Were the Dutch Bros (BROS) share sales part of a Rule 10b5-1 plan?

Yes. Footnotes state the transactions were effected automatically under pre-arranged Rule 10b5-1 trading plans adopted by DM Trust Aggregator, LLC and DM Individual Aggregator, LLC on February 19, 2026, indicating the sales were scheduled in advance.

Dutch Bros (NYSE: BROS) entities sell 1.5M shares under 10b5-1 plans

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Dutch Bros Inc. disclosed that entities associated with Executive Chairman Travis Boersma executed open-market sales of 1,499,999 shares of Class A Common Stock over June 10–11, 2026. The shares were sold indirectly by DM Individual Aggregator, LLC and DM Trust Aggregator, LLC.

Sale prices were reported as weighted averages, with individual transactions priced around $60–$64 per share. According to the footnotes, these transactions were carried out automatically under pre-arranged Rule 10b5-1 trading plans adopted by the DM Trust Aggregator, LLC and DM Individual Aggregator, LLC, and Boersma disclaims beneficial ownership beyond any pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 1,499,999 shares ($92,558,344)

Net Sell 10 txns

Insider Boersma Travis

Role Executive Chairman of Board

Sold 1,499,999 shs ($92.56M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	233,690	$62.4706	$14.60M
Sale	Class A Common Stock	226,120	$63.457	$14.35M
Sale	Class A Common Stock	29,135	$64.1045	$1.87M
Sale	Class A Common Stock	124,771	$62.4706	$7.79M
Sale	Class A Common Stock	120,729	$63.457	$7.66M
Sale	Class A Common Stock	15,555	$64.1045	$997K
Sale	Class A Common Stock	461,532	$60.3528	$27.85M
Sale	Class A Common Stock	27,413	$61.0797	$1.67M
Sale	Class A Common Stock	247,456	$60.3362	$14.93M
Sale	Class A Common Stock	13,598	$61.0797	$831K

Holdings After Transaction: Class A Common Stock — 4,769,885 shares (Indirect, By DM Trust Aggregator, LLC)

Footnotes (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. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $60.0000 to $60.9900 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. 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 Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $61.0000 to $61.3000 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. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $62.0000 to $62.9900 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. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $63.0000 to $63.9900 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. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $64.0000 to $64.2300 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. 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

Total shares sold: 1,499,999 shares Example sale price: $60.3362 per share Example sale price: $63.4570 per share +3 more

6 metrics

Total shares sold 1,499,999 shares Net open-market sales on June 10–11, 2026

Example sale price $60.3362 per share Open-market sale price on June 10, 2026 (non-derivative)

Example sale price $63.4570 per share Open-market sale price on June 11, 2026 (non-derivative)

Example sale price $62.4706 per share Open-market sale price on June 11, 2026 (non-derivative)

Number of sale transactions 10 transactions Non-derivative open-market sales of Class A Common Stock

Net buy/sell direction Net sale of 1,499,999 shares Form 4 transaction summary shows net-sell activity

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, pecuniary interest, beneficial ownership, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"this transaction was effected automatically pursuant to a Rule 10b5-1 trading plan adopted by DM Trust Aggregator, LLC"

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. These shares were sold in multiple transactions at prices ranging"

pecuniary interest financial

"disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein"

beneficial ownership regulatory

"shall not be deemed an admission of beneficial ownership of all 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.

Section 16 of the Securities Exchange Act of 1934 regulatory

"for purposes of Section 16 of the Securities Exchange Act of 1934, as amended"

A provision of federal securities law that requires company insiders—directors, officers and large shareholders—to publicly report their stock holdings and trades and to surrender any “short-swing” profits from purchases and sales within a six-month window. It acts like a rule that forces leaders to announce their trades and prevents quick buy-sell windfalls, giving investors transparency into insider activity and reducing opportunities for unfair gain.

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/12/2026 - 12:59 PM Accepted by SEC EDGAR 06/12/2026 - 12:59 PM

FAQ

What did Dutch Bros (BROS) report in this Form 4 filing?

Dutch Bros reported that entities linked to Executive Chairman Travis Boersma sold 1,499,999 shares of Class A Common Stock. These were open-market sales executed indirectly through DM Individual Aggregator, LLC and DM Trust Aggregator, LLC over June 10–11, 2026.

Who actually sold Dutch Bros (BROS) shares in this Form 4?

The sales were made by DM Individual Aggregator, LLC and DM Trust Aggregator, LLC, entities associated with Travis Boersma. The filing notes Boersma is manager of these entities and disclaims beneficial ownership except for any pecuniary interest he may have.

How many Dutch Bros (BROS) shares were sold and at what prices?

A total of 1,499,999 Class A Common Stock shares were sold in multiple open-market transactions. Weighted average prices were reported, with trades occurring in ranges between about $60.0000 and $64.2300 per share across June 10–11, 2026.

Does Travis Boersma still have an interest in Dutch Bros (BROS) after these sales?

The filing shows shares are held through DM Trust Aggregator, LLC and DM Individual Aggregator, LLC. Boersma is their manager but disclaims beneficial ownership of the reported securities except to the extent of any pecuniary interest he may have.

What type of security was involved in the Dutch Bros (BROS) insider transactions?

All reported transactions involved Dutch Bros Class A Common Stock. The Form 4 lists each as a non-derivative open-market sale, with transaction code “S” and prices disclosed on a weighted average basis within specified daily trading ranges.

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).

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)
06/10/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	06/10/2026		S⁽¹⁾		461,532	D	$60.3528⁽²⁾	5,030,988	I	By DM Trust Aggregator, LLC⁽³⁾
Class A Common Stock	06/10/2026		S⁽¹⁾		27,413	D	$61.0797⁽⁴⁾	5,003,575	I	By DM Trust Aggregator, LLC⁽³⁾
Class A Common Stock	06/11/2026		S⁽¹⁾		233,690	D	$62.4706⁽⁵⁾	4,769,885	I	By DM Trust Aggregator, LLC⁽³⁾
Class A Common Stock	06/11/2026		S⁽¹⁾		226,120	D	$63.457⁽⁶⁾	4,543,765	I	By DM Trust Aggregator, LLC⁽³⁾
Class A Common Stock	06/11/2026		S⁽¹⁾		29,135	D	$64.1045⁽⁷⁾	4,514,630	I	By DM Trust Aggregator, LLC⁽³⁾
Class A Common Stock	06/10/2026		S⁽⁸⁾		247,456	D	$60.3362⁽²⁾	2,685,453	I	By DM Individual Aggregator, LLC⁽³⁾
Class A Common Stock	06/10/2026		S⁽⁸⁾		13,598	D	$61.0797⁽⁴⁾	2,671,855	I	By DM Individual Aggregator, LLC⁽³⁾
Class A Common Stock	06/11/2026		S⁽⁸⁾		124,771	D	$62.4706⁽⁵⁾	2,547,084	I	By DM Individual Aggregator, LLC⁽³⁾
Class A Common Stock	06/11/2026		S⁽⁸⁾		120,729	D	$63.457⁽⁶⁾	2,426,355	I	By DM Individual Aggregator, LLC⁽³⁾
Class A Common Stock	06/11/2026		S⁽⁸⁾		15,555	D	$64.1045⁽⁷⁾	2,410,800	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 $60.0000 to $60.9900 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. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $61.0000 to $61.3000 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.

5. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $62.0000 to $62.9900 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.

6. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $63.0000 to $63.9900 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.

7. Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $64.0000 to $64.2300 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.

8. 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	06/12/2026
	** 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)

Source: View Original Filing on SEC EDGAR