[Form 4] Dutch Bros Inc. Insider Trading Activity

Rhea-AI Filing Summary

Dutch Bros Inc. director and CEO Christine Barone reported multiple equity compensation transactions dated March 1, 2026. She received a grant of 46,633 restricted stock units (RSUs), each representing one share of Class A common stock, which will vest in tranches through 2029 as described in the award terms.

Barone also exercised previously granted RSUs in several blocks of 29,306, 19,537, and 20,222 units, converting them into Class A common shares at no exercise price. To satisfy tax withholding obligations, 12,265, 8,177, and 8,463 Class A shares were withheld at a price of $53.61 per share, rather than sold on the open market. After these transactions, she directly holds 86,604 Class A common shares and 46,633 RSUs.

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

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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^*

Barone Christine

(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
X	Officer (give title below)		Other (specify below)
	CEO and President

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

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	03/01/2026		M		29,306	A	$0	75,750	D
Class A Common Stock	03/01/2026		F		12,265	D	$53.61	63,485	D
Class A Common Stock	03/01/2026		M		19,537	A	$0	83,022	D
Class A Common Stock	03/01/2026		F		8,177	D	$53.61	74,845	D
Class A Common Stock	03/01/2026		M		20,222	A	$0	95,067	D
Class A Common Stock	03/01/2026		F		8,463	D	$53.61	86,604	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)	03/01/2026		A		46,633		(2)	(2)	Class A Common Stock	46,633	$0	46,633	D
Restricted Stock Units	(1)	03/01/2026		M			29,306	(3)	(3)	Class A Common Stock	29,306	$0	0	D
Restricted Stock Units	(1)	03/01/2026		M			19,537	(4)	(4)	Class A Common Stock	19,537	$0	0	D
Restricted Stock Units	(1)	03/01/2026		M			20,222	(5)	(5)	Class A Common Stock	20,222	$0	20,223	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, 33.33% of which will vest on each of February 20, 2027, February 20, 2028, and February 20, 2029.

3. The reporting person received an award of 48,076 restricted stock units, 50% of which will vest on each of March 1, 2025 and March 1, 2026.

4. The reporting person received an award of 32,051 restricted stock units, 50% of which will vest on each of March 1, 2025 and March 1, 2026.

5. The reporting person received an award of restricted stock units, 33.33% of which will vest on each of March 1, 2025, March 1, 2026, and March 1, 2027.

Remarks:

	/s/ Betsy Judd, Attorney-in-Fact for Christine Barone	03/02/2026
	** 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.
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FAQ

What equity awards did Dutch Bros (BROS) CEO Christine Barone receive?

Christine Barone received an award of 46,633 restricted stock units (RSUs) on March 1, 2026. Each RSU represents one share of Dutch Bros Class A common stock, vesting in scheduled tranches through 2029 under the terms described in the award footnotes.

How many Dutch Bros (BROS) shares does Christine Barone hold after these Form 4 transactions?

After the reported transactions, Christine Barone directly holds 86,604 shares of Dutch Bros Class A common stock. She also holds 46,633 RSUs, which are rights to receive additional Class A shares if the stated vesting conditions are satisfied over future dates.

Were any of Christine Barone’s Dutch Bros (BROS) transactions open-market sales?

The filing shows no open-market sales. Shares labeled with code F, totaling 12,265, 8,177, and 8,463 Class A shares at $53.61, were withheld solely to pay tax liabilities related to RSU vesting and exercises, rather than sold into the market.

What RSU exercises did Dutch Bros (BROS) CEO Christine Barone report?

Barone reported exercising previously granted RSUs into Class A shares in three main blocks of 29,306, 19,537, and 20,222 units. These exercises, coded M, reflect derivative conversions at a stated price of $0.00 per share under her compensation plans.

How do the new RSU grants for Dutch Bros (BROS) CEO vest over time?

The Form 4 footnotes state that certain RSU awards vest in equal portions over future dates. For example, one award vests 33.33% on each of February 20, 2027, 2028, and 2029, aligning Barone’s compensation with multi-year company performance.