DASH insider reports vested PSUs and Rule 10b5-1 share sales

Rhea-AI Filing Summary

Tony Xu, DoorDash, Inc. director and Chief Executive Officer, reported multiple transactions on 10/01/2025. A total of 518,950 Performance Share Units (PSUs) were deemed vested under performance and service conditions; settlement is deferred and expected on or about November 20, 2025. The filing shows conversion of vested PSUs into 518,950 Class A shares and exercise of a stock option for 34,166 shares at an exercise price of $7.16.

The report also discloses systematic sales executed under a Rule 10b5-1 plan adopted March 8, 2025: incremental open-market sales totaling 34,166 shares at weighted-average prices in the ranges of about $265.59–$271.08 per share. After the transactions, Mr. Xu beneficially owned 520,450 Class A shares directly and 9,341,100 shares indirectly through certain trusts.

Positive

• 518,950 PSUs vested showing achievement of stock-price performance conditions
• Sales executed under a Rule 10b5-1 plan adopted on March 8, 2025, indicating preplanned dispositions
• 34,166 stock options exercised at an exercise price of $7.16 and are fully exercisable

Negative

• Insider sold multiple lots totaling ~34,166 shares on 10/01/2025 at weighted-average prices around $265.6–$271.1, reducing direct holdings
• Large vested equity (518,950 shares) will increase share supply when settlement occurs around November 20, 2025

Insights

Corporate Governance Expert

Insider vesting and planned sales disclosed; settlement deferred to Nov 20, 2025.

The filing confirms that 518,950 PSUs vested based on stock performance and continued service, but settlement is deferred under the award agreement until around November 20, 2025. Deferred settlement preserves the company’s reported headcount of outstanding shares until that date.

The sales were executed under a pre-established Rule 10b5-1 trading plan adopted on March 8, 2025, which indicates the disposals followed an automated plan rather than ad hoc insider trading.

Equity Markets Analyst

Significant open-market sales occurred at prices roughly $265.6–$271.1 per share, reducing direct holdings.

Reported open-market disposals on 10/01/2025 include multiple lots totaling ~34,166 shares sold across price ranges with weighted-average sale prices reported per range. These sales reduced Mr. Xu’s direct Class A holdings from higher levels to 520,450 shares.

The exercise of an option for 34,166 shares at an exercise price of $7.16 increased immediately exercisable share count by that amount.

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).

1. Name and Address of Reporting Person^*

Xu Tony

(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	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF EXECUTIVE OFFICER

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		M(1)		518,950	A	$0	520,450	D
Class A Common Stock	10/01/2025		M		34,166	A	$7.16	554,616	D
Class A Common Stock	10/01/2025		S(2)		1,000	D	$266.008(3)	553,616	D
Class A Common Stock	10/01/2025		S(2)		8,728	D	$267.249(4)	544,888	D
Class A Common Stock	10/01/2025		S(2)		11,364	D	$268.128(5)	533,524	D
Class A Common Stock	10/01/2025		S(2)		10,906	D	$268.963(6)	522,618	D
Class A Common Stock	10/01/2025		S(2)		1,700	D	$269.955(7)	520,918	D
Class A Common Stock	10/01/2025		S(2)		468	D	$270.959(8)	520,450	D
Class A Common Stock								83	I	See footnote(9)

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
Performance Share Units	(10)	10/01/2025		M(1)			518,950	(11)	(11)	Class A Common Stock	518,950	$0	9,341,100	D
Stock Option (right to buy)	$7.16	10/01/2025		M			34,166	(12)	10/09/2028	Class A Common Stock	34,166	$0	1,234,140	D

Explanation of Responses:

1. Performance Share Units ("PSUs") vested upon satisfaction of certain stock price performance conditions and continued employment of the Reporting Person through such date. Settlement of the vested PSUs is deferred pursuant to the terms of the applicable award agreement until the next company vesting date, which is expected to be on or about November 20, 2025.

2. The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan that was adopted on March 8, 2025.

3. This sale price represents the weighted average sale price of the shares sold ranging from $265.59 to $266.57 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.

4. This sale price represents the weighted average sale price of the shares sold ranging from $266.64 to $267.62 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.

5. This sale price represents the weighted average sale price of the shares sold ranging from $267.64 to $268.63 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 $268.64 to $269.62 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.

7. This sale price represents the weighted average sale price of the shares sold ranging from $269.66 to $270.45 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.

8. This sale price represents the weighted average sale price of the shares sold ranging from $270.66 to $271.08 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. The shares are held by The Article 4 Trust under TXX Family Trust for which the Reporting Person serves as a trustee

10. Each PSU represents a contingent right to receive one share of Issuer Class A Common Stock.

11. The PSUs vest based on the Issuer's stock price performance over a performance period beginning on the first trading day one and one-half years following the day after the Issuer's initial public offering of Class A Common Stock and ending on November 23, 2027, subject to satisfying certain service-based conditions.

12. The shares underlying the option are fully vested and immediately exercisable.

	/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.
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FAQ

What did DoorDash (DASH) insider Tony Xu report on 10/01/2025?

The filing reports 518,950 PSUs deemed vested, settlement deferred to about November 20, 2025, exercise of 34,166 options at $7.16, and open-market sales under a Rule 10b5-1 plan.

How many shares does Tony Xu beneficially own after these transactions?

After the reported transactions, Mr. Xu beneficially owns 520,450 Class A shares directly and 9,341,100 shares indirectly.

Were the share sales preplanned or discretionary?

The sales were effected pursuant to a Rule 10b5-1 trading plan adopted on March 8, 2025.

When will the vested PSUs be settled?

Settlement of the vested PSUs is deferred and expected to occur on or about November 20, 2025.

What price did the insider pay to exercise options?

The exercised stock option had an exercise price of $7.16 for 34,166 shares.