Gillett Stephen 4

What Happened
Stephen Gillett, a director of Dutch Bros Inc. (BROS), was granted/recognized 3,099 restricted stock units (RSUs) and on May 13, 2026 converted/exercised 444 RSUs into 444 shares which were immediately disposed. All reported transactions show $0.00 per share (no cash paid or received in the Form 4). The activity reflects an RSU award/vesting event plus the conversion of a portion of RSUs into shares.

Key Details

• Transaction date: May 13, 2026; Form 4 filed May 15, 2026 (timely filing).
• Reported transactions: A (grant/award) — 3,099 RSUs acquired @ $0.00; M (exercise/conversion) — 444 converted/acquired @ $0.00 and 444 disposed @ $0.00 (derivative).
• Price/consideration: all reported at $0.00 (typical for RSU vesting/conversion entries).
• Shares owned after the transactions: not disclosed in the provided filing.
• Footnotes of note: F1 clarifies each RSU vests into one share; F2 confirms 25% of an RSU award vested on May 13, 2026 (the issuer’s 2026 annual meeting); F3 describes the remaining vesting schedule (future dates in 2026–2027).

Context
RSUs are awards that convert into actual shares when they vest; code A indicates the grant/award and code M indicates conversion/exercise of a derivative (RSU → share). A simultaneous conversion and immediate disposition of a small number of shares (the 444) is commonly used to satisfy tax withholding obligations tied to vesting, while the remainder of the RSUs continue to follow their vesting schedule. These items are routine equity-compensation events and do not necessarily indicate a cash purchase or a deliberate open-market sale decision.