Travis Boersma - Apr 19, 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: Apr 19, 2024
Transactions value $: $0
Form type: 4
Date filed: 4/23/2024, 12:37 PM
Previous filing: Mar 22, 2024
Next filing: May 13, 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	+1.15M	+109.43%	$0.00	2.2M	Apr 19, 2024	By DM Trust Aggregator, LLC	F1
transaction	BROS	Class A Common Stock	Conversion of derivative security	$0	+694K	+103.24%	$0.00	1.37M	Apr 19, 2024	By DM Individual Aggregator, LLC	F1
transaction	BROS	Class B Common Stock	Conversion of derivative security	$0	-1.15M	-3.16%	$0.00	35.3M	Apr 19, 2024	By DM Trust Aggregator, LLC	F1
transaction	BROS	Class B Common Stock	Conversion of derivative security	$0	-694K	-3.03%	$0.00	22.2M	Apr 19, 2024	By DM Individual Aggregator, LLC	F1
holding	BROS	Class B Common Stock						714K	Apr 19, 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	-1.15M	-3.16%	$0.00	35.3M	Apr 19, 2024	Class A Common Stock	1.15M	By DM Trust Aggregator, LLC	F1, F2
transaction	BROS	Class A Common Units	Conversion of derivative security	$0	-694K	-3.03%	$0.00	22.2M	Apr 19, 2024	Class A Common Stock	694K	By DM Individual Aggregator, LLC	F1, F2
holding	BROS	Class A Common Units						714K	Apr 19, 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, the operating company of the Issuer.

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, the operating company of the Issuer.