# EDGAR Filing Document

**Accession Number:** 0001891101
**File Stem:** 0000921895-25-002014
**Filing Date:** 2025-7
**Character Count:** 17434
**Document Hash:** b15dbb270d16920b1461d9693d0bdbaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-002014.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0000921895-25-002014

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRC Inc.
- **CENTRAL INDEX KEY:** 0001891101
- **STANDARD INDUSTRIAL CLASSIFICATION:** BEVERAGES [2080]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 873277812
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93572
- **FILM NUMBER:** 251140717

**BUSINESS ADDRESS:**
- **STREET 1:** 1144 S 500 W
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84101
- **BUSINESS PHONE:** (801) 874-1189

**MAIL ADDRESS:**
- **STREET 1:** 1144 S 500 W
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84101
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Engaged Capital LLC
- **CENTRAL INDEX KEY:** 0001559771

**ORGANIZATION NAME:**
- **EIN:** 454591052
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 610 NEWPORT CENTER DRIVE
- **STREET 2:** SUITE 950
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 949-734-7900

**MAIL ADDRESS:**
- **STREET 1:** 610 NEWPORT CENTER DRIVE
- **STREET 2:** SUITE 950
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 9)**

**BRC Inc.**

*(Name of Issuer)*

**Class A Common Stock, $0.0001 par value**

*(Title of Class of Securities)*

**05601U105**

*(CUSIP Number)*

**GLENN W. WELLING**<br>ENGAGED CAPITAL, LLC<br>610 Newport Center Drive, Suite 950<br>Newport Beach CA 92660<br>949-734-7900

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/18/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **05601U105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Engaged Capital Flagship Master Fund, LP** | Name of reporting person<br>**Engaged Capital Flagship Master Fund, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13935560.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13935560.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13935560.00** | Aggregate amount beneficially owned by each reporting person<br>**13935560.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.2%** | Percent of class represented by amount in Row (11)<br>**12.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **05601U105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Engaged Capital LLC** | Name of reporting person<br>**Engaged Capital LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13935560.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13935560.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13935560.00** | Aggregate amount beneficially owned by each reporting person<br>**13935560.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.2%** | Percent of class represented by amount in Row (11)<br>**12.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **05601U105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Engaged Capital Holdings, LLC** | Name of reporting person<br>**Engaged Capital Holdings, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13935560.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13935560.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13935560.00** | Aggregate amount beneficially owned by each reporting person<br>**13935560.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.2%** | Percent of class represented by amount in Row (11)<br>**12.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **05601U105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Welling Glenn W.** | Name of reporting person<br>**Welling Glenn W.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**639154.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13935560.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**639154.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13935560.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**14574714.00** | Aggregate amount beneficially owned by each reporting person<br>**14574714.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.8%** | Percent of class represented by amount in Row (11)<br>**12.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock, $0.0001 par value

**(b) Name of Issuer:**
BRC Inc.

**(c) Address of Issuer's Principal Executive Offices:**
1144 S 500 W, SALT LAKE CITY, UT, 84101

**Item 4. Purpose of Transaction**

Item 4 is hereby amended to add the following:

On July 18, 2025, Engaged Capital Flagship Master purchased 400,000 Shares in the Issuer's underwritten public offering (the "Offering") at the public offering price of $1.25 per Share. In connection with the Offering, Engaged Capital Flagship Master entered into a customary lock-up agreement with the underwriter (the "Lock-Up Agreement"), pursuant to which Engaged Capital Flagship Master (the "Purchaser") may not, for a period of 90 days from July 18, 2025, without the prior written approval of the underwriter and subject to certain exceptions: (i) offer for sale, sell, pledge, or otherwise transfer or dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the transfer or disposition by any person at any time in the future of) any Shares whether now owned or hereafter acquired by the Purchaser; (ii) enter into any swap, hedge or other arrangement that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of Shares, whether any such transaction described above is to be settled by delivery of Shares or other securities of the Issuer, in cash or otherwise; (iii) make any demand for or exercise any right or cause to be confidentially submitted or filed a registration statement, including any amendments thereto, with respect to the registration of any Shares or any other securities of the Issuer; or (iv) publicly disclose the intention to do any of the foregoing.

The foregoing description of the Lock-Up Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Lock-Up Agreement, which is attached as Exhibit 99.1 hereto and incorporated by reference herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) is hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based on 113,793,198 Shares outstanding as of July 18, 2025, which is the total number of Shares outstanding following the closing of the Offering (including the underwriter's full exercise of an option to purchase additional Shares) as set forth in the Issuer's Prospectus Supplement on Form 424B5 filed with the Securities and Exchange Commission on July 18, 2025.

As of the date hereof, Engaged Capital Flagship Master directly beneficially owned 13,935,560 Shares, constituting approximately 12.2% of the Shares outstanding.

As of the date hereof, 506,092 Shares were held in the Welling Trust, constituting less than 1% of the Shares outstanding.

As of the date hereof, Mr. Welling directly beneficially owned 133,062 Shares (including 11,538 RSUs that vest within 60 days of the date hereof), constituting less than 1% of the Shares outstanding.

Engaged Capital, as the general partner and investment adviser of Engaged Capital Flagship Master, may be deemed to beneficially own the 13,935,560 Shares owned by Engaged Capital Flagship Master, constituting approximately 12.2% of the Shares outstanding. Engaged Holdings, as the managing member of Engaged Capital, may be deemed to beneficially own the 13,935,560 Shares owned by Engaged Capital Flagship Master, constituting approximately 12.2% of the Shares outstanding.

Mr. Welling, (i) as the Founder and CIO of Engaged Capital and sole member of Engaged Holdings, may be deemed to beneficially own the 13,935,560 Shares owned by Engaged Capital Flagship Master, and (ii) as trustee of the Welling Trust, may be deemed to beneficially own the 506,092 Shares held in the Welling Trust, which, together with the Shares he beneficially owns directly, constitutes an aggregate of 14,574,714 Shares, constituting approximately 12.8% of the Shares outstanding.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

**(b)**
Item 5(b) is hereby amended and restated to read as follows:

Each of Engaged Capital Flagship Master, Engaged Capital, Engaged Holdings and Mr. Welling may be deemed to share the power to vote and dispose of the Shares owned by Engaged Capital Flagship Master.

Mr. Welling may be deemed to have the sole power to vote and dispose of the Shares that he owns directly as well as the shares owned directly by the Welling Trust.

**(c)**
Item 5(c) is hereby amended and restated to read as follows:

Except as otherwise set forth in Item 4 above with respect to the 400,000 Shares that Engaged Capital Flagship Master purchased in the Offering, there have been no transactions in the securities of the Issuer by the Reporting Persons during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is hereby amended to add the following:

Engaged Capital Flagship Master entered into the Lock-up Agreement, as defined and described in Item 4 above, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On June 18, 2025, Mr. Welling received 133,567 RSUs, each of which represents a contingent right to receive one Share upon settlement for no consideration, which will be delivered to Mr. Welling following vesting. 87,413 of the RSUs will vest on the first anniversary of the grant date and 46,154 of the RSUs will vest in equal quarterly installments until the first anniversary of the grant date.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Engaged Capital Flagship Master Fund, LP

**Signature:** /s/ Glenn W. Welling

**Name/Title:** Glenn W. Welling, Founder and Chief Investment Officer of Engaged Capital, LLC, its General Partner

**Date:** 07/22/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Engaged Capital LLC

**Signature:** /s/ Glenn W. Welling

**Name/Title:** Glenn W. Welling, Founder and Chief Investment Officer

**Date:** 07/22/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Engaged Capital Holdings, LLC

**Signature:** /s/ Glenn W. Welling

**Name/Title:** Glenn W. Welling, Sole Member

**Date:** 07/22/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Welling Glenn W.

**Signature:** /s/ Glenn W. Welling

**Name/Title:** Glenn W. Welling

**Date:** 07/22/2025