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DraftKings Legal Chief Cashes In Options at $39 Per Share as Stock Surges

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

DraftKings Chief Legal Officer R. Stanton Dodge reported significant insider trading activity on June 18, 2025. The transactions included:

  • Exercise of 146,149 stock options at $4.70 per share, which were originally granted on June 4, 2019
  • Sale of 158,331 shares of Class A Common Stock at $39.00 per share through a pre-arranged 10b5-1 trading plan established on December 13, 2024

Following these transactions, Dodge now holds 504,381 shares of Class A Common Stock directly and retains 119,071 stock options. The substantial sale price of $39.00 represents a significant premium compared to the $4.70 exercise price, resulting in considerable profit for the insider. The transactions were executed under a pre-planned trading program, suggesting compliance with insider trading regulations.

Positive

  • Chief Legal Officer retains significant stake of 504,381 shares (worth approximately $19.7M at $39/share) after transaction, demonstrating continued alignment with shareholders

Negative

  • None.
Insider Dodge R Stanton
Role Chief Legal Officer
Sold 158,331 shs ($6.17M)
Type Security Shares Price Value
Exercise Stock Option 146,149 $0.00 --
Exercise Class A Common Stock 146,149 $4.70 $687K
Sale Class A Common Stock 158,331 $39.00 $6.17M
Holdings After Transaction: Stock Option — 119,071 shares (Direct); Class A Common Stock — 662,712 shares (Direct)
Footnotes (1)
  1. The Reporting Person acquired shares of Class A Common Stock of the Issuer upon the exercise of stock options and payment of the aggregate exercise price in cash. The reported sale was made pursuant to a pre-arranged program for selling shares of Class A Common Stock adopted on December 13, 2024 pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934. These stock options were granted on June 4, 2019. As of the date hereof, all such remaining stock options have vested.

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FAQ

What was the stock option exercise price for DKNG shares by the CLO in June 2025?
The Chief Legal Officer exercised stock options for 146,149 shares of DKNG at an exercise price of $4.70 per share. These options were originally granted on June 4, 2019.

How many DKNG shares does Stanton own after the June 18, 2025 transactions?
Following the reported transactions, Dodge R Stanton directly owns 504,381 shares of DraftKings (DKNG) Class A Common Stock, plus 119,071 remaining stock options.

Was DKNG CLO Stanton's stock sale part of a planned trading program?
Yes, the sale was executed pursuant to a pre-arranged Rule 10b5-1 trading program that was adopted on December 13, 2024, which allows executives to sell shares according to a predetermined plan.

What was the net value of DKNG shares sold by the CLO on June 18, 2025?
The CLO sold 158,331 shares at $39 per share (approximately $6.17 million), after exercising options for 146,149 shares at $4.70 per share (approximately $687,000), resulting in a net transaction value of about $5.48 million before taxes and fees.
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*
Dodge R Stanton
(Last) (First) (Middle)
C/O DRAFTKINGS INC.
222 BERKELEY STREET, 5TH FLOOR
(Street)
BOSTON MA 02116
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
DraftKings Inc. [ DKNG ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Legal Officer
3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025
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 06/18/2025 M 146,149(1) A $4.7 662,712 D
Class A Common Stock 06/18/2025 S(2) 158,331 D $39 504,381 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
Stock Option $4.7 06/18/2025 M 146,149 (3) 06/04/2029 Class A Common Stock 146,149 $0.00 119,071 D
Explanation of Responses:
1. The Reporting Person acquired shares of Class A Common Stock of the Issuer upon the exercise of stock options and payment of the aggregate exercise price in cash.
2. The reported sale was made pursuant to a pre-arranged program for selling shares of Class A Common Stock adopted on December 13, 2024 pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934.
3. These stock options were granted on June 4, 2019. As of the date hereof, all such remaining stock options have vested.
/s/ Faisal Hasan, attorney-in-fact 06/20/2025
** 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.

Source: View Original Filing on SEC EDGAR