Dutch Bros Inc. (Form: 8-K, Received: 11/28/2022 18:53:06)

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 28, 2022

(Exact name of registrant as specified in its charter)


Delaware		001-40798	87-1041305
(State or other jurisdiction of incorporation)		(Commission File Number)	(IRS Employer Identification No.)
110 SW 4th Street
Grants Pass,	Oregon		97526
(Address of principal executive offices)			(Zip Code)

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Exchange on which Registered
Class A Common Stock, par value $0.00001 per share	BROS	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 28, 2022 (the “Effective Date”), Dutch Bros Inc., a Delaware corporation (the “Company”), announced that Christine Barone (age: 49) will be appointed to serve as President of the Company, reporting to Joth Ricci, who will continue to serve as Chief Executive Officer. Ms. Barone’s anticipated start date as President is February 6, 2023.

Ms. Barone has served as Chief Executive Officer at True Food Kitchen, a high growth restaurant and lifestyle brand, since August 2016. Prior to that, she served in various leadership roles at Starbucks Corporation.

The Company entered into a letter agreement with Ms. Barone (the “Agreement”) providing for Ms. Barone’s employment as President. Ms. Barone will receive a base salary of $625,000, a signing bonus of $900,000, and is eligible to receive an annual cash bonus of 100% of her base salary, which will be prorated in 2023. Ms. Barone will receive a cell phone and internet stipend and a monthly housing allowance of $2,000. Ms. Barone is eligible to participate in the Company’s standard benefits, subject to the terms and conditions of such plans and programs, including certain post-employment cash severance payments and other benefits pursuant to her Participation Agreement under the Company’s Amended and Restated Severance and Change in Control Plan (the “Participation Agreement”). The foregoing description of the Agreement and the Participation Agreement is not complete, and is qualified in its entirety by reference to the Agreement and the Participation Agreement, copies of which are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K.

There are no arrangements or understandings between Ms. Barone and any other persons pursuant to which she was selected as President, and there is no family relationship between Ms. Barone and any of the Company’s directors or other executive officers. Additionally, there are no transactions involving the Company and Ms. Barone that the Company would be required to report pursuant to Item 404(a) of Regulation S-K.

In connection with the aforementioned appointment, the Company will enter into its standard indemnification agreement with Ms. Barone, which form indemnification agreement is filed as Exhibit 10.2 to the Company’s Registration Statement on Form S-1 (File No. 333-258988) filed with the SEC on September 13, 2021, which requires the Company, under the circumstances and to the extent provided for therein, to indemnify the indemnitee to the fullest extent permitted by applicable law against certain expenses and other amounts incurred by the indemnitee as a result of the indemnitee being made a party to certain actions, suits, investigations and other proceedings.

Item 7.01 Regulation FD Disclosure.

On November 28, 2022, the Company issued a press release announcing the selection of Ms. Barone as President of the Company. A copy of the Company’s press release is attached hereto as Exhibit 99.1.

The information in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.


Exhibit No.						Description
10.1						Offer Letter, dated as of November 7, 2022, by and between Dutch Bros Inc. and Christine Barone
10.2						Participation Agreement, dated as of November 9, 2022, by and between Dutch Bros Inc. and Christine Barone
99.1						Press release dated November 28, 2022
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			DUTCH BROS INC.
			(Registrant)

Date:	November 28, 2022	By:	/s/ Charles L. Jemley
			Charles L. Jemley
			Chief Financial Officer

271721228 v1 November 7, 2022 Christine Barone VIA EMAIL/DOCUSIGN Re: Employment Agreement Dear Christine: We are pleased to offer you the full time position of President of Dutch Bros Inc. (the “Company”) pursuant to the terms of this letter agreement (the “Agreement”). 1. Position; Duties. You will serve as President, reporting solely to the Chief Executive Officer, working from the Company’s offices in Grants Pass. You will have the duties and responsibilities assigned by the Company and as may be reasonably assigned from time to time consistent with your position, including operations, human resources, marketing, supply chain and information technology. You agree to devote your best efforts and full business time, skill and attention to the performance of your duties. You are also required to adhere to the general employment policies and practices of the Company that may be in effect from time to time, except that when the terms of this Agreement conflict with the Company’s general employment policies or practices, this Agreement will control. The Company may change your position, duties, work location and compensation from time to time in its discretion, subject to the terms and conditions set forth herein. Your employment is scheduled to begin on February 6, 2023 (the “Start Date”). 2. Cash Compensation. a. Salary. Your annual base salary will be $625,000, less applicable deductions and withholdings, payable in accordance with the Company’s payroll practices, as may be in effect from time to time. b. Signing Bonus. Within thirty (30) days after the Start Date, the Company will pay you a one-time signing bonus equal to $900,000, less applicable deductions and withholdings (the “Signing Bonus”). If, within one year after the Start Date, you resign your employment with the Company without Good Reason (as defined in the Dutch Bros Inc. Amended and Restated Severance and Change in Control Plan (the “Severance Plan”)) or the Company terminates your employment for Cause (as defined in the Dutch Bros Inc. 2021 Equity Incentive Plan (the “Equity Plan”)), then you will be required to repay the entire Signing Bonus (on a pre- tax, gross basis) within thirty (30) days after your final day of employment with the Company. c. Annual Bonus. Each year, you will be eligible to earn an annual incentive bonus, with a target equal to 100% of your annual base salary (to be prorated for 2023). Whether you receive a bonus, and the amount of any such bonus, will be determined by the Board of Directors (the “Board”) in its sole discretion, and will be based upon achievement of performance objectives to be determined by the Board , as well as such other criteria as determined by the Board. Any annual bonus shall be paid within 30 days after the Company’s Board’s that a bonus DocuSign Envelope ID: 81F0DD99-F40F-42D6-BA6B-F085BCBF5CF1

271721228 v1 shall be awarded and in any event shall be paid by March 15 for the immediately preceding year, subject to your continued employment through such payment date. d. Long-Term Incentive Award. You will be eligible for an award of restricted stock units (“RSUs”) under the Company’s Long-Term Incentive Plan equal to $1,250,000 (the “LTIP Award”). The LTIP Award will be granted on or about March 1, 2023. 50% of the shares subject to the LTIP Award will vest two years after the date of grant and the other 50% will vest three years after the date of grant. e. Cell Phone/Internet. The Company will pay you with a monthly cell phone/internet allowance of $150. f. Housing Allowance and Travel. For the first six (6) months of your employment with the Company following the Start Date, the Company will pay you a monthly housing allowance equal to $2,000.00. In addition, the Company will reimburse your travel expenses between your home and Grants Pass for the first year of your employment. 3. Benefits. You will be eligible for the Company’s standard benefit programs, subject to the terms and conditions of such plans. The Company may, from time to time, change these benefits in its discretion. 4. Equity Award. Subject to approval by the Board, the Company will grant you a restricted stock unit award under the Equity Plan with a grant date fair value of $1,875,000 (the “RSU Award”). The RSU Award will be granted on or about March 1, 2023. 50% of the shares subject to the RSU Award will vest two years after the date of grant and the other 50% will vest three years after the date of grant, in either case, subject to your continued service with the Company through the applicable vesting date. The RSU Award will be made pursuant to the terms and conditions of the Equity Plan and will be governed in all respects by the terms of the Equity Plan, and the related grant notice and restricted stock unit agreement. 5. At Will Employment; Severance. Your employment with the Company will be “at-will.” This means that either you or Company may terminate your employment at any time, with or without Cause (as defined in the Equity Plan), and with or without advance notice. You will be eligible for participation in the Company’s Severance Plan, and your Participation Agreement under the Severance Plan is attached hereto as Exhibit A. 6. Confidentiality Obligations. As a condition of your employment, you must sign and abide by the employee confidentiality and inventions assignment agreement attached hereto as Exhibit B. 7. Contingencies. Your employment with the Company is contingent upon satisfactory results of a background check to be completed, as well as verification of your legal authorization to be employed in the United States. 8. Arbitration. To ensure the timely and economical resolution of disputes that may arise between you and the Company, both you and the Company mutually agree that pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by applicable law, DocuSign Envelope ID: 81F0DD99-F40F-42D6-BA6B-F085BCBF5CF1

271721228 v1 you will submit solely to final, binding and confidential arbitration any and all disputes, claims, or causes of action arising from or relating to: the negotiation, execution, interpretation, performance, breach or enforcement of this Agreement; or your employment with the Company (including but not limited to all statutory claims); or the termination of your employment with the Company (including but not limited to all statutory claims). BY AGREEING TO THIS ARBITRATION PROCEDURE, BOTH YOU AND THE COMPANY WAIVE THE RIGHT TO RESOLVE ANY SUCH DISPUTES THROUGH A TRIAL BY JURY OR JUDGE OR THROUGH AN ADMINISTRATIVE PROCEEDING. The Arbitrator will have the sole and exclusive authority to determine whether a dispute, claim or cause of action is subject to arbitration under this section and to determine any procedural questions which grow out of such disputes, claims or causes of action and bear on their final disposition. All claims, disputes, or causes of action under this section, whether by you or the Company, must be brought solely in an individual capacity, and will not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other person or entity. The Arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding sentences in this paragraph are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class will proceed in a court of law rather than by arbitration. Any arbitration proceeding under this Arbitration section will be presided over by a single arbitrator and conducted by JAMS, Inc. (“JAMS”) under the then applicable JAMS rules for the resolution of employment disputes (available upon request and also currently available at http://www.jamsadr.com/rules-employment-arbitration/). You and the Company both have the right to be represented by legal counsel at any arbitration proceeding, at each party’s own expense. The Arbitrator will: (a) have the authority to compel adequate discovery for the resolution of the dispute; (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award; and (c) be authorized to award any or all remedies that you or the Company would be entitled to seek in a court of law. The Company will pay all JAMS arbitration fees in excess of the amount of court fees that would be required of you if the dispute were decided in a court of law. This section will not apply to any action or claim that cannot be subject to mandatory arbitration as a matter of law to the extent such claims are not permitted by applicable law to be submitted to mandatory arbitration and such applicable law is not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the “Excluded Claims”). Nothing in this section is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any final award in any arbitration proceeding hereunder may be entered as a judgment in the federal and state courts of any competent jurisdiction and enforced accordingly. 9. Miscellaneous. This Agreement (including the agreements referenced herein) is the complete and exclusive statement of your agreement with the Company on the subject matters herein, and supersedes and replaces any and all prior agreements or representations with regard to the subject matter hereof, whether written or oral. It is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified, amended or extended except in a writing signed by you and a member of the Board. This Agreement is intended to bind and inure to the benefit of and be enforceable by you and the Company, and our respective successors, assigns, heirs, executors and administrators, except that DocuSign Envelope ID: 81F0DD99-F40F-42D6-BA6B-F085BCBF5CF1

271721228 v1 you may not assign any of your duties or rights hereunder without the express written consent of the Company. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced as if such invalid, illegal or unenforceable provisions had never been contained herein. This Agreement and the terms of your employment with the Company will be governed in all aspects by the laws of the State of Oregon. If you have any questions about this Agreement, please do not hesitate to call me. Best regards, Joth Ricci Chief Executive Officer Exhibit A: Participation Agreement Exhibit B: Employee Confidentiality Agreement ACCEPTED AND AGREED: Christine Barone Date: _________________________ DocuSign Envelope ID: 81F0DD99-F40F-42D6-BA6B-F085BCBF5CF1 November 9, 2022

277299219 v2 APPENDIX A PARTICIPATION AGREEMENT Name: Christine Barone Section 1. ELIGIBILITY. You have been designated as eligible to participate in the Dutch Bros Inc. Amended and Restated Severance and Change in Control Plan (the “Plan”), a copy of which is attached to this Participation Agreement (the “Participation Agreement”). Capitalized terms not explicitly defined in this Participation Agreement but defined in the Plan shall have the same definitions as in the Plan. You will receive the benefits set forth below if you meet all the eligibility requirements set forth in the Plan, including, without limitation, executing the required Release within the applicable time period set forth therein and allowing such Release to become effective in accordance with its terms. Notwithstanding the schedule for provision of benefits as set forth below, the schedule and timing of payment of any benefits under this Participant Agreement is subject to any delay in payment that may be required under Section 5 of the Plan. Section 2. CHANGE IN CONTROL SEVERANCE BENEFITS. If you are terminated in a Covered Termination (other than as a result of your death or Disability) that occurs during the Change in Control Period, you will receive the severance benefits set forth in this Section 2. All severance benefits described herein are subject to standard deductions and withholdings. (a) Base Salary. You shall receive a cash payment in an amount equal to 24 months (the “Severance Period”) of payment of your Base Salary. The Base Salary payment will be paid to you in a lump sum cash payment no later than the second regular payroll date following the later of (i) the effective date of the Release or (ii) the Closing, but in any event not later than March 15 of the year following the year in which your Separation from Service occurs. (b) Annual Target Bonus Payment. You will be entitled to 100% of your Target Bonus for the year in which your Covered Termination occurs. The amount of the Target Bonus to which you are entitled under this Section 2(b) will be calculated (1) assuming all articulated performance goals for such bonus (including, but not limited to, corporate and individual performance, if applicable), for the year of the Covered Termination were achieved at target levels; (2) as if you had provided services for the entire year for which the bonus relates; and (3) ignoring any reduction in your Base Salary that would give rise to your right to resignation for Good Reason (such bonus to which you are entitled under this Section 2(b), the “Annual Target Bonus Severance Payment”). The Annual Target Bonus Severance Payment shall be paid in a lump sum cash payment no later than the second regular payroll date following the later of (i) the effective date of the Release or (ii) the Closing, but in any event not later than March 15 of the year following the year in which your Separation from Service occurs. (c) Payment of Continued Group Health Plan Benefits. If you timely elect continued group health plan continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) following your Covered Termination date, the Company Group shall pay directly to the carrier the full amount of your COBRA premiums on behalf of you for your continued coverage under the Company Group’s health plans, including coverage for your eligible dependents, until the earliest of (i) the date that is 18 months following the date of your Covered Termination, (ii) the expiration of your eligibility for the continuation coverage under COBRA, or (iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment (such period from DocuSign Envelope ID: 81F0DD99-F40F-42D6-BA6B-F085BCBF5CF1

277299219 v2 your termination date through the earliest of (i) through (iii), the “COBRA Payment Period”). Upon the conclusion of such period of insurance premium payments made by the Company Group, you will be responsible for the entire payment of premiums (or payment for the cost of coverage) required under COBRA for the duration of your eligible COBRA coverage period, if any. For purposes of this Section, (1) references to COBRA shall be deemed to refer also to analogous provisions of state law and (2) any applicable insurance premiums that are paid by the Company Group shall not include any amounts payable by you under an Internal Revenue Code Section 125 health care reimbursement plan, which amounts, if any, are your sole responsibility. You agree to promptly notify the Company Group as soon as you become eligible for health insurance coverage in connection with new employment or self-employment. Notwithstanding the foregoing, if at any time the Company Group determines, in its sole discretion, that it cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of paying COBRA premiums directly to the carrier on your behalf, the Company Group will instead pay you on the last day of each remaining month of the COBRA Payment Period a fully taxable cash payment equal to the value of your monthly COBRA premium for the first month of COBRA coverage, subject to applicable tax withholding (such amount, the “Special Severance Payment”), such Special Severance Payment to be made without regard to your election of COBRA coverage or payment of COBRA premiums and without regard to your continued eligibility for COBRA coverage during the COBRA Payment Period. Such Special Severance Payment shall end upon expiration of the COBRA Payment Period. (d) Equity Acceleration. The vesting and exercisability of each outstanding unvested stock option and other stock award, as applicable, that you hold covering the Company Group’s equity securities (including any equity securities assumed, substituted or continued by the Company’s successor in connection with the Change in Control) as of the date of your Covered Termination (each, an “Equity Award”) shall be accelerated in full and any reacquisition or repurchase rights held by the Company Group (or its successor) in respect of the equity securities issued pursuant to any Equity Award granted to you shall lapse in full. For purposes of determining the number of shares that will vest pursuant to the foregoing provision with respect to any performance-based vesting Equity Award that has multiple vesting levels depending upon the level of performance, vesting acceleration shall occur with respect to the number of shares subject to the award as if the applicable performance criteria had been attained at 100% of the target level. To the extent your Covered Termination occurs prior to the Change in Control, the acceleration set forth in this Section 2(e) shall be contingent and effective upon the Change in Control, and your Equity Awards will remain outstanding following your Covered Termination to give effect to such acceleration as necessary. Such equity acceleration described in this Section 2(e), the “Equity Award Acceleration”. Section 3. NON-CHANGE IN CONTROL SEVERANCE BENEFITS. If you are terminated in a Covered Termination (other than as a result of your death or Disability) that occurs at a time that is not during the Change in Control Period, you will receive: (a) You shall receive cash payments in an amount equal to 24 months of your Base Salary and such payments shall be made in accordance with the Company Group’s regular payroll practices over the length of the Severance Period rather than in a single lump sum; and (b) If you timely elect continued group health plan continuation coverage under the COBRA following your Covered Termination date, the Company Group shall pay directly to the carrier the full amount of your COBRA premiums on behalf of you for your continued coverage under the Company Group’s health plans, including coverage for your eligible dependents, until the earliest of (i) the date that is 18 months following the date of your Covered Termination, (ii) the expiration of your eligibility for the continuation coverage under COBRA, or (iii) the date when you become eligible for substantially DocuSign Envelope ID: 81F0DD99-F40F-42D6-BA6B-F085BCBF5CF1

equivalent health insurance coverage in connection with new employment (such period from your termination date through the earliest of (i) through (iii), the “Non-Change in Control COBRA Payment Period”). Upon the conclusion of such period of insurance premium payments made by the Company Group, you will be responsible for the entire payment of premiums (or payment for the cost of coverage) required under COBRA for the duration of your eligible COBRA coverage period, if any. For purposes of this Section, (1) references to COBRA shall be deemed to refer also to analogous provisions of state law and (2) any applicable insurance premiums that are paid by the Company Group shall not include any amounts payable by you under an Internal Revenue Code Section 125 health care reimbursement plan, which amounts, if any, are your sole responsibility. You agree to promptly notify the Company Group as soon as you become eligible for health insurance coverage in connection with new employment or self- employment. Notwithstanding the foregoing, if at any time the Company Group determines, in its sole discretion, that it cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of paying COBRA premiums directly to the carrier on your behalf, the Company Group will instead pay you on the last day of each remaining month of the Non-Change in Control COBRA Payment Period a fully taxable cash payment equal to the value of your monthly COBRA premium for the first month of COBRA coverage, subject to applicable tax withholding (such amount, the “Non-Change in Control Special Severance Payment”), such Non-Change in Control Special Severance Payment to be made without regard to your election of COBRA coverage or payment of COBRA premiums and without regard to your continued eligibility for COBRA coverage during the Non-Change in Control COBRA Payment Period. Such Non-Change in Control Special Severance Payment shall end upon expiration of the Non-Change in Control COBRA Payment Period. In no event shall you be entitled to benefits under both Section 2 and this Section 3. If you are eligible for severance benefits under both Section 2 and this Section 3, you shall receive the benefits set forth in Section 2 and such benefits shall be reduced by any benefits previously provided to you under Section 3. Section 4. ACKNOWLEDGEMENTS; INTERACTION WITH PRIOR BENEFITS. As a condition to participation in the Plan, you hereby acknowledge each of the following: (a) The benefits that may be provided to you under this Participation Agreement are subject to certain reductions and termination under Section 2 and Section 3 of the Plan. (b) Your eligibility for and receipt of any severance benefits to which you may become entitled as described in Section 2, Section 3 or Section 4 above is expressly contingent upon your execution of and compliance with the terms and conditions of the Plan, the Release and the Confidentiality Agreement. Severance benefits under this Participation Agreement shall immediately cease in the event of your violation of the provisions of Confidentiality Agreement or any other written agreement with the Company Group. (c) As further described in Section 2(c) of the Plan, this Participation Agreement and the Plan supersede and replace any change in control or severance benefits previously provided to you, if any, and by executing below you expressly agree to such treatment. To accept the terms of this Participation Agreement and participate in the Plan, please sign and date this Participation Agreement in the space provided below and return it to Victoria Tullett, Corporate Secretary, no later than November 7, 2022. 277299219 v2 DocuSign Envelope ID: 81F0DD99-F40F-42D6-BA6B-F085BCBF5CF1

277299219 v2 Dutch Bros Inc. By: Joth Ricci Chief Executive Officer Eligible Employee Christine Barone Date: DocuSign Envelope ID: 81F0DD99-F40F-42D6-BA6B-F085BCBF5CF1 November 9, 2022

Industry Veteran Christine Barone Named President at Dutch Bros Inc.

GRANTS PASS, OREGON - November 28, 2022 - Dutch Bros Inc. (NYSE: BROS; “Dutch Bros” or the “Company”) one of the fastest-growing brands in the food service and restaurant industry in the United States by location count, today announced that it will name Christine Barone as President. Ms. Barone will begin in Q1 2023 and report to Joth Ricci, who will remain in his leadership role as CEO.

Ms. Barone has worked in the food service and beverage industries for more than a decade and most recently served as Chief Executive Officer at True Food Kitchen, a high growth restaurant and lifestyle brand, since August 2016. Prior to that, she served in various leadership roles at Starbucks. Earlier in her career, she held positions with Bain & Company and Raymond James. She holds a BA in Applied Mathematics and an MBA from Harvard University.

As President of Dutch Bros, Ms. Barone will spearhead company operations as the brand continues to scale towards its goal of 4,000 shops in the next 10 to 15 years. Her hands-on leadership, deep knowledge of the coffee and service industries, and digital marketing expertise will be crucial in Dutch Bros’ next phase of growth.

“We’re pleased to welcome Christine to our team. She’s a well-respected industry leader known for her incredible strategic and operational skills,” Ricci said. “As we look to the next phase of our brand story, we’re committed to bringing in best-in-class leadership to help us scale and grow.”

Ms. Barone said, “I’m inspired by the vision of the co-founder and the executive leadership and excited by Dutch Bros’ future. I’m looking forward to helping the brand navigate its next phase of growth and continue making a meaningful difference in the lives of customers and employees. As a team, we will continue to build on Dutch Bros’ unique culture and celebrate the people and actions that make this company great.”

About Dutch Bros Inc.

Dutch Bros Inc. (NYSE: BROS) is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. While espresso-based beverages are still at the core of what we do, Dutch Bros now offers a wide variety of unique, customizable cold and hot beverages that delight a broad array of customers. We believe Dutch Bros is more than just the products we serve—we are dedicated to making a massive difference in the lives of our employees, customers and communities. This combination of hand-crafted and high-quality beverages, our unique drive-thru experience and our community-driven, people-first culture has allowed us to successfully open new shops and continue to share the “Dutch Luv” at 641 locations across 14 states as of September 30, 2022.

To learn more about Dutch Bros, visit www.dutchbros.com, follow Dutch Bros Coffee on Instagram, Facebook, Twitter, and TikTok, and download the Dutch Bros app to earn points and score rewards!

Dutch Bros, our Windmill logo (

), and our other registered and common law trade names, trademarks and service marks are the property of Dutch Bros Inc. All other trademarks, trade names and service marks appearing in this Press Release are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Press Release may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

Dutch Bros Inc. | Exhibit 99.1 | 1


For Investor Relations inquiries:
Raphael Gross
ICR
(203) 682-8253
investors@dutchbros.com

For Media Relations inquiries:
Jessica Liddell
ICR
(203) 682-8208
jessica.liddell@icrinc.com

Dutch Bros Inc. | Exhibit 99.1 | 2