# EDGAR Filing Document

**Accession Number:** 0001866581
**File Stem:** 0001866581-26-000049
**Filing Date:** 2026-3
**Character Count:** 7291
**Document Hash:** 05ec6f42805bcea163c0be2f531d3a25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001866581-26-000049.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001866581-26-000049

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260301

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Barone Christine
- **CENTRAL INDEX KEY:** 0001804370

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40798
- **FILM NUMBER:** 26710356

**MAIL ADDRESS:**
- **STREET 1:** C/O YELP INC.
- **STREET 2:** 350 MISSION STREET, 10TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dutch Bros Inc.
- **CENTRAL INDEX KEY:** 0001866581
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING & DRINKING PLACES [5810]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 871041305
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1930 W RIO SALADO PKWY
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
- **BUSINESS PHONE:** (877) 899-2767

**MAIL ADDRESS:**
- **STREET 1:** 1930 W RIO SALADO PKWY
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Barone Christine<br><sub>(Last) (First) (Middle)</sub><br>C/O DUTCH BROS INC.<br>1930 W RIO SALADO PKWY<br><sub>(Street)</sub><br>TEMPE, AZ 85281<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-03-01 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_CEO and President_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Dutch Bros Inc. [ BROS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class A Common Stock | 2026-03-01 |  | M |  | 29306 | A | $0 | 75750 | D |  |
| Class A Common Stock | 2026-03-01 |  | F |  | 12265 | D | $53.61 | 63485 | D |  |
| Class A Common Stock | 2026-03-01 |  | M |  | 19537 | A | $0 | 83022 | D |  |
| Class A Common Stock | 2026-03-01 |  | F |  | 8177 | D | $53.61 | 74845 | D |  |
| Class A Common Stock | 2026-03-01 |  | M |  | 20222 | A | $0 | 95067 | D |  |
| Class A Common Stock | 2026-03-01 |  | F |  | 8463 | D | $53.61 | 86604 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(1)</sup> | 2026-03-01 |  | A |  | 46633 |  | <sup>(2)</sup> | <sup>(2)</sup> | Class A Common Stock | 46633 | $0 | 46633 | D |  |
| Restricted Stock Units | <sup>(1)</sup> | 2026-03-01 |  | M |  |  | 29306 | <sup>(3)</sup> | <sup>(3)</sup> | Class A Common Stock | 29306 | $0 | 0 | D |  |
| Restricted Stock Units | <sup>(1)</sup> | 2026-03-01 |  | M |  |  | 19537 | <sup>(4)</sup> | <sup>(4)</sup> | Class A Common Stock | 19537 | $0 | 0 | D |  |
| Restricted Stock Units | <sup>(1)</sup> | 2026-03-01 |  | M |  |  | 20222 | <sup>(5)</sup> | <sup>(5)</sup> | Class A Common Stock | 20222 | $0 | 20223 | D |  |

---

### Footnotes:

(1) Each restricted stock unit represents a contingent right to receive one share of the Issuer's Class A Common Stock.

(2) The reporting person received an award of restricted stock units, 33.33% of which will vest on each of February 20, 2027, February 20, 2028, and February 20, 2029.

(3) The reporting person received an award of 48,076 restricted stock units, 50% of which will vest on each of March 1, 2025 and March 1, 2026.

(4) The reporting person received an award of 32,051 restricted stock units, 50% of which will vest on each of March 1, 2025 and March 1, 2026.

(5) The reporting person received an award of restricted stock units, 33.33% of which will vest on each of March 1, 2025, March 1, 2026, and March 1, 2027.

**Signature:** /s/ Betsy Judd, Attorney-in-Fact for Christine Barone  
**Date:** 2026-03-02

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**