Dutch Bros (NYSE: BROS) director gains RSUs and Class A shares

Q: What is the size of Ann M. Miller’s new RSU grant at Dutch Bros (BROS)?

She received a new grant of 3,099 restricted stock units. Each RSU represents a contingent right to receive one share of Dutch Bros Inc. Class A Common Stock, subject to the specified vesting schedule through 2027.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Dutch Bros Inc. director Ann M. Miller reported compensation-related equity activity. On May 13, 2026, 444 restricted stock units (RSUs) were exercised into 444 shares of Class A Common Stock, bringing her direct holdings to 11,324 shares.

She also received a new award of 3,099 RSUs, each representing a contingent right to one Class A share. For a prior RSU award, 25% vested on August 20, 2025, November 20, 2025, February 20, 2026, and on May 13, 2026. For the new award, 25% will vest on August 20, 2026, November 20, 2026, and February 20, 2027, with the remaining 25% vesting on the earlier of May 20, 2027 or the 2027 annual stockholder meeting.

Insider Trade Summary

444 shares exercised/converted

Mixed 3 txns

Insider Miller Ann M

Role null

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	444	$0.00	--
Grant/Award	Restricted Stock Units	3,099	$0.00	--
Exercise	Class A Common Stock	444	$0.00	--

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct, null); Class A Common Stock — 11,324 shares (Direct, null)

Footnotes (1)

Each restricted stock unit represents a contingent right to receive one share of the Issuer's Class A Common Stock. The reporting person received an award of restricted stock units, 25% of which vested on each of August 20, 2025, November 20, 2025, February 20, 2026, and the date of the Issuer's 2026 annual stockholder meeting, which occurred on May 13, 2026. The reporting person received an award of restricted stock units, 25% of which will vest on each of August 20, 2026, November 20, 2026, February 20, 2027, and the remaining 25% will vest on the earlier of (i) May 20, 2027, and (ii) the date of the Issuer's 2027 annual stockholder meeting.

Key Figures

RSUs exercised: 444 shares New RSU grant: 3,099 units Shares held after transactions: 11,324 shares +2 more

5 metrics

RSUs exercised 444 shares RSUs converted to Class A Common Stock on May 13, 2026

New RSU grant 3,099 units New restricted stock unit award to director Ann M. Miller

Shares held after transactions 11,324 shares Direct Class A Common Stock holdings following May 13, 2026 activity

Prior RSU vesting dates 4 installments 25% each on Aug 20, 2025; Nov 20, 2025; Feb 20, 2026; May 13, 2026

Future RSU vesting dates 3 fixed + 1 contingent 25% on Aug 20, 2026; Nov 20, 2026; Feb 20, 2027; remaining 25% by May 20, 2027 or 2027 meeting

Key Terms

Restricted Stock Units, Class A Common Stock, contingent right, annual stockholder meeting

4 terms

Restricted Stock Units financial

"The reporting person received an award of restricted stock units, 25% of which vested..."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Class A Common Stock financial

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

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

contingent right financial

"Each restricted stock unit represents a contingent right to receive one share..."

annual stockholder meeting financial

"the date of the Issuer's 2026 annual stockholder meeting, which occurred on May 13, 2026."

An annual stockholder meeting is a yearly gathering where a company's owners (shareholders) receive updates on performance, vote on key issues like board members, executive pay and major corporate plans, and ask questions of management. Think of it as a company town hall where choices about oversight and direction are decided; outcomes can affect management accountability, corporate strategy and ultimately the value and risks of investors’ shares.

Form 4 Insider Transactions: What Each Field Means →

05/15/2026 - 08:03 PM

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

ARIZONA

85281

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	05/13/2026		M		444	A	$0	11,324	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	05/13/2026		M			444	⁽²⁾	⁽²⁾	Class A Common Stock	444	$0	0	D
Restricted Stock Units	⁽¹⁾	05/13/2026		A		3,099		⁽³⁾	⁽³⁾	Class A Common Stock	3,099	$0	3,099	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 vested on each of August 20, 2025, November 20, 2025, February 20, 2026, and the date of the Issuer's 2026 annual stockholder meeting, which occurred on May 13, 2026.

3. The reporting person received an award of restricted stock units, 25% of which will vest on each of August 20, 2026, November 20, 2026, February 20, 2027, and the remaining 25% will vest on the earlier of (i) May 20, 2027, and (ii) the date of the Issuer's 2027 annual stockholder meeting.

Remarks:

	/s/ Victoria Tullett, Attorney-in-Fact for Ann Miller	05/15/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

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

Ann M. Miller exercised 444 RSUs into 444 Class A shares and received 3,099 new RSUs. These are compensation-related equity awards, not open-market trades, and increase her direct ownership in Dutch Bros Inc. shares.

How many Dutch Bros (BROS) shares does Ann M. Miller now hold?

After the reported transactions, Ann M. Miller directly holds 11,324 shares of Class A Common Stock. This reflects the conversion of 444 RSUs into shares and provides context for the scale of her equity stake as a director.

What is the size of Ann M. Miller’s new RSU grant at Dutch Bros (BROS)?

She received a new grant of 3,099 restricted stock units. Each RSU represents a contingent right to receive one share of Dutch Bros Inc. Class A Common Stock, subject to the specified vesting schedule through 2027.

How do Ann M. Miller’s Dutch Bros (BROS) RSUs vest over time?

A prior RSU award vested 25% on four dates through May 13, 2026. The new 3,099-unit award vests 25% on August 20, 2026, November 20, 2026, February 20, 2027, and the remaining 25% on the earlier of May 20, 2027 or the 2027 annual meeting.

Were Ann M. Miller’s Dutch Bros (BROS) Form 4 transactions open-market buys or sells?

No, the Form 4 reflects RSU grants and an RSU conversion, not open-market trades. The transactions are coded as an RSU grant (A) and derivative exercises (M), both categorized as share acquisitions related to equity compensation.