[Form 4] DoorDash, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Andy Fang, a director of DoorDash, Inc. (DASH), reported transactions dated 10/01/2025. He converted 30,000 shares of Class B common stock into Class A common stock at a 1:1 ratio and subsequently sold 30,000 Class A shares in multiple tranches under a Rule 10b5-1 trading plan adopted on March 6, 2025. The sales were executed at weighted-average prices in price bands ranging approximately from $265.48 to $271.03 per share, reported as grouped weighted averages for each tranche. Following the reported transactions, the filing shows 0 shares directly owned and 5,989,604 shares beneficially owned indirectly through The AF Living Trust UTA dated 9/4/19, for which Mr. Fang serves as trustee. The Form 4 was signed by power of attorney on 10/03/2025.

Positive

• Sales were executed under a Rule 10b5-1 trading plan adopted on March 6, 2025, indicating prearranged transactions
• Indirect beneficial ownership of 5,989,604 shares is retained via The AF Living Trust UTA dated 9/4/19

Negative

• Director's direct holdings reduced to 0 following the reported sales
• 30,000 Class A shares were sold at weighted-average prices between $265.48 and $271.03, realizing substantial liquidity

Insights

Insider Transactions Compliance Expert

Transactions used a pre-established Rule 10b5-1 plan with staggered weighted-average sale prices.

The Form 4 discloses that the reported sales of 30,000 Class A shares were effected pursuant to a Rule 10b5-1 trading plan adopted on March 6, 2025, which indicates the trades were prearranged rather than opportunistic. The filing provides weighted-average sale prices for each tranche in bands from $265.48 to $271.03, with the registrant offering to provide detailed per-trade amounts on request.

This structure is relevant for compliance review because 10b5-1 plans can provide affirmative defenses to insider trading liability when properly adopted and executed.

Corporate Governance / Investor Relations Expert

Director reduced direct holdings to 0 while retaining substantial indirect ownership through a trust.

The reporting shows the director converted 30,000 Class B shares to Class A and sold those Class A shares, resulting in 0 direct shares reported after the final tranche. Simultaneously, the filing shows 5,989,604 Class A shares beneficially owned indirectly via The AF Living Trust UTA dated 9/4/19, where Mr. Fang is trustee.

For investors, this clarifies that while direct share holdings were liquidated in the reported tranches, significant indirect economic exposure remains through the trust.

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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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).

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)
10/01/2025

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	10/01/2025		J(1)		30,000	A	$0	30,000	I	See footnote(2)
Class A Common Stock	10/01/2025		S(3)		1,259	D	$265.793(4)	28,741	I	See footnote(2)
Class A Common Stock	10/01/2025		S(3)		4,718	D	$267.04(5)	24,023	I	See footnote(2)
Class A Common Stock	10/01/2025		S(3)		11,031	D	$267.95(6)	12,992	I	See footnote(2)
Class A Common Stock	10/01/2025		S(3)		10,658	D	$268.912(7)	2,334	I	See footnote(2)
Class A Common Stock	10/01/2025		S(3)		2,134	D	$269.702(8)	200	I	See footnote(2)
Class A Common Stock	10/01/2025		S(3)		200	D	$270.985(9)	0	I	See footnote(2)
Class A Common Stock								21,282(10)	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	(11)	10/01/2025		J(1)			30,000	(11)	(11)	Class A Common Stock	30,000	$0	5,989,604	I	See footnote(2)
Class B Common Stock	(11)							(11)	(11)	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 $265.48 to $266.15 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 $266.48 to $267.47 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 $267.52 to $268.50 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 $268.52 to $269.46 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 $269.53 to $270.19 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 $270.94 to $271.03 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. Certain of these securities are represented by Restricted Stock Units.

11. 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	10/03/2025
	** 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 Andy Fang report in the Form 4 for DoorDash (DASH)?

Mr. Fang reported converting 30,000 Class B shares to Class A and selling 30,000 Class A shares on 10/01/2025 under a Rule 10b5-1 plan.

How many DoorDash shares does Andy Fang beneficially own after the transactions?

The filing shows 0 direct shares and 5,989,604 shares beneficially owned indirectly through The AF Living Trust UTA dated 9/4/19.

At what prices were the DoorDash shares sold?

Sales were reported in tranches with weighted-average prices in ranges from approximately $265.48 to $271.03 per share; each tranche lists a weighted-average sale price band in the footnotes.

When was the 10b5-1 trading plan adopted that governed these sales?

The Form 4 states the Rule 10b5-1 trading plan was adopted on March 6, 2025.

Who holds the shares indirectly for Andy Fang?

The shares are held by The AF Living Trust UTA dated 9/4/19, for which Mr. Fang serves as trustee, per the filing.