Dutch Bros (BROS) Director Todd Penegor Converts 775 RSUs

What Happened Todd Allan Penegor, a director of Dutch Bros Inc. (BROS), had 775 restricted stock units convert to 775 shares on August 20, 2026 (reported as exercise/conversion of a derivative, code M). The Form 4 shows an acquisition of 775 shares at $0.00 and a matching disposition of 775 shares at $0.00 on the same date. The filing was submitted on August 21, 2026.

Key Details

• Transaction date: 2026-08-20; Form 4 filed: 2026-08-21.
• Reported amounts: 775 shares acquired at $0.00 and 775 shares disposed at $0.00 (derivative conversion).
• Transaction code: M (exercise/conversion of derivative). Footnote F1 confirms these were restricted stock units (each RSU = right to one share).
• Vesting schedule (footnote F2): 25% vested Aug 20, 2026; 25% on Nov 20, 2026; 25% on Feb 20, 2027; final 25% on earlier of May 20, 2027 or the 2027 annual meeting.
• Shares owned after the transaction are not specified in the provided filing details.
• Filing appears timely (filed the day after the reported transaction); no late filing flag reported.

Context This transaction reflects a grant/vesting event (conversion of RSUs) rather than an open-market purchase or typical sale. The matching $0.00 disposal line may reflect non-cash settlement mechanics (e.g., withholding or conversion) but the Form 4 does not specify sale proceeds or the exact nature of the disposition. Award vesting and conversions are routine for executives/directors and do not necessarily indicate a change in insider sentiment.