Dutch Bros: Travis Boersma’s LLCs sell at $44.008

Both LLC sales were executed automatically under plans adopted on February 19, 2026, at a weighted average price of $44.0080 per share.

Rhea-AI Filing Summary

Dutch Bros Inc. Executive Chairman Travis Boersma reported that DM Trust Aggregator, LLC sold 94,978 Class A shares and DM Individual Aggregator, LLC sold 50,709 on October 20, 2026, each at a weighted average of $44.0080 per share. Both sales were effected automatically under the respective LLC’s Rule 10b5-1 trading plan, adopted February 19, 2026. Afterward, the entities held 4,419,652 and 2,360,091 shares, respectively. Boersma is the manager of both LLCs and disclaims beneficial ownership except to the extent of his pecuniary interest, if any.

Insider Trade Summary 10b5-1

Net Seller: 145,687 shares

Net Sell 2 txns

Insider Boersma Travis

Role Executive Chairman of Board

Sold 145,687 shs ($6.41M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock F1, F2, F3	94,978	$44.008	$4.18M
Sale	Class A Common Stock F4, F2, F3	50,709	$44.008	$2.23M

Holdings After Transaction: Class A Common Stock — 4,419,652 shares (Indirect, By DM Trust Aggregator, LLC); Class A Common Stock — 2,360,091 shares (Indirect, By DM Individual Aggregator, LLC)

Footnotes (4)

1. F1. As indicated by the checkbox above, this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC on February 19, 2026.
2. F2. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $44.0000 to $44.0900 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
3. F3. The reporting person is the manager of DM Trust Aggregator, LLC and DM Individual Aggregator, LLC (the "DM Trusts"). Multiple members hold ownership interests in the DM Trusts, including the reporting person. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein, if any, and the inclusion of the reported securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or any other purpose.
4. F4. As indicated by the checkbox above, this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Individual Aggregator, LLC on February 19, 2026.

Key Figures

Class A shares sold by DM Trust Aggregator, LLC: 94,978 shares Class A shares sold by DM Individual Aggregator, LLC: 50,709 shares Weighted average sale price: $44.0080 per share +2 more

5 metrics

Class A shares sold by DM Trust Aggregator, LLC 94,978 shares Sale on October 20, 2026

Class A shares sold by DM Individual Aggregator, LLC 50,709 shares Sale on October 20, 2026

Weighted average sale price $44.0080 per share Shares sold in multiple transactions at prices ranging from $44.0000 to $44.0900 inclusive

Shares held by DM Trust Aggregator, LLC after the sale 4,419,652 shares Following the October 20, 2026 transaction

Shares held by DM Individual Aggregator, LLC after the sale 2,360,091 shares Following the October 20, 2026 transaction

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, beneficial ownership

3 terms

Rule 10b5-1 trading plan regulatory

"automatically pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average sale price financial

"Represents the weighted average sale price"

beneficial ownership regulatory

"disclaims beneficial ownership of the reported securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BROS shares did Travis Boersma’s LLCs sell?

DM Trust Aggregator, LLC sold 94,978 Dutch Bros Class A shares, and DM Individual Aggregator, LLC sold 50,709 shares, on October 20, 2026, each at a weighted average of $44.0080 per share. Both sales were automatic under their respective Rule 10b5-1 plans adopted February 19, 2026; the entities reported holdings of 4,419,652 and 2,360,091 shares afterward, respectively.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/22/2026 - 01:28 PM EDT Accepted by SEC EDGAR 10/22/2026 - 01:27 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

X

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^*

Boersma Travis

(Last) (First) (Middle)

C/O DUTCH BROS INC.

1930 W RIO SALADO PKWY

(Street)

TEMPE ARIZONA 85281

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Dutch Bros Inc. [ BROS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman of Board

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	10/20/2026		S(1)		94,978	D	$44.008(2)	4,419,652	I	By DM Trust Aggregator, LLC(3)
Class A Common Stock	10/20/2026		S(4)		50,709	D	$44.008(2)	2,360,091	I	By DM Individual Aggregator, LLC(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. As indicated by the checkbox above, this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC on February 19, 2026.

2. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $44.0000 to $44.0900 inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.

3. The reporting person is the manager of DM Trust Aggregator, LLC and DM Individual Aggregator, LLC (the "DM Trusts"). Multiple members hold ownership interests in the DM Trusts, including the reporting person. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein, if any, and the inclusion of the reported securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or any other purpose.

4. As indicated by the checkbox above, this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Individual Aggregator, LLC on February 19, 2026.

Remarks:

	/s/ Thomas P. Conaghan, Attorney-in-Fact for Travis Boersma	10/22/2026
	** Signature of Reporting Person	Date
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.
* Form 4: SEC 1474 (03-26)