Davis Thomas James 4

What Happened

• Davis Thomas James, a director of Dutch Bros, reported conversion/exercise of a derivative (RSUs) that resulted in 444 shares being acquired and a simultaneous report of 444 shares disposed on May 13, 2026. Both transactions are reported with an exercise/conversion price of $0.00 (no cash paid per the filing). The filing notes the reporting person ceased to be a director on May 13, 2026.

Key Details

• Transaction date: 2026-05-13; Transaction code: M (exercise/conversion of derivative).
• Price reported: $0.00 for both the acquisition and disposition of 444 shares.
• Shares owned after transaction: Not specified in the filing.
• Footnotes:
  • F1: Each restricted stock unit (RSU) represents a contingent right to one share of Class A common stock.
  • F2: The RSU award vests in four installments (25% on Aug 20, 2025; Nov 20, 2025; Feb 20, 2026; and the final 25% on the earlier of May 20, 2026 or the issuer’s 2026 annual meeting).
• Filing timeliness: Form 4 filed May 15, 2026 for a May 13 transaction (filed within the typical 2-business-day window).

Context

• This filing reports a derivative conversion/settlement of RSUs rather than an open-market purchase or sale. When RSUs vest or are converted, filings often show shares acquired and sometimes an equal number disposed (commonly for tax withholding or settlement mechanics); the form here reports both acquisition and disposition but does not state the reason. Because no cash was reported as paid ($0.00), this reflects conversion/settlement activity rather than a cash purchase.