Dutch Bros director converts RSUs into 445 shares

Dutch Bros Inc. director Stephen Gillett reported an acquisition of shares through a restricted stock unit (RSU) conversion.

Rhea-AI Filing Summary

Dutch Bros Inc. director Stephen Gillett reported an acquisition of shares through a restricted stock unit (RSU) conversion. On February 20, 2026, 445 RSUs were exercised or converted into 445 shares of Class A Common Stock, bringing his direct Class A holdings to 18,063 shares.

Each RSU represents a contingent right to receive one Class A share. The related RSU award vests in four 25% installments 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.

Insider Trade Summary

445 shares exercised/converted

Exercise 2 txns

Insider Gillett Stephen

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 — 18,063 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

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

What insider transaction did Dutch Bros (BROS) director Stephen Gillett report?

Stephen Gillett reported acquiring shares of Dutch Bros through an RSU conversion. On February 20, 2026, 445 restricted stock units were exercised or converted into 445 shares of Class A Common Stock, updating his directly owned Class A share total to 18,063.

How many Dutch Bros (BROS) shares did Stephen Gillett acquire in this Form 4?

Stephen Gillett acquired 445 shares of Dutch Bros Class A Common Stock via an RSU exercise or conversion. The transaction reflects restricted stock units converting into an equal number of common shares, with his direct Class A holdings reported at 18,063 shares following the transaction.

What are the terms of Stephen Gillett’s Dutch Bros (BROS) restricted stock unit award?

Each restricted stock unit represents a contingent right to receive one Dutch Bros Class A share. The award vests 25% on August 20, 2025, November 20, 2025, and February 20, 2026, with the final 25% vesting on May 20, 2026 or the 2026 annual stockholder meeting date.

Did Stephen Gillett buy or sell Dutch Bros (BROS) shares on the open market?

The reported transaction is an exercise or conversion of restricted stock units into common shares, not an open-market purchase or sale. The Form 4 uses code “M,” indicating a derivative security conversion rather than a traditional market buy or sell order.

How many Dutch Bros (BROS) shares does Stephen Gillett own after this transaction?

After the February 20, 2026 transaction, Stephen Gillett directly owns 18,063 shares of Dutch Bros Class A Common Stock. The Form 4 reports this number as his total directly held Class A shares following the RSU exercise or conversion event disclosed.

What does Form 4 code "M" mean in the Dutch Bros (BROS) filing?

Form 4 code “M” denotes the exercise or conversion of a derivative security, such as restricted stock units. In this case, 445 RSUs converted into 445 Dutch Bros Class A shares, reflecting equity compensation being settled in common stock rather than a cash transaction.

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

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Accepted by SEC EDGAR 02/24/2026 - 05:48 PM 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^*

Gillett Stephen

(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	18,063	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 Stephen Gillett	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.
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