Penegor Todd Allan 4
4 · Dutch Bros Inc. · Filed May 15, 2026
Research Summary
AI-generated summary of this filing
Dutch Bros (BROS) Director Todd Penegor Buys 2,000 Shares
What Happened
Todd Allan Penegor, a director of Dutch Bros Inc. (BROS), made an open‑market purchase of 2,000 shares on May 15, 2026 at $51.17 per share (reported total $102,350). In addition, the Form 4 reports RSU/derivative activity on May 13, 2026: a conversion/exercise of 444 derivative units at $0 and a grant/award of 3,099 restricted stock units (RSUs). Combined, the RSU-related entries total 3,543 units (444 converted + 3,099 awarded). The open‑market purchase is a buy (a direct acquisition), which retail investors often view as a more informative signal than routine sales.
Key Details
- Transaction dates and prices:
- May 13, 2026: Exercise/conversion of 444 derivative units at $0.00 (acquired) and a corresponding derivative disposition of 444 units at $0.00; grant/award of 3,099 RSUs at $0.00.
- May 15, 2026: Open‑market purchase of 2,000 shares at $51.17 per share (reported $102,350).
- Shares owned after the transactions: not specified in the provided filing summary.
- Footnotes of note:
- F1: Each RSU represents a contingent right to receive one share of Class A common stock.
- F2: The reported RSU award included vesting installments with the final 25% vesting on May 13, 2026 (the company’s 2026 annual meeting).
- F3: A separate RSU award remains subject to future vesting (Aug/Nov/Feb installments and final vesting by May 20, 2027 or the 2027 annual meeting).
- Filing timeliness: Form filed May 15, 2026 to report May 13 transactions — within the typical two‑business‑day Form 4 window (timely).
Context
- RSUs/derivatives: RSUs are awards that convert to shares when they vest. The filing shows both a conversion (acquisition) of 444 derivative units and a matching disposition of 444 units; filings commonly show this pattern when vested shares are converted and some shares are surrendered or withheld to satisfy tax withholding or similar obligations.
- Purchase vs. award: The 2,000‑share open‑market purchase is a clear buy (cash purchase). The RSU entries are compensation/vesting related and do not necessarily indicate separate discretionary market buying.
- No 10% owner implication: Penegor is reported as a director (not a 10% owner), so this is insider/director trading and award activity.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
2026-05-13+444→ 3,358 total - Purchase
Class A Common Stock
2026-05-15$51.17/sh+2,000$102,350→ 5,358 total - Exercise/Conversion
Restricted Stock Units
[F1][F2]2026-05-13−444→ 0 total→ Class A Common Stock (444 underlying) - Award
Restricted Stock Units
[F1][F3]2026-05-13+3,099→ 3,099 total→ Class A Common Stock (3,099 underlying)
Footnotes (3)
- [F1]Each restricted stock unit represents a contingent right to receive one share of the Issuer's Class A Common Stock.
- [F2]The reporting person received an award of restricted stock units, 25% of which vested on each of August 20, 2025, November 20, 2025, February 20, 2026, and the date of the Issuer's 2026 annual stockholder meeting, which occurred on May 13, 2026.
- [F3]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.