[Form 4] DraftKings Inc. Insider Trading Activity

Rhea-AI Filing Summary

DraftKings Inc. director and officer Paul Liberman, through family trusts, exercised stock options and sold the resulting shares. On March 11, 2026, trusts exercised options for 484,417 shares of Class A Common Stock at an exercise price of $0.63 per share, with the exercise price and tax withholdings paid in cash.

The same day, those 484,417 shares were sold in open-market transactions at a weighted average price of about $25.16 per share, under a pre-arranged Rule 10b5-1 trading plan adopted on March 6, 2025. The filing shows Liberman continues to hold significant indirect and direct positions, including 1,669,955 shares in the Paul Liberman 2015 Revocable Trust, 213,597 shares in the Paul Liberman 2020 Irrevocable Trust, and 69,319 shares held directly.

Insights

Equity compensation and insider-trading analyst

Liberman completes option exercise-and-sell under a 10b5-1 plan while retaining sizable DraftKings exposure.

The transactions combine an option exercise with immediate sales. Trusts associated with Paul Liberman exercised options for 484,417 shares at an exercise price of $0.63, then sold the same number of shares around $25.16 per share. Footnotes confirm the exercise cost and tax withholdings were paid in cash.

The sales were executed under a pre-arranged Rule 10b5-1 plan adopted on March 6, 2025, indicating these were scheduled liquidity events rather than ad hoc market-timed trades. After these moves, Liberman-associated trusts and his direct account still report hundreds of thousands of DraftKings shares, so the filing reflects portfolio rebalancing more than an exit.

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^*

Liberman Paul

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

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	03/11/2026		M		430,547(1)	A	$0.63	2,100,502	I	Held by the Paul Liberman 2015 Revocable Trust
Class A Common Stock	03/11/2026		S(2)		430,547	D	$25.16(3)	1,669,955	I	Held by the Paul Liberman 2015 Revocable Trust
Class A Common Stock	03/11/2026		M		53,870(1)	A	$0.63	267,467	I	Held by the Paul Liberman 2020 Irrevocable Trust
Class A Common Stock	03/11/2026		S(2)		53,870	D	$25.16(4)	213,597	I	Held by the Paul Liberman 2020 Irrevocable Trust
Class A Common Stock								69,319	D
Class A Common Stock								200,000	I	Held by the Rachel Nager Liberman Irrevocable Trust - 2022
Class A Common Stock								200,000	I	Held by the Rachel Nager Liberman 2015 Revocable Trust
Class A Common Stock								100,000	I	Held by the Liberman Grantor Retained Annuity Trust of 2025

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 Options	$0.63	03/11/2026		M			430,547	(5)	03/24/2026	Class A Common Stock	430,547	$0	0	I	Held by the Paul Liberman 2015 Revocable Trust
Stock Options	$0.63	03/11/2026		M			53,870	(5)	03/24/2026	Class A Common Stock	53,870	$0	0	I	Held by the Paul Liberman 2020 Irrevocable Trust

Explanation of Responses:

1. The Reporting Person acquired shares of Class A Common Stock of the Issuer upon the exercise of stock options and paid the aggregate exercise price and the tax withholdings in cash.

2. The reported sales were made pursuant to a pre-arranged program for selling shares of Class A Common Stock adopted on March 6, 2025 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 $24.65 to $25.57, 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 $24.66 to $25.57, inclusive. See the last sentence of footnote 3 to this Form 4 above.

5. These stock options were granted on March 24, 2016. As of the date hereof, all such remaining stock options have vested.

Remarks:

President, Operations

	/s/ Faisal Hasan, attorney-in-fact	03/12/2026
	** Signature of Reporting Person	Date
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