Form 4: Walden's RSU vesting and annual grant at DraftKings (DKNG)

Rhea-AI Filing Summary

Walden Marni M, a director of DraftKings Inc. (DKNG), reported equity compensation activity dated 08/05/2025. On that date 417 restricted stock units (RSUs) vested and were issued in lieu of a quarterly cash retainer; no shares were sold or transferred upon vesting. In addition, she received an annual grant of 5,562 RSUs that was granted on August 5, 2025 and will vest in full on the earlier of the issuer's 2026 annual meeting or the first anniversary of the grant. Each RSU represents a contingent right to receive one share of Class A Common Stock. Following these reported transactions, her beneficial ownership of Class A Common Stock is listed as 191,134 shares.

Positive

• 417 RSUs vested and were issued in lieu of a quarterly cash retainer (no shares sold or transferred upon vesting)
• 5,562 RSUs granted as the annual equity award with clear vesting conditions
• Beneficial ownership reported at 191,134 Class A shares following the reported transactions

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received routine equity compensation: vested RSUs and an annual RSU grant with standard vesting conditions.

The Form 4 discloses a director-level compensation event rather than any change in control or transfer activity. The filing shows 417 RSUs vested (issued in lieu of a cash retainer) and an annual grant of 5,562 RSUs that vests at the earlier of the 2026 annual meeting or one year after grant. No shares were sold on vesting and the RSUs convert to one share each. Beneficial ownership after the transactions is reported as 191,134 Class A shares. This is a routine disclosure for director compensation and governance transparency.

Compensation & Equity Analyst

TL;DR: Compensation entries are standard RSU awards and vesting events; no cash-outs or disposals reported.

The report details two types of RSU activity: a grant issued in lieu of a quarterly cash retainer that vested on 08/05/2025 (417 RSUs) and an annual equity grant of 5,562 RSUs with time-locked vesting (earlier of the 2026 annual meeting or one-year anniversary). The document explicitly states that no shares were transferred or sold upon vesting. Exercise/conversion terms indicate one-for-one share delivery when RSUs settle. From a compensation accounting view, these are non-cash equity awards reflected as routine director pay.

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).

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^*

WALDEN MARNI M

(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
	Officer (give title below)		Other (specify below)

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		417	A	(1)	191,134	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
Restricted Stock Units	(1)(2)	08/05/2025		A		417(3)		(4)	(4)	Class A Common Stock	417	$0.00	417	D
Restricted Stock Units	(1)(2)	08/05/2025		M			417(3)	(4)	(4)	Class A Common Stock	417	$0.00	0	D
Restricted Stock Units	(2)	08/05/2025		A		5,562(5)		(6)	(6)	Class A Common Stock	5,562	$0.00	5,562	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").

2. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock.

3. Represents RSU grant that is being issued in lieu of a quarterly cash retainer.

4. The RSUs were granted and became fully vested on August 5, 2025.

5. Represents annual equity grant.

6. The RSUs were granted on August 5, 2025 and shall vest in full on the earlier of the Issuer's annual meeting of shareholders in 2026 and the first anniversary of the grant date.

	/s/ Faisal Hasan, attorney-in-fact	08/07/2025
	** 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 transactions did Walden Marni M report on DraftKings (DKNG) Form 4?

The Form 4 reports that on 08/05/2025 417 RSUs vested (issued in lieu of a quarterly cash retainer) and an annual grant of 5,562 RSUs was granted.

Did any shares get sold or transferred when the RSUs vested?

No. The filing states no shares were transferred or sold upon the vesting of the RSUs.

How many shares does Walden beneficially own after these transactions?

The Form 4 shows 191,134 shares of Class A Common Stock beneficially owned following the reported transactions.

What are the vesting terms for the 5,562 RSU annual grant?

The 5,562 RSUs were granted on 08/05/2025 and "shall vest in full on the earlier of the issuer's annual meeting of shareholders in 2026 and the first anniversary of the grant date."

What does each RSU represent according to the filing?

Each RSU represents a contingent right to receive one share of the issuer's Class A Common Stock.