Cone C. David 4

What Happened

• Cone C. David, a member of Dutch Bros’ board of directors, converted/exercised 444 derivative units into shares (reported as both acquired and disposed same day) and was granted 3,099 restricted stock units (RSUs) on May 13, 2026. All transactions are reported at $0.00 per share (derivative/RSU activity), so no cash value is shown.

Key Details

• Transaction date: May 13, 2026; Form 4 filed May 15, 2026 (appears timely).
• Transactions reported:
  • M (exercise/conversion): 444 shares acquired @ $0.00 and 444 shares disposed @ $0.00 (same date).
  • A (award/grant): 3,099 RSUs granted @ $0.00 (derivative).
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Footnotes of note:
  • F1: Each restricted stock unit (RSU) represents a contingent right to one share of Class A common stock.
  • F2: One RSU award had 25% vesting on each of Aug 20, 2025; Nov 20, 2025; Feb 20, 2026; and on May 13, 2026 (the 2026 annual meeting) — the May 13 vesting likely corresponds to the conversion of 444 units.
  • F3: The 3,099‑unit award vests 25% on Aug 20, 2026; Nov 20, 2026; Feb 20, 2027; and the final 25% on the earlier of May 20, 2027 or the 2027 annual meeting.

Context

• These filings reflect RSU vesting/conversion and a new RSU grant rather than an open‑market buy or sale. The 444 units were converted and disposed the same day (reported as derivative acquisition and disposition), which is common when shares are transferred or used to satisfy tax withholding or similar obligations; the filing itself does not state the reason for the disposition. The new 3,099 RSUs carry future vesting dates per the footnote schedule.