Form 4: Dutch Bros Director Converts RSUs to Stock

Dutch Bros Inc. Director Ann M Miller converted 445 restricted stock units into Class A Common Stock, increasing her direct beneficial ownership.

Summary

• Ann M Miller, a Director of Dutch Bros Inc. (BROS), acquired 445 shares of Class A Common Stock.
• This acquisition resulted from the conversion of restricted stock units (RSUs) on November 20, 2025.
• The transaction occurred at a price of $0 per share, indicating a vesting event.
• Following this transaction, Ann M Miller directly beneficially owns 10,435 shares of Class A Common Stock.
• She also directly beneficially owns 889 Restricted Stock Units.
• The restricted stock units vest in installments: 25% on August 20, 2025, 25% on November 20, 2025, 25% on February 20, 2026, and the final 25% on the earlier of May 20, 2026, or the Issuer's 2026 annual stockholder meeting.

Sentiment

Score: 6

Explanation: The filing reports a routine vesting of restricted stock units for a director, resulting in an increase in direct stock ownership. This generally indicates alignment of interests between management and shareholders.

Positives

• Director Ann M Miller increased her direct beneficial ownership of Class A Common Stock by 445 shares, aligning her interests with shareholders.
• The transaction is a result of a pre-scheduled vesting of restricted stock units, indicating a planned compensation event.

Future Outlook

Remaining restricted stock units held by Ann M Miller are scheduled to vest in two future installments: 25% on February 20, 2026, and the final 25% on the earlier of May 20, 2026, or the date of the Issuer's 2026 annual stockholder meeting.

Industry Context

Insider transactions, such as the vesting and conversion of restricted stock units, are common forms of executive and director compensation in publicly traded companies. These filings provide transparency into changes in beneficial ownership by company insiders.

Stakeholder Impact

• Shareholders: The transaction increases a director's direct ownership, potentially signaling confidence and aligning interests with long-term shareholder value.
• Employees: This is a standard form of equity compensation for directors, common across many companies.

Next Steps

• Future vesting of remaining restricted stock units on February 20, 2026.
• Future vesting of remaining restricted stock units on the earlier of May 20, 2026, or the 2026 annual stockholder meeting.

Key Dates

Keywords

Dutch Bros Inc., BROS, Ann M Miller, Director, Insider Transaction, Form 4, Restricted Stock Units, RSU vesting, Class A Common Stock, Equity Compensation