year ending December 28, 2025.”
Support: 99.1% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 70 asset managers below reported 19,574,808 for, 2,452 against.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 2,303,258 | 0 | 0 | 0 | For |
| Fidelity | 2,104,203 | 0 | 0 | 0 | For |
| JPMorgan | 1,544,739 | 0 | 0 | 0 | For |
| John Hancock | 1,394,078 | 0 | 0 | 0 | For |
| Federated Hermes | 957,000 | 0 | 0 | 0 | For |
| SRH Total Return Fund, Inc. | 900,000 | 0 | 0 | 0 | For |
| BlackRock | 893,371 | 0 | 0 | 0 | For |
| Neuberger Berman | 883,166 | 0 | 0 | 0 | For |
| Putnam | 844,763 | 0 | 0 | 0 | For |
| Advisors' Inner Circle Fund II | 730,000 | 0 | 0 | 0 | For |
| Dimensional | 660,983 | 0 | 0 | 0 | For |
| OLD WESTBURY FUNDS INC | 620,000 | 0 | 0 | 0 | For |
| Jackson National | 580,836 | 0 | 0 | 0 | For |
| Brown Advisory Funds | 525,539 | 0 | 0 | 0 | For |
| WASATCH FUNDS TRUST | 467,609 | 0 | 0 | 0 | For |
| Legg Mason | 403,700 | 0 | 0 | 0 | For |
| MoA Funds Corp | 382,573 | 0 | 0 | 0 | For |
| AMG FUNDS | 378,402 | 0 | 0 | 0 | For |
| Allspring | 319,906 | 0 | 0 | 0 | For |
| Charles Schwab | 319,851 | 0 | 0 | 0 | For |
| BUFFALO FUNDS | 298,167 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 298,143 | 0 | 0 | 0 | For |
| Goldman Sachs | 196,869 | 0 | 0 | 0 | For |
| Lazard | 184,791 | 0 | 0 | 0 | For |
| Principal | 144,421 | 0 | 0 | 0 | For |
Showing the 25 largest of 70 asset managers. All 70 are in the interactive database (link above).
Ranked separately for each type of Form N-PX report. An institutional manager can report shares that a fund it advises also reports, so the two tables can list the same shares and are never added together. Each is ranked by the shares voted on the item that the most managers of that type reported, shown as a share of the 60,974,543 shares outstanding at the time of that meeting.
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | Vanguard | 3.78% |
| 2 | Fidelity | 3.45% |
| 3 | JPMorgan | 2.53% |
| 4 | John Hancock | 2.29% |
| 5 | Federated Hermes | 1.57% |
| 6 | SRH Total Return Fund, Inc. | 1.48% |
| 7 | BlackRock | 1.47% |
| 8 | Neuberger Berman | 1.45% |
| 9 | Putnam | 1.39% |
| 10 | Advisors' Inner Circle Fund II | 1.20% |
As disclosed to the SEC in Form 13F (quarter-end holdings of 30 large managers), Schedules 13D and 13G (beneficial ownership above 5%) and the company’s own proxy statement (DEF 14A). Each row names its form.
| Holder | % outstanding | Disclosure |
|---|---|---|
| Funds managed by Advent International, L.P. ................................... | 31.47% | DEF14A |
| Bank of New York Mellon Corp | 6.49% | 13G |
| Integrated Core Strategies (US) LLC | 5.03% | 13G |
| BlackRock | 4.76% | 13F |
| Vanguard Group | 3.93% | 13F |
| FMR (Fidelity) | 3.73% | 13F |
| Neuberger Berman Group LLC | 3.70% | 13G |
| JPMorgan Chase | 3.57% | 13F |
| Dimensional Fund Advisors | 3.48% | 13F |
| FMR LLC | 3.27% | 13G |
Percentages above are of 60,974,543 shares outstanding, as reported by First Watch Restaurant Group, Inc. on its Form 10-Q dated March 30, 2025 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, not today’s. Each holding is as of its own filing, which may be dated before or after the meeting.
Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered funds disclose how they voted every proxy and institutional managers disclose their votes on executive pay (say-on-pay, say-on-frequency and golden parachutes), and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from First Watch Restaurant Group, Inc.’s 10-Q dated March 30, 2025. This page is a static snapshot rebuilt weekly on November 8, 2026; a live search always shows the current data.
First Watch Restaurant Group, Inc. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.
proxyvotesnow.com, “First Watch Restaurant Group (FWRG) 2025 Annual Meeting: Vote Results”, https://proxyvotesnow.com/company/first-watch-restaurant-group-inc/2025 (version of November 8, 2026). Derived from SEC Form N-PX and Form 8-K filings; tables licensed CC BY 4.0. Licence: CC BY 4.0.