Dutch Bros Inc. Form 4 Filings

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.

Dutch Bros Inc. (BROS) director Kory Marchisotto reported a derivative exercise/conversion involving 775 Restricted Stock Units (RSUs) into 775 shares of Class A Common Stock on August 20, 2026. This left 2,324 RSUs and 2,968 Class A shares held directly after the transactions. Each RSU represents a contingent right to receive one Class A share. The award of RSUs referenced vests in four 25% installments on August 20, 2026, November 20, 2026, February 20, 2027, and the earlier of May 20, 2027 or the 2027 annual stockholder meeting.

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.

Dutch Bros Inc. (BROS) reported that director Todd Allan Penegor converted 775 Restricted Stock Units into 775 shares of Class A Common Stock on August 20, 2026, at a stated price of $0.00 per share. Following the transaction, he directly holds 8,133 shares of Class A Common Stock and 2,324 Restricted Stock Units.

Each Restricted Stock Unit represents a contingent right to receive one share of Class A Common Stock. The related Restricted Stock Unit award will vest in four 25% installments on August 20, 2026, November 20, 2026, February 20, 2027, and the earlier of May 20, 2027 or the 2027 annual stockholder meeting date.

Dutch Bros Inc. (BROS) director C. David Cone reported the exercise of restricted stock units into common stock. On 2026-08-20, 775 Restricted Stock Units were converted into 775 shares of Class A Common Stock at $0.00 per share. Following these transactions, Cone holds 2,324 Restricted Stock Units and 7,215 shares of Class A Common Stock directly. The related RSU award is scheduled to vest in four 25% installments between August 20, 2026 and May 20, 2027 (or the 2027 annual stockholder meeting, if earlier).

Dutch Bros Inc. (BROS) director Scott Harlan Maw reported a derivative exercise involving restricted stock units (RSUs). On 2026-08-20, 775 RSUs were exercised, converting into 775 shares of Class A Common Stock at a stated price of $0.00 per share. Following these transactions, he directly held Class A shares and 2,324 RSUs. Each RSU represents a contingent right to one share of Class A Common Stock, with 25% of this RSU award scheduled to vest 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 date.

Dutch Bros Inc. director Todd Allan Penegor reported an open-market purchase of 2,000 shares of Class A Common Stock on 2026-08-13 at $51.56 per share. Following this transaction, he directly holds 7,358 shares of Class A Common Stock. The filing indicates the transaction was not made pursuant to a Rule 10b5-1 trading plan.

Dutch Bros Inc. Chief Marketing Officer Tana Davila exercised restricted stock units and had shares withheld for taxes. On July 1, 2026, she exercised RSU awards covering 14,442 shares of Class A Common Stock and 6,045 shares were disposed of to cover tax obligations at $73.31 per share. These tax-withholding dispositions were not open-market sales. Following the transactions, she holds 26,093 shares of Class A Common Stock directly.

Dutch Bros Inc. disclosed that entities associated with Executive Chairman Travis Boersma executed open-market sales of 1,499,999 shares of Class A Common Stock over June 10–11, 2026. The shares were sold indirectly by DM Individual Aggregator, LLC and DM Trust Aggregator, LLC.

Sale prices were reported as weighted averages, with individual transactions priced around $60–$64 per share. According to the footnotes, these transactions were carried out automatically under pre-arranged Rule 10b5-1 trading plans adopted by the DM Trust Aggregator, LLC and DM Individual Aggregator, LLC, and Boersma disclaims beneficial ownership beyond any pecuniary interest.

DM Individual Aggregator, LLC, a ten percent owner of Dutch Bros Inc. (BROS), reported open-market sales of a total of 522,109 shares of Class A common stock on June 10–11, 2026. The sales were executed at prices between $60.00 and $64.23 per share.

The filing notes these transactions were carried out automatically under a Rule 10b5-1 trading plan adopted on February 19, 2026, indicating the sales were pre-scheduled rather than discretionary market timing.

DM Trust Aggregator, LLC, a ten percent owner of Dutch Bros Inc., reported open-market sales of a total of 977,890 shares of Class A Common Stock on June 10–11, 2026. Sale prices were reported as weighted averages between about $60.00 and $64.23 per share across multiple trades.

The filing states these transactions were effected automatically under a pre-arranged Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC on February 19, 2026. After the reported sales, the entity holds 4,514,630 shares of Class A Common Stock directly.

Dutch Bros Inc. CEO and President Christine Barone sold 42,031 shares of Class A Common Stock in an open-market transaction at a weighted average price of $60.134 per share. The sale was executed under a pre-arranged Rule 10b5-1 trading plan adopted on August 11, 2025. Following this transaction, she directly holds 44,573 shares of Dutch Bros Class A Common Stock.

Dutch Bros Inc. insider entities associated with Executive Chairman Travis Boersma reported open-market sales of a combined 749,999 shares of Class A Common Stock. The transactions were executed by DM Trust Aggregator, LLC and DM Individual Aggregator, LLC under pre-arranged Rule 10b5-1 trading plans adopted on February 19, 2026.

On May 29 and June 1, 2026, DM Individual Aggregator, LLC sold 261,054 shares in total, and DM Trust Aggregator, LLC sold 488,945 shares, at weighted average prices around $58.26 per share. Following these sales, DM Individual Aggregator, LLC held 2,932,909 shares and DM Trust Aggregator, LLC held 5,492,520 shares, all reported as indirect holdings with Boersma disclaiming beneficial ownership beyond any pecuniary interest.

DM Individual Aggregator, LLC, a 10% owner of Dutch Bros Inc., reported open-market sales of Class A Common Stock under a pre-arranged Rule 10b5-1 trading plan. The entity sold 155,692 shares on June 1, 2026 at a weighted average price of $58.2596 per share, and 105,362 shares on May 29, 2026 at a weighted average price of $58.2716 per share. After these sales totaling 261,054 shares, DM Individual Aggregator, LLC directly holds 2,932,909 Class A shares, indicating it retains a substantial position despite the net reduction.

DM Trust Aggregator, LLC, a 10% owner of Dutch Bros Inc., reported open-market sales of Class A Common Stock under a pre-arranged Rule 10b5-1 trading plan. It sold 197,338 shares at a weighted average price of $58.2716 on May 29 and 291,607 shares at $58.2596 on June 1, for a total of 488,945 shares sold. After these transactions, DM Trust Aggregator, LLC directly holds 5,492,520 Class A shares, indicating it retains a substantial position despite the recent sales.

Dutch Bros Inc. reported that entities associated with Executive Chairman and 10% owner Travis Boersma sold Class A common stock in open‑market transactions. On May 27–28, 2026, DM Trust Aggregator, LLC and DM Individual Aggregator, LLC together sold 749,999 shares at weighted average prices around $56 per share under pre‑existing Rule 10b5‑1 trading plans adopted on February 19, 2026. After these sales, the DM Individual Aggregator, LLC held 3,193,963 shares and the DM Trust Aggregator, LLC held 5,981,465 shares, indicating that these entities continue to own substantial indirect stakes. Footnotes state that Boersma disclaims beneficial ownership of these securities beyond any pecuniary interest.

DM Individual Aggregator, LLC, a ten percent owner of Dutch Bros Inc., reported open-market sales of Class A Common Stock under a pre-arranged Rule 10b5-1 trading plan adopted on February 19, 2026. The entity sold 189,655 shares at a weighted average price of $56.2102 on May 27, 2026 and 71,399 shares at $56.1565 on May 28, 2026. Following these transactions, it directly held 3,193,963 shares of Class A Common Stock.

DM Trust Aggregator, LLC, a ten percent owner of Dutch Bros Inc., reported open-market sales of Class A Common Stock on two consecutive days. On May 27, 2026, it sold 355,217 shares at a weighted average price of $56.2102 per share. On May 28, 2026, it sold an additional 133,728 shares at a weighted average price of $56.1565 per share. In total, the entity sold 488,945 shares and held 5,981,465 shares of Class A Common Stock directly after the transactions. The filing notes that at least one of these transactions was effected automatically under a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC.

Maw Scott Harlan reported acquisition or exercise transactions in this Form 4 filing.

Dutch Bros Inc. director Scott Harlan Maw received a grant of 3,099 restricted stock units, each representing one share of Class A common stock. The award vests in four 25% installments on August 20, 2026, November 20, 2026, February 20, 2027, and the earlier of May 20, 2027 or the 2027 annual stockholder meeting.

Dutch Bros Inc. director C. David Cone reported equity compensation activity tied to restricted stock units (RSUs). On May 13, 2026, 444 RSUs were exercised into 444 shares of Class A Common Stock, bringing his direct holdings in the stock to 6,440 shares.

On the same date, he received a new award of 3,099 RSUs, each representing one future share of Class A Common Stock. According to the award terms, 25% of these RSUs will vest on each of August 20, 2026, November 20, 2026, February 20, 2027, and the earlier of May 20, 2027 or the company’s 2027 annual stockholder meeting.

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.

Dutch Bros Inc. director Stephen Gillett reported routine equity compensation activity. He exercised derivative rights to acquire 444 shares of Class A Common Stock, bringing his direct holdings in that stock to 18,507 shares. He also received a new grant of 3,099 restricted stock units, each representing a right to one share of Class A Common Stock. The new RSU award vests in four equal 25% installments between August 20, 2026 and the earlier of May 20, 2027 or the date of the company’s 2027 annual stockholder meeting.

Dutch Bros Inc. director Kory Marchisotto reported equity compensation activity involving both restricted stock units (RSUs) and common shares. On May 13, 2026, 444 RSUs were exercised into 444 shares of Class A Common Stock, bringing direct ownership of Class A shares to 2,193.

On the same date, Marchisotto received a new award of 3,099 RSUs, each representing a contingent right to receive one share of Class A Common Stock. According to the vesting schedule, this new grant will vest in four equal 25% installments between August 20, 2026 and the earlier of May 20, 2027 or the 2027 annual stockholder meeting.

Dutch Bros Inc. director Ann M. Miller reported compensation-related equity activity. On May 13, 2026, 444 restricted stock units (RSUs) were exercised into 444 shares of Class A Common Stock, bringing her direct holdings to 11,324 shares.

She also received a new award of 3,099 RSUs, each representing a contingent right to one Class A share. For a prior RSU award, 25% vested on August 20, 2025, November 20, 2025, February 20, 2026, and on May 13, 2026. For the new award, 25% will vest on 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.

Dutch Bros Inc. director Todd Allan Penegor reported several equity transactions. He made an open-market purchase of 2,000 shares of Class A Common Stock at $51.175 per share, bringing his direct common stock holdings to 5,358 shares.

On an earlier date, he exercised 444 restricted stock units, receiving the same number of Class A shares. He also received a new grant of 3,099 restricted stock units, each representing a right to one Class A share. According to the vesting terms, this new RSU award will vest in four 25% installments between August 20, 2026 and May 20, 2027 or the 2027 annual stockholder meeting.

Dutch Bros Inc. director Kathryn George exercised restricted stock units into 444 shares of Class A common stock. These shares were acquired at a stated price of $0.00 per share, reflecting the conversion of equity compensation rather than an open-market purchase.

Following the transaction, George directly holds 14,121 shares of Class A common stock. Each restricted stock unit represents a contingent right to receive one share, and a separate award of units is scheduled to vest in four 25% installments between August 20, 2025 and the earlier of May 20, 2026 or the 2026 annual stockholder meeting.

Dutch Bros Inc. director Thomas James Davis exercised restricted stock units into Class A Common Stock. On May 13, 2026, 444 restricted stock units converted into 444 shares of Class A Common Stock at a stated price of $0.00 per share, bringing his directly held Class A position to 14,121 shares.

Each restricted stock unit represents the right to receive one share of Class A Common Stock. A related restricted stock unit award is scheduled to vest in four 25% installments between August 20, 2025 and the earlier of May 20, 2026 or the 2026 annual stockholder meeting.

Dutch Bros Inc. executive chairman Travis Boersma, through affiliated entities, reported derivative conversions that increased indirect holdings of Class A Common Stock. DM Individual Aggregator, LLC acquired 3,445,200 shares, bringing its indirect position to 3,455,017 shares, while DM Trust Aggregator, LLC acquired 6,454,800 shares, raising its indirect position to 6,470,410 shares.

These shares were received upon conversion of Dutch Mafia, LLC Class A Common Units, which are exchangeable into Class A Common Stock on a one-for-one basis with no exercise price and no expiration, under Dutch Mafia’s amended and restated limited liability company agreement. A further 713,090 Class A Common Units remain indirectly held via DMI Holdco LLC. Boersma manages the DM entities and disclaims beneficial ownership beyond his pecuniary interest.

DM Individual Aggregator, LLC, a 10% owner of Dutch Bros Inc., reported a conversion of derivative securities into common stock. The entity converted 3,445,200 shares of Class A Common Units of Dutch Mafia, LLC into the same number of Class A Common Stock shares.

After the conversion, DM Individual Aggregator, LLC directly holds 3,455,017 shares of Class A Common Stock and 14,871,616 Class A Common Units of Dutch Mafia. The units are exchangeable for Class A Common Stock on a one-for-one basis without an exercise price and have no expiration date.

DM Trust Aggregator, LLC, a 10% owner of Dutch Bros Inc., converted 6,454,800 shares of Dutch Mafia, LLC Class A Common Units into the same number of Dutch Bros Class A Common Stock on April 27, 2026. After the conversion, DM Trust Aggregator directly holds 6,470,410 shares of Class A Common Stock. It also continues to hold 22,670,760 Class A Common Units of Dutch Mafia, which are exchangeable one-for-one into Class A Common Stock under specified conditions without any exercise price or expiration.

Dutch Bros Inc. disclosed that entities associated with Executive Chairman Travis Boersma underwent a recapitalization of Class A Common Units in Dutch Mafia, LLC, the operating company. On April 22, 2026, a reverse unit split canceled 33,022 shares of Class B Common Stock without consideration and reduced related Class A Common Units and paired Class B shares held by DM Trust Aggregator, LLC, DM Individual Aggregator, LLC and DMI Holdco LLC.

DM Individual Aggregator, LLC, a major Dutch Bros Inc. holder, reported an internal restructuring transaction on Class A Common Units and Class B Common Stock tied to Dutch Mafia, LLC.

On April 22, 2026, Dutch Mafia Class A Common Units were recapitalized through a reverse unit split. This recapitalization canceled 33,022 shares of Dutch Bros Class B Common Stock without consideration and reduced the units and shares beneficially owned by DM Individual Aggregator, LLC.

Following the change, the reporting person held 14,143,857 shares of Class B Common Stock and 18,316,816 Class A Common Units. The units are exchangeable one-for-one into Class A Common Stock, and certain units are paired with an equal number of Class B shares that are surrendered and canceled upon exchange.

DM Trust Aggregator, LLC, a 10% owner of Dutch Bros Inc., reported an internal recapitalization on April 22, 2026. Dutch Mafia, LLC completed a reverse unit split that canceled 33,022 shares of Dutch Bros Class B Common Stock, reducing DM Trust Aggregator’s holdings by 19,318 Class B shares to 20,579,218 and by 27,341 Class A Common Units to 29,125,560. These Class A Common Units are exchangeable one-for-one into Class A Common Stock, and some are paired with an equal number of Class B shares that are surrendered and canceled when exchanged.

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.

Dutch Bros Inc. Chief Financial Officer Joshua J. Guenser reported multiple equity compensation transactions in the form of restricted stock units (RSUs) and related share settlements. He received a grant of 12,590 RSUs on Class A Common Stock, which will vest in three equal installments on February 20, 2027, 2028, and 2029. He also acquired 11,403 and 11,403 RSUs through exercises or conversions, and corresponding 11,403-share and 11,403-share acquisitions of Class A Common Stock. To cover tax liabilities on these vesting events, 4,631 shares and 4,773 shares of Class A Common Stock were disposed of at $53.61 per share, with all holdings reported as directly owned.

Dutch Bros Inc. Chief Marketing Officer Tana Davila reported several equity transactions involving restricted stock units (RSUs) and Class A common stock. Davila received a grant of 8,393 RSUs, each representing a right to one share of Class A stock. According to the award terms, 33.33% of this grant will vest on each of February 20, 2027, February 20, 2028, and February 20, 2029.

On the same date, Davila exercised previously granted RSUs, converting 5,617 RSUs into 5,617 shares of Class A common stock through a derivative exercise. To cover tax obligations, 1,525 shares of Class A common stock were disposed of at $53.61 per share through a tax-withholding transaction. After these transactions, Davila held 17,696 shares of Class A common stock directly.

Daddario Nick reported acquisition or exercise transactions in this Form 4 filing.

Dutch Bros Inc. reported that Chief Accounting Officer Nick Daddario received an equity award of 5,036 restricted stock units (RSUs) on March 1, 2026. Each RSU represents a contingent right to receive one share of Dutch Bros Class A common stock.

According to the vesting schedule, 33.33% of the RSUs will vest on each of February 20, 2027, February 20, 2028, and February 20, 2029, subject to the award’s terms. Following this grant, Daddario holds 5,036 RSUs directly.

Dutch Bros Inc. Chief Legal Officer Victoria J. Tullett reported multiple equity award transactions in Class A Common Stock and restricted stock units on March 1, 2026. She received a grant of 5,595 restricted stock units, each representing a right to one share of Class A Common Stock. This award will vest in three equal installments of 33.33% on February 20, 2027, 2028, and 2029.

Tullett also exercised previously granted restricted stock units into Class A Common Stock in several transactions, and delivered shares to satisfy exercise price or tax liabilities. After these transactions, she directly owned 26,228 shares of Class A Common Stock and 8,988 restricted stock units, subject to vesting schedules through March 1, 2027.

Dutch Bros Inc. CEO and President Christine Barone reported equity award activity involving restricted stock units (RSUs) and Class A Common Stock. On February 20, 2026, she exercised or converted 6,095 RSUs, each representing a right to receive one share of Class A Common Stock, resulting in 6,095 Class A shares acquired at a stated price of $0.00 per share.

Following these transactions, her direct holdings were 12,190 RSUs and 48,126 Class A shares before a tax-related share disposition. To cover tax liability, 1,682 Class A shares were disposed of at $48.81 per share in a tax-withholding transaction, leaving 46,444 Class A shares directly held. The RSU award vests in three equal installments of 33.33% on February 20 of 2026, 2027, and 2028.

Dutch Bros Inc. Chief Legal Officer Victoria J. Tullett reported equity award activity involving restricted stock units and Class A common stock. On February 20, 2026, 1,168 restricted stock units were exercised or converted into 1,168 shares of Class A common stock at a price of $0.00 per share, increasing her direct holdings of Class A shares to 15,911 before subsequent tax withholding.

On the same date, 376 Class A shares were disposed of at $48.81 per share to satisfy tax obligations through share withholding, leaving Tullett with 15,535 directly held Class A shares after the transaction. Following the derivative transaction, she also directly holds 2,336 restricted stock units. Each restricted stock unit represents a contingent right to receive one share of Class A common stock, and the award will vest in three equal installments of approximately 33.33% on February 20, 2026, February 20, 2027, and February 20, 2028.

Dutch Bros Inc. Chief Marketing Officer Tana Davila reported equity compensation activity. On February 20, 2026, 1,523 restricted stock units were converted into 1,523 shares of Class A Common Stock at $0.00 per share. On the same date, 490 shares were disposed of at $48.81 per share to satisfy tax obligations, leaving Davila with 13,604 directly owned Class A shares. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock, with 33.33% scheduled to vest on each of February 20, 2026, 2027, and 2028.

Dutch Bros Inc. Chief Financial Officer Joshua J. Guenser exercised 2,539 restricted stock units on February 20, 2026, receiving an equal number of Class A shares at no cost. To cover tax obligations, 782 Class A shares were disposed of at $48.81 per share through tax withholding, leaving him with 16,858 Class A shares held directly. Each restricted stock unit represents one Class A share, and this award is scheduled to vest in three equal 33.33% installments on February 20, 2026, 2027, and 2028.

Dutch Bros Inc. director C. David Cone reported an exercise of restricted stock units that converted into Class A common shares. On February 20, 2026, 445 restricted stock units were exercised, resulting in 445 Class A shares, bringing his directly held Class A stake to 5,996 shares.

Each restricted stock unit represents a right to receive one share of Class A common stock. The award vests in four installments: 25% on each of August 20, 2025, November 20, 2025, February 20, 2026, and the remaining 25% on the earlier of May 20, 2026 or the company’s 2026 annual stockholder meeting. After this vesting event, 444 restricted stock units remain outstanding.

Dutch Bros Inc. director Kory Marchisotto acquired 445 shares of Class A Common Stock through the exercise of Restricted Stock Units on February 20, 2026. The transaction was a derivative conversion at a reported price of $0.00 per share, reflecting equity compensation rather than an open-market purchase.

Following this conversion, Marchisotto directly held 1,749 shares of Class A Common Stock and 444 Restricted Stock Units. Each RSU represents a right to receive one share of Class A Common Stock, with the award vesting in four 25% installments tied to dates in 2025 and 2026.

Dutch Bros Inc. director Ann M. Miller exercised 445 restricted stock units into 445 shares of Class A common stock on February 20, 2026 at a stated price of $0.00 per share. Each restricted stock unit represents one share, and the award vests in four 25% installments between August 20, 2025 and May 20, 2026.

Dutch Bros Inc. director Thomas James Davis reported an automatic conversion of 445 restricted stock units into 445 shares of Class A common stock on February 20, 2026. The derivative transaction was coded as an exercise or conversion with a price of $0.00 per share.

Following the RSU conversion, his direct holdings in Class A common stock increased to 13,677 shares, while 444 restricted stock units remained outstanding. Each restricted stock unit represents a contingent right to receive one Class A share, with vesting in four 25% installments through 2026 as described in the award terms.

Dutch Bros Inc. Chief Accounting Officer Nick Daddario reported equity award activity involving restricted stock units and Class A common stock. On February 20, 2026, he exercised 914 and 609 restricted stock units, receiving the same number of Class A shares at a price of $0.00 per share.

To cover tax obligations tied to these equity events, 294 and 196 Class A shares were disposed of at $48.81 per share as tax-withholding transactions, rather than open‑market sales. Footnotes note RSU awards of 2,743 and 1,828 units, each vesting in three equal 33.33% installments on February 20, 2026, February 20, 2027, and February 20, 2028.

Dutch Bros Inc. director Kathryn George reported an exercise and conversion of restricted stock units into Class A common stock. On February 20, 2026, she converted 445 restricted stock units into 445 shares of Class A common stock at a stated price of $0.00 per share, increasing her directly held Class A stake to 13,677 shares. Each restricted stock unit represents a contingent right to receive one share of Class A common stock, with the award vesting in four 25% installments tied to dates in 2025 and 2026, including the issuer's 2026 annual stockholder meeting.

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.