Dutch Bros (BROS) Director Cone C. David Converts 775 RSUs

What Happened

• Cone C. David, a director of Dutch Bros Inc. (BROS), had 775 restricted stock units (RSUs) convert to 775 shares on 2026-08-20. The Form 4 shows an acquisition of 775 shares at $0.00 (conversion of the derivative) and a simultaneous disposition of 775 shares at $0.00 (derivative entry), resulting in no cash purchase or sale recorded in the filing. The filing does not state a cash value; the $0.00 amounts reflect conversion/settlement mechanics, not market value.

Key Details

• Transaction date: 2026-08-20 (Form 4 filed 2026-08-21 — timely filing).
• Reported entries: 775 shares acquired via exercise/conversion (code M) at $0.00; 775 shares disposed (derivative) at $0.00.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 explains each RSU equals a contingent right to one Class A share. F2 notes this award vests 25% on Aug 20, 2026 (the portion that converted), 25% on Nov 20, 2026, 25% on Feb 20, 2027, and the final 25% on the earlier of May 20, 2027 or the 2027 annual meeting.
• No 10b5-1 plan, tax-withholding detail, or other settlement rationale is stated in the filing.

Context

• This was a conversion/vesting of RSUs rather than an open-market buy or voluntary sale. The equal acquisition and disposition entries at $0.00 are typical of RSU settlement mechanics (conversion of derivative rights to shares and concurrent surrender/settlement) and do not by themselves signal a buy or sell decision by the director.