# EDGAR Filing Document

**Accession Number:** 0001883154
**File Stem:** 0001866581-25-000254
**Filing Date:** 2025-11
**Character Count:** 12365
**Document Hash:** 75bfd875437651f0d94ba16fe83cc898
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001866581-25-000254.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001866581-25-000254

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251124

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Boersma Travis
- **CENTRAL INDEX KEY:** 0001883154

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40798
- **FILM NUMBER:** 251525200

**MAIL ADDRESS:**
- **STREET 1:** C/O DUTCH BROS INC.
- **STREET 2:** 1930 W RIO SALADO PKWY
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
**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).

[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**<sup>*</sup><br>Boersma Travis<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>2025-11-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Executive Chairman of Board_ |
| **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 | 2025-11-24 |  | S<sup>(1)</sup> |  | 156937 | D | 52.9467<sup>(2)</sup> | 1393459 | I | By DM Trust Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-24 |  | S<sup>(1)</sup> |  | 324635 | D | 53.5286<sup>(4)</sup> | 1068824 | I | By DM Trust Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-24 |  | S<sup>(1)</sup> |  | 22687 | D | 54.826<sup>(5)</sup> | 1046137 | I | By DM Trust Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-25 |  | S<sup>(1)</sup> |  | 90334 | D | 53.7432<sup>(6)</sup> | 955803 | I | By DM Trust Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-25 |  | S<sup>(1)</sup> |  | 261767 | D | 54.5765<sup>(7)</sup> | 694036 | I | By DM Trust Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-25 |  | S<sup>(1)</sup> |  | 427572 | D | 55.2716<sup>(8)</sup> | 266464 | I | By DM Trust Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-25 |  | S<sup>(1)</sup> |  | 60348 | D | 56.6347<sup>(9)</sup> | 206116 | I | By DM Trust Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-25 |  | S<sup>(1)</sup> |  | 190506 | D | 57.4156<sup>(10)</sup> | 15610 | I | By DM Trust Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-24 |  | S<sup>(11)</sup> |  | 98697 | D | 52.9467<sup>(2)</sup> | 876334 | I | By DM Individual Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-24 |  | S<sup>(11)</sup> |  | 204160 | D | 53.5286<sup>(4)</sup> | 672174 | I | By DM Individual Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-24 |  | S<sup>(11)</sup> |  | 14268 | D | 54.8261<sup>(5)</sup> | 657906 | I | By DM Individual Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-25 |  | S<sup>(11)</sup> |  | 56808 | D | 53.7431<sup>(6)</sup> | 601098 | I | By DM Individual Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-25 |  | S<sup>(11)</sup> |  | 164625 | D | 54.5765<sup>(7)</sup> | 436473 | I | By DM Individual Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-25 |  | S<sup>(11)</sup> |  | 268897 | D | 55.2716<sup>(8)</sup> | 167576 | I | By DM Individual Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-25 |  | S<sup>(11)</sup> |  | 37952 | D | 56.6347<sup>(9)</sup> | 129624 | I | By DM Individual Aggregator, LLC<sup>(3)</sup> |
| Class A Common Stock | 2025-11-25 |  | S<sup>(11)</sup> |  | 119807 | D | 57.4156<sup>(10)</sup> | 9817 | I | By DM Individual Aggregator, LLC<sup>(3)</sup> |

---

## 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 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### 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 November 22, 2024.

(2) Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $52.3200 to $53.3150 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 $53.3200 to $54.3100 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 $54.3200 to $55.2500 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 $53.0100 to $54.0050 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 rangeset forth above.

(7) Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $54.0100 to $55.0050 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 rangeset forth above.

(8) Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $55.0100 to $55.9200 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.

(9) Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $56.1200 to $57.1100 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.

(10) Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $57.1200 to $57.6900 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.

(11) 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 November 22, 2024.

**Signature:** /s/ Thomas P. Conaghan, Attorney-in-Fact for Travis Boersma  
**Date:** 2025-11-26

### 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.**