Dutch Bros director swaps 775 RSUs for stock

Dutch Bros Inc. (BROS) director Gerard Johan Hart reported an exercise/conversion of 775 Restricted Stock Units into 775 shares of Class A Common Stock on 2026-08-20, at a stated price of $0.00 per share.

Rhea-AI Filing Summary

Dutch Bros Inc. (BROS) director Gerard Johan Hart reported an exercise/conversion of 775 Restricted Stock Units into 775 shares of Class A Common Stock on 2026-08-20, at a stated price of $0.00 per share. Following these transactions, he directly holds 2,324 Restricted Stock Units and 4,236 Class A shares. Each restricted stock unit represents a contingent right to receive one Class A share, and the reported award is scheduled to vest in four 25% installments between August 20, 2026 and the earlier of May 20, 2027 or the 2027 annual stockholder meeting.

Insider Trade Summary

775 shares exercised/converted

Exercise 2 txns

Insider Hart Gerard Johan

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units F1, F2	775	$0.00	$0.00
Exercise	Class A Common Stock	775	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 2,324 contracts (Direct); Class A Common Stock — 4,236 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, 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

Restricted Stock Units exercised/converted: 775 units Class A Common Stock acquired via conversion: 775 shares Class A Common Stock holdings after transaction: 4,236 shares +3 more

6 metrics

Restricted Stock Units exercised/converted 775 units Derivative conversion on 2026-08-20 into Class A Common Stock

Class A Common Stock acquired via conversion 775 shares Shares received from RSU exercise/conversion on 2026-08-20

Class A Common Stock holdings after transaction 4,236 shares Direct ownership position following the 2026-08-20 transactions

Restricted Stock Units holdings after transaction 2,324 units Remaining RSU position following the 2026-08-20 derivative conversion

Reported transaction price per share $0.00 per share Stated price for the 775-share RSU exercise/conversion

RSU vesting tranches 25% per tranche Four equal vesting installments through the earlier of May 20, 2027 or 2027 meeting

Key Terms

Restricted Stock Units, Class A Common Stock, contingent right, vest

4 terms

Restricted Stock Units financial

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

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

"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

"represents a contingent right to receive one share of the Issuer's Class A"

vest financial

"25% of which will vest on each of August 20, 2026, November 20, 2026"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Gerard Johan Hart report at Dutch Bros Inc. (BROS)?

Gerard Johan Hart reported exercising/converting 775 Restricted Stock Units into 775 shares of Class A Common Stock on 2026-08-20, at a reported price of $0.00 per share, reflecting a derivative conversion rather than an open-market purchase or sale.

How many Dutch Bros (BROS) Class A shares does Gerard Johan Hart hold after this Form 4?

After the reported transactions, Gerard Johan Hart directly holds 4,236 shares of Class A Common Stock of Dutch Bros Inc. This figure reflects his position following the conversion of 775 Restricted Stock Units into an equivalent number of Class A shares.

How many Restricted Stock Units does Gerard Johan Hart still hold in Dutch Bros (BROS)?

Following the reported exercise/conversion, Gerard Johan Hart directly holds 2,324 Restricted Stock Units of Dutch Bros Inc., each representing a contingent right to receive one share of the company’s Class A Common Stock, subject to the vesting schedule disclosed.

What is the vesting schedule for Gerard Johan Hart’s Dutch Bros (BROS) Restricted Stock Units?

The award vests in four installments: 25% on each of August 20, 2026, November 20, 2026, February 20, 2027, and the remaining 25% on the earlier of May 20, 2027 or the 2027 annual stockholder meeting, assuming continued service under the award terms.

Did Dutch Bros (BROS) indicate these insider transactions were under a Rule 10b5-1 plan?

The filing’s Rule 10b5-1 checkbox is not marked as affirming a trading plan (aff_10b5_one is false). The disclosure does not state that these specific transactions were executed pursuant to a Rule 10b5-1 trading arrangement.

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

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Available on EDGAR 08/21/2026 - 12:19 PM EDT Accepted by SEC EDGAR 08/21/2026 - 12:19 PM EDT 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^*

Hart Gerard Johan

(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)
08/20/2026

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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/20/2026		M		775	A	$0	4,236	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)	08/20/2026		M			775	(2)	(2)	Class A Common Stock	775	$0	2,324	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, 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/ Meghan Dappen, Attorney-in-Fact for Gerard Johan Hart	08/21/2026
	** 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)