Dutch Bros (BROS) Director Kory Marchisotto Converts 775 RSUs

What Happened

• Director Kory Marchisotto converted 775 restricted stock units into 775 shares on August 20, 2026. The Form 4 shows an “exercise/conversion of derivative” (code M) for 775 shares at $0.00 (acquired) and a corresponding derivative disposition for 775 shares at $0.00. No cash changed hands on the reported lines.

Key Details

• Transaction date: 2026-08-20; Form 4 filed: 2026-08-21 (timely filing).
• Reported price per share: $0.00; total reported cash value: $0.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1 clarifies each RSU equals a contingent right to one Class A share. F2 describes the RSU award vesting schedule (25% vested Aug 20, 2026; subsequent tranches on Nov 20, 2026; Feb 20, 2027; and the final 25% on the earlier of May 20, 2027 or the 2027 annual meeting).
• Transaction code: M = exercise or conversion of a derivative/security right.

Context

• This appears to be a vesting/settlement of restricted stock units rather than an open-market purchase or sale. Such conversions often show $0 on Form 4 because RSUs settle into shares rather than involving a cash payment; they do not by themselves signal a buy or sell decision. The filing does not show withheld shares or a cashless sale on this line.