Dutch Bros (NYSE: BROS) director now holds 12,099 Class A shares

Rhea-AI Filing Summary

Dutch Bros Inc. (BROS) director Ann M. Miller reported an exercise and conversion of restricted stock units (RSUs) into Class A common stock. On August 20, 2026, 775 RSUs were converted into 775 shares of Class A Common Stock at a stated price of $0.00 per share. Following the conversion, Miller held 2,324 RSUs and 12,099 shares of Class A Common Stock directly. Each RSU represents a contingent right to receive one share of Class A Common Stock. A related RSU award provides that 25% will vest on each of 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

Net Buyer: 775 shares

Net Buy 2 txns

Insider Miller Ann M

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 shares (Direct); Class A Common Stock — 12,099 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 converted: 775 units Shares of Class A Common Stock acquired: 775 shares Transaction price per share: $0.00 per share +3 more

6 metrics

Restricted stock units converted 775 units RSUs exercised and converted into Class A Common Stock on August 20, 2026

Shares of Class A Common Stock acquired 775 shares Shares received from RSU conversion on August 20, 2026

Transaction price per share $0.00 per share Stated for the RSU exercise and share acquisition on August 20, 2026

RSUs held after transaction 2,324 units Restricted stock units directly held by Ann M. Miller after the reported exercise

Class A Common Stock held after transaction 12,099 shares Direct holdings of Dutch Bros Inc. Class A Common Stock after the RSU conversion

RSU vesting dates August 20, 2026; November 20, 2026; February 20, 2027; earlier of May 20, 2027 or 2027 annual meeting Schedule for vesting of a restricted stock unit award to Ann M. Miller

Key Terms

Restricted Stock Units, Class A Common Stock, contingent right to receive, vest, +1 more

5 terms

Restricted Stock Units financial

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

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"

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 to receive financial

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

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.

annual stockholder meeting regulatory

"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."

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.

FAQ

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

Ann M. Miller reported exercising 775 restricted stock units into 775 shares of Class A Common Stock on August 20, 2026. The transaction was reported at a stated price of $0.00 per share as an exercise or conversion of a derivative security.

How many Dutch Bros (BROS) shares does Ann M. Miller hold after this Form 4?

After the reported transactions, Ann M. Miller directly holds 12,099 shares of Dutch Bros Inc. Class A Common Stock and 2,324 restricted stock units, each RSU representing a contingent right to receive one share of Class A Common Stock.

What are the vesting terms of Ann M. Miller’s Dutch Bros (BROS) restricted stock units?

The filing states that a restricted stock unit award to Ann M. Miller will vest 25% on August 20, 2026, 25% on November 20, 2026, 25% on February 20, 2027, and the remaining 25% on the earlier of May 20, 2027 or the 2027 annual stockholder meeting.

Did Dutch Bros (BROS) receive cash from Ann M. Miller’s RSU conversion?

The reported exercise of 775 restricted stock units into 775 shares of Class A Common Stock shows a stated transaction price of $0.00 per share. The disclosure does not describe any cash proceeds in connection with this RSU conversion.

Is Ann M. Miller a director or officer of Dutch Bros Inc. (BROS) in this Form 4?

Ann M. Miller is identified in the Form 4 as a director of Dutch Bros Inc. She is not reported as an officer or a ten percent owner in this filing.

What does each Dutch Bros (BROS) restricted stock unit held by Ann M. Miller represent?

Each restricted stock unit held by Ann M. Miller represents a contingent right to receive one share of Dutch Bros Inc. Class A Common Stock, as stated in the footnotes to the Form 4.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/21/2026 - 12:19 PM Accepted by SEC EDGAR 08/21/2026 - 12:18 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^*

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)
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	12,099	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 Ann Miller	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)