Director Andy Fang converts Class B to A and sells 30,000 DASH under 10b5-1 plan

Rhea-AI Filing Summary

Andy Fang, a director of DoorDash, Inc. (DASH), reported a conversion and subsequent sales of Class B/Class A common stock. The filing shows 30,000 shares of Class B stock were converted 1:1 into Class A shares and the Reporting Person sold 30,000 Class A shares under a Rule 10b5-1 trading plan. The sales occurred at weighted-average price ranges between about $238.99 and $244.62 per share across multiple transactions. The converted and remaining shares are held indirectly by The AF Living Trust, for which the Reporting Person is trustee. Certain securities reported include restricted stock units.

Positive

• Transactions executed under a Rule 10b5-1 trading plan, indicating pre-arranged trades
• Conversion disclosed explicitly: 30,000 Class B shares converted 1:1 into Class A shares
• Trust ownership disclosed: shares held by The AF Living Trust with the Reporting Person as trustee

Negative

• Insider sold 30,000 Class A shares, reducing indirect holdings to zero for the reported block
• Sales at market prices in the range of approximately $238.99 to $244.62 per share (weighted averages disclosed)

Insights

Financial Analyst

TL;DR Routine insider conversion followed by planned sales under a 10b5-1 plan; no new operational disclosures.

The Form 4 documents a straightforward 1:1 conversion of 30,000 Class B shares to Class A shares and the sale of 30,000 Class A shares executed pursuant to a Rule 10b5-1 trading plan adopted March 6, 2025. The filing discloses weighted-average sale price ranges from roughly $238.99 to $244.62 per share. Holdings are reported indirectly through The AF Living Trust, for which the reporting person serves as trustee. This is a liquidity and ownership-structure disclosure rather than an operational update.

Corporate Governance Expert

TL;DR Insider used an established 10b5-1 plan to sell converted shares; disclosures and trustee relationship are clearly stated.

The filing identifies the Reporting Person as a director and discloses the indirect ownership vehicle (The AF Living Trust UTA dated 9/4/19). Sales were effected under a pre-existing Rule 10b5-1 plan, with weighted-average price ranges provided in footnotes. The Form 4 also notes restricted stock units among reported securities. From a governance standpoint, the form provides the expected level of transparency for a director’s transactions.

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
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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^*

Fang Andy

(Last) (First) (Middle)

C/O DOORDASH, INC.

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)		30,000	A	$0	30,000	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		1,100	D	$239.079(4)	28,900	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		2,209	D	$241.676(5)	26,691	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		4,156	D	$242.405(6)	22,535	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		9,835	D	$243.492(7)	12,700	I	See footnote(2)
Class A Common Stock	09/02/2025		S(3)		12,700	D	$244.14(8)	0	I	See footnote(2)
Class A Common Stock								21,282(9)	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)			30,000	(10)	(10)	Class A Common Stock	30,000	$0	6,019,604	I	See footnote(2)
Class B Common Stock	(10)							(10)	(10)	Class A Common Stock	50,285		50,285	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 by The AF Living Trust UTA dated 9/4/19 for which the Reporting Person serves as the trustee.

3. The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan that was adopted on March 6, 2025.

4. This sale price represents the weighted average sale price of the shares sold ranging from $238.99 to $239.91 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 $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.

6. This sale price represents the weighted average sale price of the shares sold ranging from $241.91 to $242.87 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 $242.94 to $243.93 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 $243.94 to $244.62 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. Certain of these securities are represented by restricted stock units.

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).
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FAQ

Who filed the Form 4 for DoorDash (DASH)?

The Form 4 was filed by Andy Fang, identified as a director of DoorDash, Inc.

How many shares were converted and sold in the reported transactions?

The filing shows 30,000 Class B shares were converted 1:1 to Class A and 30,000 Class A shares were sold.

Were the sales part of a pre-arranged plan?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted on March 6, 2025.

At what prices were the shares sold?

Weighted-average sale price ranges are disclosed in footnotes, spanning roughly $238.99 to $244.62 per share across the transactions.

How are the remaining shares held?

The filing states shares are held indirectly by The AF Living Trust UTA dated 9/4/19, for which the Reporting Person is trustee.

Do any of the reported securities include restricted awards?

Yes. The filing notes that certain securities are represented by restricted stock units.