Hart Gerard Johan 4

What Happened
Gerard Johan Hart, a director of Dutch Bros Inc. (BROS), received a grant/award of 3,099 restricted stock units (RSUs) on May 13, 2026 (reported as an acquisition at $0). The filing also shows an exercise/conversion of 444 derivative shares on the same date; those 444 were reported both as acquired and immediately disposed (each at $0). The filing reports $0 for the exercise/award entries (no cash amount reported for the transactions).

Key Details

• Transaction date: May 13, 2026; Form filed May 15, 2026 (appears timely).
• Award: 3,099 RSUs granted/reported as acquired (transaction code A) at $0.
• Exercise/conversion: 444 derivative shares (transaction code M) reported both acquired and disposed the same day at $0.
• Shares owned after the transactions: not specified in the provided excerpt of the filing.
• Footnotes:
  • F1 — Each RSU represents a contingent right to one share of Class A common stock.
  • F2 — One RSU award had 25% vesting on Aug 20, 2025; Nov 20, 2025; Feb 20, 2026; and on the Issuer’s 2026 annual meeting date (May 13, 2026).
  • F3 — Another RSU award has remaining 25% vesting installments through Feb 20, 2027, with the final 25% vesting by May 20, 2027 or at the 2027 annual meeting (earlier).
• Filing timeliness: Transactions dated May 13, 2026 and filing date May 15, 2026 — no late filing flag indicated.

Context

• The M code denotes an exercise or conversion of a derivative security; the A code denotes an award/grant. A $0 exercise/award amount typically reflects conversion or vesting rather than a cash purchase.
• The 444 shares being both acquired and disposed the same day indicates an immediate sale or transfer of the converted shares (commonly to satisfy tax withholding or via a sell-to-cover), though the filing does not state the reason.
• These transactions appear to be compensation/vesting-related awards and routine exercises rather than open-market purchases; such awards are common for insiders and do not by themselves indicate a change in conviction about the company.