DASH Insider Report: Fang Converts Class B, Executes 10b5-1 Sales

Rhea-AI Filing Summary

Andy Fang, a director of DoorDash, Inc. (DASH), reported transactions dated 08/07/2025. He converted 50,000 shares of Class B common stock into 50,000 shares of Class A common stock and then sold those 50,000 Class A shares in three tranches under a Rule 10b5-1 trading plan, with reported weighted average sale prices of approximately $275.41, $276.29 and $277.43 per share.

The filing also shows a disposition of 22,545 Class A shares represented by restricted stock units (footnote) and that many shares are held indirectly through The AF Living Trust UTA dated 9/4/19 for which Fang serves as trustee. After the reported transactions the converted Class A shares were reduced to zero indirect holdings for the converted lot, while the Form shows 6,049,604 indirect shares attributable to Class B/related holdings following the reported activity.

Positive

• Use of a Rule 10b5-1 trading plan (adopted March 6, 2025) which documents pre-arranged sales and reduces potential concerns about opportunistic insider timing
• Full disclosure of conversion of 50,000 Class B shares into Class A and staged sales with weighted-average prices provided
• Identification of indirect holdings through The AF Living Trust UTA dated 9/4/19 and explicit footnotes clarifying RSU representation

Negative

• Insider dispositions totaling 50,000 Class A shares sold in three tranches on 08/07/2025 at weighted average prices of approximately $275.414, $276.292 and $277.425
• Disposition of 22,545 Class A shares represented by restricted stock units is reported (footnote 7), reducing the reporting person’s direct/indirect holdings in those lots

Insights

Financial Analyst

TL;DR: Director converted 50,000 Class B to A, sold those 50,000 shares via a 10b5-1 plan at ~$275–$277; substantial indirect holdings remain.

The filing documents a routine, pre-arranged insider sale rather than an opportunistic block trade: a 1:1 conversion of 50,000 Class B shares into Class A followed by three dispositions totaling 50,000 shares at weighted average prices of $275.414, $276.292 and $277.425. Sales were effected pursuant to a Rule 10b5-1 plan adopted March 6, 2025, which reduces likelihood of opportunistic timing. The report also indicates a separate disposition of 22,545 shares represented by restricted stock units and continued indirect exposure through The AF Living Trust, which holds a large aggregate stake (6,049,604 shares reported under derivative/indirect holdings).

Corporate Governance Expert

TL;DR: Disclosure follows standard insider reporting: conversion, 10b5-1 sales, trust holdings disclosed; transparent but notable insider selling activity.

The Form 4 provides clear disclosure of the mechanic of the transactions: conversion of Class B into Class A, sequential sales that fully disposed of the converted lot, and use of a documented 10b5-1 plan (adopted March 6, 2025). The report identifies The AF Living Trust UTA dated 9/4/19 as the indirect holder where the reporting person serves as trustee, and includes footnotes clarifying restricted stock unit representation. From a governance perspective, the filing is complete and includes weighted-average sale-price ranges and willingness to provide granular price-by-price data upon request, supporting regulatory transparency.

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^*

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)
08/07/2025

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	08/07/2025		J(1)		50,000	A	$0	50,000	I	See footnote(2)
Class A Common Stock	08/07/2025		S(3)		35,400	D	$275.414(4)	14,600	I	See footnote(2)
Class A Common Stock	08/07/2025		S(3)		11,474	D	$276.292(5)	3,126	I	See footnote(2)
Class A Common Stock	08/07/2025		S(3)		3,126	D	$277.425(6)	0	I	See footnote(2)
Class A Common Stock								22,545(7)	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	(8)	08/07/2025		J(1)			50,000	(8)	(8)	Class A Common Stock	50,000	$0	6,049,604	I	See footnote(2)
Class B Common Stock	(8)							(8)	(8)	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 $275.00 to $275.98 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 $276.01 to $276.97 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 $277.11 to $277.65 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. Certain of these securities are represented by restricted stock units.

8. 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	08/11/2025
	** 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.
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FAQ

Who filed the Form 4 for DoorDash (DASH)?

Andy Fang, a director of DoorDash; the filing was signed by Kimberly Hackman by power of attorney on 08/11/2025.

What transactions are reported on the Form 4 for DASH?

Conversion of 50,000 Class B shares into Class A and subsequent sales of those 50,000 Class A shares in three tranches on 08/07/2025 plus a reported disposition of 22,545 Class A shares represented by RSUs.

At what prices were the DASH shares sold?

Weighted average sale prices reported: approximately $275.414, $276.292 and $277.425 per share (price ranges provided in footnotes).

Were the sales part of a pre-arranged trading plan?

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

Does Andy Fang still have holdings in DoorDash after these transactions?

The filing shows the converted Class A lot was reduced to 0 indirect holdings after the sales, but also reports 6,049,604 indirect shares attributed to related Class B/indirect holdings following the activity.