[Form 4] DraftKings Inc. Insider Trading Activity

Rhea-AI Filing Summary

Paul Liberman, President, Global Technology and Product at DraftKings (DKNG), reported RSU vestings and related share withholdings on 09/01/2025. Three RSU grants vested, producing a total of 39,659 shares delivered to the reporting person and 19,177 shares withheld by the issuer to satisfy taxes. Concurrently, the Form 4 shows disposals of 19,177 Class A shares sold at $47.98 per share. After these transactions, Mr. Liberman directly beneficially owns 756,815 Class A shares and indirectly holds additional Class A shares through trusts totaling 1,181,319 (767,722 + 213,597 + 200,000).

Positive

• RSU vesting resulted in 39,659 net shares being delivered to the reporting person, increasing direct shareholdings.
• Clear disclosure of indirect holdings via three trusts totaling 1,181,319 Class A shares enhances transparency.

Negative

• 19,177 shares were sold (withheld) at $47.98 to satisfy taxes, reducing immediate direct liquidity exposure.

Insights

Financial Analyst

TL;DR: Insider received net RSU shares while a matching number of shares were withheld and sold to cover taxes, resulting in modest net ownership change.

The filing documents the vesting of three RSU tranches totaling 39,659 shares delivered net to the reporting person, with 19,177 shares withheld and sold at $47.98 to satisfy tax withholding. The disposals match the withheld amounts, indicating this was a tax-related sell-to-cover rather than opportunistic trading. Direct beneficial ownership is 756,815 Class A shares after transactions, supplemented by material indirect holdings held in three trusts. For investors, this is a routine compensation settlement with no new purchases or large unrelated sales that would indicate a shift in conviction.

Corporate Governance Expert

TL;DR: Transactions appear to be standard RSU vesting and issuer tax withholding; disclosure is consistent and complete.

The Form 4 clearly discloses the vesting events tied to prior RSU grants dated 2023, 2024 and 2025 and explains the share-for-tax withholding mechanism. The one-line relationship disclosure confirms the reporting person is both an officer and a director. Indirect holdings via three trusts are identified, providing transparency about control and potential concentrated ownership. There are no indications of unusual related-party transfers or deviation from customary compensation procedures in this 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).

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)
09/01/2025

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	09/01/2025		M		22,059	A	(1)	754,547	D
Class A Common Stock	09/01/2025		F		10,666	D	$47.98	743,881	D
Class A Common Stock	09/01/2025		M		9,649	A	(2)	753,530	D
Class A Common Stock	09/01/2025		F		4,666	D	$47.98	748,864	D
Class A Common Stock	09/01/2025		M		7,951	A	(3)	756,815	D
Class A Common Stock	09/01/2025		F		3,845	D	$47.98	752,970	D
Class A Common Stock								767,722	I	Held by the Paul Liberman 2015 Revocable Trust
Class A Common Stock								213,597	I	Held by the Paul Liberman 2020 Irrevocable Trust
Class A Common Stock								200,000	I	Held by the Rachel Nager Liberman Irrevocable Trust - 2022

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
Restricted Stock Units	(1)	09/01/2025		M			22,059	(4)	(4)	Class A Common Stock	22,059	$0.00	132,353	D
Restricted Stock Units	(2)	09/01/2025		M			9,649	(5)	(5)	Class A Common Stock	9,649	$0.00	96,495	D
Restricted Stock Units	(3)	09/01/2025		M			7,951	(6)	(6)	Class A Common Stock	7,951	$0.00	111,310	D

Explanation of Responses:

1. No shares of Class A Common Stock were transferred or sold upon the vesting of the restricted stock units ("RSUs") other than to the Issuer to satisfy withholding taxes. The Reporting Person received the net of the 22,059 shares of Class A Common Stock underlying the RSUs listed in Table II, and 10,666 shares of Class A Common Stock withheld by the Issuer. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock.

2. No shares of Class A Common Stock were transferred or sold upon the vesting of the RSUs other than to the Issuer to satisfy withholding taxes. The Reporting Person received the net of the 9,649 shares of Class A Common Stock underlying the RSUs listed in Table II, and 4,666 shares of Class A Common Stock withheld by the Issuer. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock.

3. No shares of Class A Common Stock were transferred or sold upon the vesting of the RSUs other than to the Issuer to satisfy withholding taxes. The Reporting Person received the net of the 7,951 shares of Class A Common Stock underlying the RSUs listed in Table II, and 3,845 shares of Class A Common Stock withheld by the Issuer. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock.

4. On February 13, 2023, the Reporting Person was granted 352,941 RSUs vesting quarterly over four (4) years from March 1, 2023.

5. On February 12, 2024, the Reporting Person was granted 154,392 RSUs vesting quarterly over four (4) years from March 1, 2024.

6. On February 10, 2025, the Reporting Person was granted 127,211 RSUs vesting quarterly over four (4) years from March 1, 2025.

Remarks:

President, Global Technology and Product

	/s/ Faisal Hasan, attorney-in-fact	09/03/2025
	** 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.
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.

FAQ

What did the DraftKings (DKNG) Form 4 filed for Paul Liberman report?

The Form 4 reports RSU vestings on 09/01/2025 delivering 39,659 shares net and 19,177 shares withheld/sold for taxes at $47.98 per share.

How many Class A shares does Paul Liberman directly own after the transactions?

After the reported transactions the filing shows 756,815 direct beneficially owned Class A shares.

Were the share disposals in the Form 4 market sales or tax withholdings?

The filing explains the disposals match the issuer withholding to satisfy taxes on RSU vesting, indicating sell-to-cover for tax purposes.

What indirect holdings are disclosed for the reporting person?

Indirect holdings include 767,722 shares held by the Paul Liberman 2015 Revocable Trust, 213,597 by the Paul Liberman 2020 Irrevocable Trust, and 200,000 by the Rachel Nager Liberman Irrevocable Trust - 2022.

Which RSU grants correspond to the vested amounts?

The filing ties vested RSUs to grants dated 02/13/2023 (352,941 RSUs), 02/12/2024 (154,392 RSUs), and 02/10/2025 (127,211 RSUs) that vest quarterly over four years.