DAVILA TANA 4

What Happened

• Tana Davila, Chief Marketing Officer of Dutch Bros (BROS), had restricted stock units (derivative awards) convert to common shares and received a new RSU grant on March 1, 2026. Specifically, 5,617 derivative units were exercised/converted into shares (no cash exercise price). To satisfy tax withholding, 1,525 shares were surrendered/disposed at $53.61 per share, totaling $81,755. In addition, Davila was granted 8,393 restricted stock units (RSUs) in the same reporting period.

Key Details

• Transaction date: March 1, 2026 (filed March 2, 2026).
• Conversions/exercises (code M): 5,617 shares acquired via conversion of derivatives (no cash paid).
• Tax withholding (code F): 1,525 shares withheld/disposed at $53.61 each = $81,755.
• Grant/award (code A): 8,393 restricted stock units awarded (no immediate cash).
• Footnotes: F1 — each RSU equals the contingent right to one Class A share; F2/F3 — awards vest in three equal installments (33.33%) on scheduled future dates (some vesting schedules referenced include March 1 and February 20 dates across 2025–2029).
• Shares owned after the transaction: not specified in the provided filing.
• Timeliness: filing appears timely (transaction 2026-03-01, Form 4 filed 2026-03-02).

Context

• This appears to be an RSU vesting/conversion event with the company withholding shares to cover tax liability (a common, administrative step), not an open‑market sale. The filing uses codes: M = exercise/conversion of a derivative, F = payment of exercise price or tax liability (share withholding), A = award/grant. Such withholding transactions generally do not signal a discretionary sale by the insider.