Dutch Bros (NYSE: BROS) chair-linked entities sell 749,999 shares under 10b5-1 plans

Rhea-AI Filing Summary

Dutch Bros Inc. insider entities associated with Executive Chairman Travis Boersma reported open-market sales of a combined 749,999 shares of Class A Common Stock. The transactions were executed by DM Trust Aggregator, LLC and DM Individual Aggregator, LLC under pre-arranged Rule 10b5-1 trading plans adopted on February 19, 2026.

On May 29 and June 1, 2026, DM Individual Aggregator, LLC sold 261,054 shares in total, and DM Trust Aggregator, LLC sold 488,945 shares, at weighted average prices around $58.26 per share. Following these sales, DM Individual Aggregator, LLC held 2,932,909 shares and DM Trust Aggregator, LLC held 5,492,520 shares, all reported as indirect holdings with Boersma disclaiming beneficial ownership beyond any pecuniary interest.

Insights

Equity ownership and insider-trading analyst

Pre-planned entity sales reduce insider exposure but remain sizable holdings.

Entities managed by Travis Boersma reported net open-market sales of 749,999 Class A shares at weighted average prices just above $58. All four transactions were coded as sales and executed pursuant to pre-established Rule 10b5-1 trading plans, suggesting a planned diversification approach.

The filing shows DM Individual Aggregator, LLC retaining 2,932,909 shares and DM Trust Aggregator, LLC retaining 5,492,520 shares after the trades, indicating a large continuing indirect position. Boersma formally disclaims beneficial ownership beyond any pecuniary interest, so these sales reflect activity at the entity level rather than direct personal trading.

Insider Trade Summary 10b5-1

Net Seller: 749,999 shares ($43,698,274)

Net Sell 4 txns

Insider Boersma Travis

Role Executive Chairman of Board

Sold 749,999 shs ($43.70M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	291,607	$58.2596	$16.99M
Sale	Class A Common Stock	155,692	$58.2596	$9.07M
Sale	Class A Common Stock	197,338	$58.2716	$11.50M
Sale	Class A Common Stock	105,362	$58.2716	$6.14M

Holdings After Transaction: Class A Common Stock — 5,492,520 shares (Indirect, By DM Trust Aggregator, LLC)

Footnotes (1)

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 $58.0000 to $58.7700 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 $58.0000 to $58.6500 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: 749,999 shares Weighted average price (DM Individual Aggregator, LLC): $58.2716 per share Weighted average price (DM Trust Aggregator, LLC): $58.2596 per share +2 more

5 metrics

Total shares sold 749,999 shares Net open-market sales across four transactions

Weighted average price (DM Individual Aggregator, LLC) $58.2716 per share Sales on May 29, 2026

Weighted average price (DM Trust Aggregator, LLC) $58.2596 per share Sales on June 1, 2026

Shares held after (DM Individual Aggregator, LLC) 2,932,909 shares Indirect Class A Common Stock position following sales

Shares held after (DM Trust Aggregator, LLC) 5,492,520 shares Indirect Class A Common Stock position following sales

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"

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"

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.

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Form 4 Insider Transactions: What Each Field Means →

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)
05/29/2026

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	05/29/2026		S(1)		197,338	D	$58.2716(2)	5,784,127	I	By DM Trust Aggregator, LLC(3)
Class A Common Stock	06/01/2026		S(1)		291,607	D	$58.2596(4)	5,492,520	I	By DM Trust Aggregator, LLC(3)
Class A Common Stock	05/29/2026		S(5)		105,362	D	$58.2716(2)	3,088,601	I	By DM Individual Aggregator, LLC(3)
Class A Common Stock	06/01/2026		S(5)		155,692	D	$58.2596(4)	2,932,909	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 $58.0000 to $58.7700 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 $58.0000 to $58.6500 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. 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	06/02/2026
	** 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)