Tullett Victoria J 4

What Happened
Victoria J. Tullett, Chief Legal Officer of Dutch Bros Inc. (BROS), had several derivative conversions/exercises and award actions reported on 2026-03-01. She received a grant of 5,595 restricted stock units (RSUs) and had derivative conversions/ exercises recorded for 7,033 and 8,988 shares (both recorded as acquired and later disposed as derivative entries). To satisfy tax obligations, 5,328 shares were disposed under payment-of-tax entries (codes F) — 1,889 shares sold at $53.61 for $101,269 and 3,439 shares sold at $53.61 for $184,365 (total ≈ $285,634). The exercises/conversions and the RSU award were recorded at $0 per share (typical for RSU vesting/conversion entries).

Key Details

• Transaction date: March 1, 2026 (Form filed March 2, 2026; appears timely).
• Tax-withholding disposals: 1,889 shares @ $53.61 = $101,269 and 3,439 shares @ $53.61 = $184,365 (total ≈ $285,634).
• Derivative actions (code M): conversions/exercises for 7,033 and 8,988 shares (entries show $0 per share).
• Grant (code A): 5,595 RSUs granted (recorded as derivative acquisition at $0).
• Footnotes: RSUs convert 1:1 into Class A common shares; awards are subject to staggered vesting schedules (see filing footnotes: various awards vest 33.33% or 50% on scheduled dates).
• Shares owned after the transactions are not specified in the excerpted transactions on this Form 4.
• Transaction codes explained: M = exercise/conversion of derivative; A = award/grant; F = payment of exercise price or tax liability (often withholding/sale to cover taxes).

Context

• The filing shows routine award vesting/conversion and tax-withholding, not an open-market sale for diversification. The F-coded disposals are payments of tax liability (shares withheld or sold), a common administrative step when RSUs vest.
• For retail investors: awards and exercises (acquisitions) are often more informative than tax-withholding disposals. These entries indicate the CLO received and converted RSUs and that a portion of shares were used to satisfy taxes, rather than signaling a discretionary cash sale.