DKNG insider exercises options and executes 10b5-1 sales, retains 500,000 shares

Rhea-AI Filing Summary

DraftKings insider activity by Chief Legal Officer Dodge R Stanton on 08/05/2025: Mr. Stanton exercised stock options to acquire 66,382 shares at an exercise price of $3.29 and 38,718 shares at $2.95. He sold 104,507 shares at a weighted average price of $44.60 (sales ranged $44.00–$44.97) and 1,047 shares at a weighted average price of $45.06 (sales ranged $45.03–$45.13) under a Rule 10b5-1 plan adopted December 13, 2024.

After these transactions the reporting person beneficially owned 500,000 shares of Class A common stock. The exercised options were granted on April 18, 2018 and November 7, 2017, and footnotes state remaining options had vested. The Form 4 was signed by an attorney-in-fact on 08/07/2025.

Insights

Financial Analyst

TL;DR Insider exercised vested options and sold about 105,554 shares under a pre-arranged 10b5-1 plan, retaining 500,000 shares.

The exercise of in-the-money options at low exercise prices ($3.29 and $2.95) converted option holdings into Class A shares while a pre-established Rule 10b5-1 plan executed sales of 104,507 and 1,047 shares at weighted averages near $44.60 and $45.06 respectively. These transactions are routine compensation-related exercises and systematic divestitures; the filing does not disclose any company financial metrics or material corporate events that would change an investment thesis.

Corporate Governance Expert

TL;DR Transactions appear compliant and documented under Rule 10b5-1; exercised options were vested and sales were pre-arranged.

The Form 4 documents option exercises from grants dated 2017 and 2018 and sale activity pursuant to a 10b5-1 program adopted December 13, 2024. Footnotes explicitly disclose weighted average sale price ranges and offer to provide transaction-level details on request, which supports procedural transparency. No departures from standard disclosure practices are evident in the filing.

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^*

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)
08/05/2025

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	08/05/2025		M		66,382(1)	A	$3.29	566,836	D
Class A Common Stock	08/05/2025		M		38,718(1)	A	$2.95	605,554	D
Class A Common Stock	08/05/2025		S(2)		104,507	D	$44.6(3)	501,047	D
Class A Common Stock	08/05/2025		S(2)		1,047	D	$45.06(4)	500,000	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	$3.29	08/05/2025		M			66,382	(5)	04/18/2028	Class A Common Stock	66,382	$0.00	0	D
Stock Option	$2.95	08/05/2025		M			38,718	(6)	11/02/2027	Class A Common Stock	38,718	$0.00	1,610,682	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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.00 to $44.97, inclusive. The Reporting Person has provided to the Issuer, and undertakes to provide any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnotes 3 and 4 to this Form 4.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.03 to $45.13, inclusive. See the last sentence of footnote 3 to this Form 4 above.

5. These stock options were granted on April 18, 2018. As of the date hereof, all such remaining stock options have vested.

6. These stock options were granted on November 7, 2017. As of the date hereof, all such remaining stock options have vested.

	/s/ Faisal Hasan, attorney-in-fact	08/07/2025
	** Signature of Reporting Person	Date
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