As previously announced, pursuant to the transition plan approved by the Board of Directors of Dutch Bros Inc., on August 4, 2023 (the ?Transition Plan?), Joth Ricci resigned from his position as Chief Executive Officer of the Company and each of its subsidiaries and all other positions he held with the Company and each of its subsidiaries, all effective December 31, 2023. Mr. Ricci?s resignation was not the result of any disagreement or dispute with the Company. Mr. Ricci will briefly serve as a Strategic Advisor to the Company, through January 2, 2024, and during such time, equity awards previously granted to Mr. Ricci will continue to vest in accordance with their terms. In accordance with the Transition Plan, on December 28, 2023, the Board appointed Christine Barone as Chief Executive Officer of the Company and its subsidiaries, in addition to her position as President of the Company and its subsidiaries, effective January 1, 2024, to serve until her successor has been duly appointed, or until her earlier death, resignation, or removal.

Ms. Barone, age 50, has served as President of the Company and its subsidiaries since February 2023. 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, from August 2016 to February 2023. Prior to that, she served in various leadership roles at Starbucks Corporation.

Earlier in her career, she held positions with Bain & Company and Raymond James. Since March 2020, Ms. Barone has served on the Board of Directors of Yelp Inc. Ms. Barone holds a B.A. in Applied Mathematics and an M.B.A. from Harvard University.