Barone Christine 4

What Happened

• Christine Barone, CEO, President and Director of Dutch Bros Inc. (BROS), had multiple restricted stock units / derivative awards convert or vest on March 1, 2026. The filing shows a total of 115,698 shares acquired through conversions/awards (69,065 shares from conversions + 46,633 shares from an award).
• To cover tax withholding obligations, 28,905 shares were surrendered (payment of tax liability) at $53.61 per share, totaling $1,549,597. After withholding, Barone’s net increase from these transactions was approximately 86,793 shares (115,698 acquired − 28,905 withheld), worth roughly $4.65M at $53.61/share.
• These transactions are not open‑market purchases or sales by the insider; they reflect vesting/conversion of equity awards and share withholding to satisfy taxes.

Key Details

• Transaction date: March 1, 2026; Form 4 filed March 2, 2026 (timely filing).
• Prices reported for tax withholding: $53.61 per share. Withheld shares: 12,265; 8,177; and 8,463 (total 28,905) for proceeds totaling $1,549,597.
• Shares acquired: conversions/exercises (M) — 29,306; 19,537; 20,222 (total 69,065) plus an award (A) of 46,633 RSUs = 115,698 total acquired on that date.
• Net new shares to Barone after withholding: ~86,793 shares (estimated value ~ $4.65M at $53.61).
• Footnotes: RSUs represent contingent rights to one share each. Several awards have specified vesting schedules — e.g., awards with 33.33% or 50% vesting on specified future/past dates (see footnotes F1–F5 in the filing).
• Shares owned after the transaction are not specified in the excerpt of the filing provided.
• Transaction codes: M = exercise/conversion of derivative; A = grant/award; F = payment of tax liability (share withholding).

Context

• These entries reflect equity award vesting/conversion and the routine surrender of shares to cover tax withholding (a common administrative transaction), not an open‑market sale or a buy signal.
• For retail investors: purchases are often viewed as stronger direct signals of insider conviction. Conversions/awards plus share withholding generally reflect compensation vesting; they don’t necessarily indicate a change in insider sentiment.