Dutch Bros director converts RSUs into 445 shares

Dutch Bros Inc. director Ann M. Miller exercised 445 restricted stock units into 445 shares of Class A common stock on February 20, 2026 at a stated price of $0.00 per share.

Rhea-AI Filing Summary

Dutch Bros Inc. director Ann M. Miller exercised 445 restricted stock units into 445 shares of Class A common stock on February 20, 2026 at a stated price of $0.00 per share. Each restricted stock unit represents one share, and the award vests in four 25% installments between August 20, 2025 and May 20, 2026.

Insider Trade Summary

445 shares exercised/converted

Exercise 2 txns

Insider Miller Ann M

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	445	$0.00	$0.00
Exercise	Class A Common Stock	445	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 444 contracts (Direct); Class A Common Stock — 10,880 shares (Direct)

Footnotes (2)

1. F1. Each restricted stock unit represents a contingent right to receive one share of the Issuer's Class A Common Stock.
2. F2. The reporting person received an award of restricted stock units, 25% of which will vest on each of August 20, 2025, November 20, 2025, February 20, 2026, and the remaining 25% will vest on the earlier of (i) May 20, 2026, and (ii) the date of the Issuer's 2026 annual stockholder meeting.

FAQ

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What insider transaction did Dutch Bros (BROS) report for Ann M. Miller?

Dutch Bros reported that director Ann M. Miller exercised 445 restricted stock units into 445 shares of Class A common stock on February 20, 2026. The transaction was recorded at a stated price of $0.00 per share as a derivative exercise or conversion.

How do Dutch Bros (BROS) restricted stock units held by Ann M. Miller work?

Each Dutch Bros restricted stock unit represents a contingent right to receive one share of Class A common stock. When units vest and are exercised or converted, the holder receives an equivalent number of shares, as shown by 445 units becoming 445 Class A common shares.

What is the vesting schedule for Ann M. Miller’s Dutch Bros (BROS) RSU award?

Ann M. Miller’s restricted stock unit award vests in four equal 25% installments. Vesting occurs on August 20, 2025, November 20, 2025, February 20, 2026, and the earlier of May 20, 2026 or the company’s 2026 annual stockholder meeting.

Did Ann M. Miller buy or sell Dutch Bros (BROS) shares in this Form 4?

The Form 4 shows an exercise or conversion of derivative securities, not an open-market buy or sell. Miller acquired 445 Class A common shares by converting 445 restricted stock units, with the transaction coded “M” for derivative exercise or conversion.

How many Dutch Bros (BROS) shares does Ann M. Miller own after this transaction?

After exercising 445 restricted stock units into Class A common stock, Ann M. Miller directly holds 10,880 shares. The Form 4 indicates this as the total number of Class A shares owned following the reported derivative exercise or conversion on February 20, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 02/24/2026 - 05:50 PM EST Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Miller Ann M

(Last) (First) (Middle)

C/O DUTCH BROS INC.

1930 W RIO SALADO PKWY

(Street)

TEMPE AZ 85281

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Dutch Bros Inc. [ BROS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	02/20/2026		M		445	A	$0	10,880	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	02/20/2026		M			445	(2)	(2)	Class A Common Stock	445	$0	444	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of the Issuer's Class A Common Stock.

2. The reporting person received an award of restricted stock units, 25% of which will vest on each of August 20, 2025, November 20, 2025, February 20, 2026, and the remaining 25% will vest on the earlier of (i) May 20, 2026, and (ii) the date of the Issuer's 2026 annual stockholder meeting.

Remarks:

	/s/ Betsy Judd, Attorney-in-Fact for Ann Miller	02/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.