Travis Boersma - Jan 24, 2024 Form 4 Insider Report for Dutch Bros Inc. (BROS)

Role: Executive Chairman of Board, Director, 10%+ Owner
Signature: /s/ Thomas P. Conaghan, Attorney-in-Fact for Travis Boersma
Stock symbol: BROS
Transactions as of: Jan 24, 2024
Transactions value $: $0
Form type: 4
Date filed: 1/25/2024, 09:40 PM
Previous filing: Jan 2, 2024
Next filing: Feb 26, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BROS	Class A Common Stock	Conversion of derivative security	$0	+325K	+14.82%	$0.00	2.51M	Jan 24, 2024	By DM Trust Aggregator, LLC	F1
transaction	BROS	Class A Common Stock	Conversion of derivative security	$0	+233K	+17.31%	$0.00	1.58M	Jan 24, 2024	By DM Individual Aggregator, LLC	F1
transaction	BROS	Class B Common Stock	Conversion of derivative security	$0	-325K	-0.88%	$0.00	36.5M	Jan 24, 2024	By DM Trust Aggregator, LLC	F1
transaction	BROS	Class B Common Stock	Conversion of derivative security	$0	-233K	-1.01%	$0.00	22.9M	Jan 24, 2024	By DM Individual Aggregator, LLC	F1
holding	BROS	Class B Common Stock						714K	Jan 24, 2024	By DMI Holdco LLC

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Ownership	Footnotes
transaction	BROS	Class A Common Units	Conversion of derivative security	$0	-325K	-0.88%	$0.00	36.5M	Jan 24, 2024	Class A Common Stock	325K	By DM Trust Aggregator, LLC	F1, F2
transaction	BROS	Class A Common Units	Conversion of derivative security	$0	-233K	-1.01%	$0.00	22.9M	Jan 24, 2024	Class A Common Stock	233K	By DM Individual Aggregator, LLC	F1, F2
holding	BROS	Class A Common Units						714K	Jan 24, 2024	Class A Common Stock	714K	By DMI Holdco LLC	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the Third Amended and Restated Limited Liability Company Agreement of Dutch Mafia, LLC ("Dutch Mafia"), dated September 14, 2021, Class A Common Units of Dutch Mafia, together with an equal number of shares of Class B Common Stock of the Issuer are exchangeable for shares of Class A Common Stock on a one-for-one basis at the discretion of the holder, subject to certain exceptions, conditions and adjustments. Upon such exchange, the associated shares of Class B Common Stock are surrendered and canceled by the Issuer. The Class A Common Units of Dutch Mafia and the Class B Common Stock of the Issuer do not have an expiration date and the holders thereof are not required to pay an exercise price in connection with exchanges.
F2	Represents Class A Common Units of Dutch Mafia.

Content

Pursuant to the Third Amended and Restated Limited Liability Company Agreement of Dutch Mafia, LLC ("Dutch Mafia"), dated September 14, 2021, Class A Common Units of Dutch Mafia, together with an equal number of shares of Class B Common Stock of the Issuer are exchangeable for shares of Class A Common Stock on a one-for-one basis at the discretion of the holder, subject to certain exceptions, conditions and adjustments. Upon such exchange, the associated shares of Class B Common Stock are surrendered and canceled by the Issuer. The Class A Common Units of Dutch Mafia and the Class B Common Stock of the Issuer do not have an expiration date and the holders thereof are not required to pay an exercise price in connection with exchanges.

Represents Class A Common Units of Dutch Mafia.