[Form 4] DoorDash, Inc. Insider Trading Activity

Rhea-AI Filing Summary

DoorDash insider activity: Director Stanley Tang converted 45,410 shares of Class B common stock into Class A common stock on 09/02/2025 and then sold those Class A shares in multiple tranches under a Rule 10b5-1 trading plan. The Form 4 reports weighted-average sale price ranges for the tranches from about $238.30 up to $244.53. After the reported transactions, Tang’s direct ownership of the converted Class A shares is shown as 0. The Form notes that Tang serves as trustee of The ST Trust, which holds shares indirectly, and that the Reporting Person beneficially owned 3,854,221 Class A common shares on an indirect basis following the derivative conversion.

Positive

• Use of a Rule 10b5-1 trading plan provides pre-established, documented trading intent and helps mitigate insider trading concerns
• Full disclosure of trustee relationship (The ST Trust) clarifies the indirect ownership structure

Negative

• Direct ownership of the converted 45,410 Class A shares was reduced to 0 following the reported sales
• Multiple sales across price bands may draw investor scrutiny about insider liquidity and timing

Insights

Corporate Governance Expert

TL;DR: Director converted Class B to Class A then executed sales under a 10b5-1 plan; indirect holdings remain substantial.

The conversion of 45,410 Class B shares to Class A and subsequent sales executed under a pre-established Rule 10b5-1 plan reflect routine liquidity management by an insider. The disclosure that the shares are held indirectly by The ST Trust, for which Tang is trustee, clarifies the ownership structure. From a governance perspective, transparency about the trading plan and the trustee relationship is appropriate, though the elimination of direct holdings in the converted tranche may attract investor attention.

Securities Analyst

TL;DR: Insider sold converted shares across several price bands totaling the converted lot; significant indirect stake remains.

The Form 4 shows a conversion of 45,410 Class B shares and multiple sales with weighted-average price ranges between approximately $238.30 and $244.53. These sales were effected pursuant to a 10b5-1 trading plan adopted on November 26, 2024. While the director’s direct position from this converted block is reduced to 0, the filing discloses continued material indirect ownership of 3,854,221 Class A shares through The ST Trust, which is relevant when assessing overall insider alignment with shareholders.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Tang Stanley

(Last) (First) (Middle)

303 2ND STREET, SOUTH TOWER

8TH FLOOR

(Street)

SAN FRANCISCO CA 94107

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DoorDash, Inc. [ DASH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/02/2025		J(1)		45,410	A	$0	45,410	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		900	D	$238.891(4)	44,510	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		300	D	$240.25(5)	44,210	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		4,000	D	$241.62(6)	40,210	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		7,116	D	$242.389(7)	33,094	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		13,442	D	$243.503(8)	19,652	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		19,652	D	$244.112(9)	0	I	See footnote(2)
Class A Common Stock								24,807	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(10)	09/02/2025		J(1)			45,410	(10)	(10)	Class A Common Stock	45,410	$0	3,854,221	I	See footnote(2)
Class B Common Stock	(10)							(10)	(10)	Class A Common Stock	7,828		7,828	D

Explanation of Responses:

1. Shares of Class B Common Stock were converted at a 1:1 ratio for a share of Class A Common Stock at the election of the Reporting Person.

2. The shares are held directly by The ST Trust under agreement dated October 2, 2019, for which the Reporting Person serves as trustee.

3. The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 26, 2024.

4. This sale price represents the weighted average sale price of the shares sold ranging from $238.30 to $239.01 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

5. This sale price represents the weighted average sale price of the shares sold ranging from $239.91 to $240.45 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

6. This sale price represents the weighted average sale price of the shares sold ranging from $240.91 to $241.90 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

7. This sale price represents the weighted average sale price of the shares sold ranging from $241.91 to $242.90 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

8. This sale price represents the weighted average sale price of the shares sold ranging from $242.91 to $243.90 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

9. This sale price represents the weighted average sale price of the shares sold ranging from $243.91 to $244.53 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

10. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

	/s/ Kimberly Hackman, by power of attorney	09/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Stanley Tang report on Form 4 for DASH?

The Form 4 reports that Stanley Tang converted 45,410 Class B shares into Class A on 09/02/2025 and sold those Class A shares in multiple tranches under a Rule 10b5-1 plan.

How many shares did Tang convert and what was the result?

Tang converted 45,410 shares of Class B into Class A at a 1:1 ratio; after reported sales the direct holdings from that converted block are shown as 0.

Were the sales part of a trading plan?

Yes. The sales were effected pursuant to a 10b5-1 trading plan adopted on November 26, 2024, as disclosed in the Form 4.

What prices were the shares sold at?

The Form discloses weighted-average sale price ranges for tranches approximately from $238.30 up to $244.53, with specific tranche ranges provided in the filing.

Does Tang still have an ownership stake in DASH after these transactions?

Yes. Although direct holdings from the converted block are shown as 0, the filing reports indirect beneficial ownership of 3,854,221 Class A shares held by The ST Trust, for which Tang is trustee.