Boersma Travis 4

What Happened
Travis Boersma, reported as a 10% owner, converted a total of 9,900,000 Class A Common Units of Dutch Mafia into 9,900,000 shares of Dutch Bros Inc. (BROS) on April 27, 2026. The conversion was at $0.00 per share (no cash paid or received) — the Form 4 shows acquisitions of 6,454,800 and 3,445,200 shares and corresponding dispositions of derivative securities for the same amounts, reflecting the exchange of derivative units for common stock.

Key Details

• Transaction date: 2026-04-27; Filing date (Form 4): 2026-04-29 (appears timely, within the standard 2 business days).
• Price: $0.00 per share; total cash consideration reported = $0.
• Shares converted/received: 9,900,000 shares (6,454,800 + 3,445,200).
• Derivative securities disposed: 9,900,000 units (same amounts), reflecting conversion of the derivative interest.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes of note:
  • F1: Class A Common Units of Dutch Mafia are exchangeable 1-for-1 for Dutch Bros Class A common stock at holder discretion; no exercise price.
  • F2: Boersma is manager of certain DM Trust entities and disclaims beneficial ownership except to the extent of any pecuniary interest.
  • F3: Reported units represent Dutch Mafia Class A Common Units (the operating company).

Context
This was a conversion of exchangeable units into common stock, not an open-market purchase or sale — no cash changed hands. For retail investors: conversions like this reflect structural ownership changes (unit-to-share exchanges) rather than a straightforward buy or sell signal by management. As a reported 10% owner and manager of related entities, Boersma’s filing includes disclaimers about beneficial ownership; the filing does not, by itself, indicate intent to trade shares in the market.