Were there any open-market share purchases or sales in Dutch Bros (BROS) in this Form 4?

No open-market purchases or sales were reported. The Form 4 shows only stock-based compensation events: an exercise of 444 Restricted Stock Units into Class A Common Stock and a grant of 3,099 new Restricted Stock Units, both recorded at a price per unit of $0.00.

Dutch Bros (BROS) director reports RSU exercise and 3,099-unit stock grant

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Dutch Bros Inc. director Gerard Johan Hart reported compensation-related equity activity. On May 13, 2026, he exercised 444 shares of Restricted Stock Units into Class A Common Stock, bringing his direct holdings to 3,461 Class A shares.

On the same date, he received a new grant of 3,099 Restricted Stock Units, each representing a right to one Class A share. According to the award terms, 25% vested at each of August 20, 2025, November 20, 2025, February 20, 2026, and the May 13, 2026 annual stockholder meeting, with remaining portions scheduled to vest in four installments through 2027.

Insider Trade Summary

444 shares exercised/converted

Mixed 3 txns

Insider Hart Gerard Johan

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 — 3,461 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 into shares: 444 shares Shares held after transaction: 3,461 shares New RSU grant: 3,099 units +3 more

6 metrics

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

Shares held after transaction 3,461 shares Direct Class A Common Stock holdings following May 13, 2026 exercise

New RSU grant 3,099 units Restricted Stock Units awarded on May 13, 2026, each for one Class A share

RSU exercise price $0.00 per unit Price per share for 444-unit RSU exercise into Class A Common Stock

RSU vesting pattern (first award) 4 installments of 25% Vested on Aug 20, 2025; Nov 20, 2025; Feb 20, 2026; and May 13, 2026 meeting

RSU vesting pattern (second award) 4 installments of 25% Scheduled on Aug 20, 2026; Nov 20, 2026; Feb 20, 2027; and by May 20, 2027/2027 meeting

Key Terms

Restricted Stock Units, Class A Common Stock, vest, grant, award, or other acquisition, +1 more

5 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.

vest financial

"25% of which vested on each of August 20, 2025, November 20, 2025, February 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.

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

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^*

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)
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	3,461	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 Gerard Johan Hart	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 Dutch Bros (BROS) director Gerard Johan Hart report?

Gerard Johan Hart reported equity compensation activity, including exercising 444 Restricted Stock Units into Class A Common Stock and receiving a new grant of 3,099 Restricted Stock Units. These transactions increased his direct ownership and reflect routine stock-based compensation, not open-market buying or selling.

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

After the reported transactions, Gerard Johan Hart directly holds 3,461 shares of Dutch Bros Class A Common Stock. This figure reflects the exercise of 444 Restricted Stock Units on May 13, 2026 and shows his ongoing equity stake tied to board service compensation.

What Restricted Stock Unit awards did Gerard Johan Hart receive from Dutch Bros (BROS)?

He received an award of 3,099 Restricted Stock Units, each convertible into one Class A share. The grant vests in 25% installments on specified dates between August 20, 2026 and May 2027 or the 2027 annual stockholder meeting, aligning compensation with continued service.

How do the Dutch Bros (BROS) RSU vesting schedules work for Gerard Johan Hart?

One RSU award vested 25% on each of August 20, 2025, November 20, 2025, February 20, 2026, and the May 13, 2026 annual meeting. A separate 3,099-unit award will vest 25% on four dates from August 20, 2026 through the earlier of May 20, 2027 or the 2027 meeting.