Robinhood Founder Boosts Voting Stake After 4.15M PSU Vesting

Rhea-AI Filing Summary

Robinhood Markets, Inc. (HOOD) – Form 4 filing for CEO & Co-Founder Vladimir Tenev

On 18 June 2025 Mr. Tenev settled 4,149,549 market-based performance stock units (PSUs) that convert one-for-one into Class A common stock after the company met the $50.75 share-price milestone. Immediately upon settlement, 2,105,333 shares were withheld by the company to satisfy statutory tax obligations (transaction code F at an indicated price of $78.35). No open-market sale occurred.

The remaining 2,044,216 Class A shares were exchanged into 2,044,216 Class B shares on 20 June 2025 under a pre-IPO equity exchange right (transaction code D). Class B shares carry 10-to-1 voting power versus Class A and are convertible back at the holder’s election or upon specified events. After these transactions, Mr. Tenev directly owns 48,117,360 derivative securities (largely PSUs/RSUs) and 6,915,914 unexercised PSUs; he also reports 6,907 Class A shares held indirectly through a living trust.

Key takeaways for investors: (1) The filing reflects achievement of a significant share-price target in the 2019 PSU grant, suggesting alignment with shareholder value creation. (2) All share movements were either tax-related or designed to preserve the founder’s voting control; no discretionary selling into the open market occurred. (3) While 2.1 million shares were withheld (slightly dilutive), the net economic stake of the CEO increased through the addition of Class B shares.

Positive

• 4.15 million PSUs vested, indicating HOOD met the $50.75 share-price performance goal.
• No open-market sale; CEO retained economic exposure, suggesting confidence in future performance.
• Conversion to high-vote Class B reinforces long-term strategic alignment and founder commitment.

Negative

• 2.10 million shares were surrendered for tax withholding, creating minor dilution of the Class A float.

Insights

Corporate Governance Specialist

TL;DR: Founder boosts voting stake by converting 2.0 M shares to Class B; no open-market sale—neutral governance impact.

The vesting of 4.15 M PSUs confirms the board-approved, market-price-linked incentive plan is working as intended. Converting the residual Class A shares into high-vote Class B aligns with Robinhood’s dual-class structure, further entrenching founder control until at least 2036. Because the transaction was pre-scheduled via the equity exchange right adopted at IPO, it should not raise new governance red flags. Investors should note a marginal dilution (≈2.1 M shares) from tax withholding, but no cash sales occurred. Overall impact on voting dynamics is modest given Mr. Tenev already held a controlling stake.

Portfolio Manager

TL;DR: PSU milestone hit shows stock strength; insider keeps shares—signal leans mildly positive for HOOD holders.

The $50.75 VWAP hurdle was meaningful and implies sustained share-price performance. Management did not monetize shares; instead, tax withholding was handled internally, and the remainder was converted into Class B, indicating commitment. From a flow perspective, the 2.1 M withheld shares add marginal supply but are already in treasury, lessening market pressure. No selling plus achievement of a tough PSU tranche is an incremental vote of confidence but not a catalyst in itself. I classify the event as non-impactful to near-term price, yet constructive for long-term alignment.

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^*

Tenev Vladimir

(Last) (First) (Middle)

C/O ROBINHOOD MARKETS, INC.

85 WILLOW ROAD

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Robinhood Markets, Inc. [ HOOD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive 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		4,149,549	A	(1)	4,149,549	D
Class A Common Stock	06/18/2025		F		2,105,333(2)	D	$78.35	2,044,216	D
Class A Common Stock	06/18/2025		D(3)		2,044,216	D	(3)	0	D
Class A Common Stock								6,907	I	By Living Trust

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
Market-Based Performance Stock Units	(4)	06/18/2025		M			4,149,549	(4)	12/31/2025	Common Stock	4,149,549	$0	6,915,914	D
Class B Common Stock	(5)	06/20/2025		A(3)		2,044,216		(5)	(5)	Class A Common Stock	2,044,216	(3)	48,117,360	D

Explanation of Responses:

1. Performance stock units ("PSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.

2. Represents shares withheld by Robinhood Markets, Inc. ("Robinhood") to satisfy tax withholding obligations in connection with the vesting and settlement of 4,149,549 PSUs and does not represent a sale by the Reporting Person.

3. In connection with Robinhood's initial public offering ("IPO"), Robinhood entered into an equity exchange right agreement with the Reporting Person and related entities. Pursuant to the equity exchange right agreement, the Reporting Person has a right (an "Equity Exchange Right") to require Robinhood to exchange, for shares of Class B Common Stock, any shares of Class A Common Stock received by him upon the vesting and settlement of restricted stock units ("RSUs"). The Equity Exchange Right applies only to RSUs granted to the Reporting Person prior to the closing of Robinhood's IPO on July 29, 2021. Such RSUs include the PSUs that settled on June 18, 2025 for 2,044,216 shares of Class A Common Stock and for which the Reporting Person has exercised his right to require Robinhood to exchange for shares of Class B Common Stock on a one-for-one basis pursuant to the equity exchange right agreement.

4. On October 8, 2019, the Reporting Person was granted 13,831,829 PSUs under Robinhood's Amended and Restated 2013 Stock Plan. Portions of the award become eligible to vest based on share-price goals of $30.45 (20% portion), $50.75 (30% portion), and $101.50 (50% portion). Following the IPO, these goals are tested based on our trailing 60-trading-day average daily VWAP. When a share-price goal is achieved, half of the PSUs allocated to that level vest immediately, with the other half vesting on a time-based service schedule ending on August 1, 2024, subject to the Reporting Person's continued service through the applicable share price goal achievement date. Because the time-based vesting schedule has been satisfied, the Reporting Person becomes vested in full in any tranche that satisfies the share price goal, subject to his continued service as of such achievement. This transaction reflects the settlement on June 18, 2025 of the 4,149,549 PSUs allocated to the $50.75 share price goal.

5. Shares of Class B Common Stock are convertible into Class A Common Stock on a one-for-one basis (a) at the holder's election, (b) upon certain transfers of such shares, or (c) in connection with the holder's death or disability in certain circumstances and, if not previously converted, will so convert at the earlier of (i) certain dates determined either by a vote of the holders of the shares of Class B Common Stock or by Robinhood's Board of Directors as described in Robinhood's Charter or (ii) August 2, 2036.

Remarks:

	/s/ Brandon Webb, attorney-in-fact for Vladimir Tenev	06/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many Robinhood (HOOD) shares did CEO Vladimir Tenev acquire on 18 June 2025?

He acquired 4,149,549 Class A shares upon PSU settlement.

Did Vladimir Tenev sell any HOOD shares in this Form 4?

No. Shares were withheld for taxes; there was no open-market sale.

Why were HOOD Class A shares converted to Class B?

Under a pre-IPO equity exchange right, 2,044,216 Class A shares were exchanged one-for-one to maintain founder voting control.

What performance metric triggered the PSU vesting?

Robinhood’s 60-day VWAP exceeded $50.75, activating the associated tranche of the 2019 PSU award.

How many derivative securities does Tenev still hold after the transactions?

He reports 48,117,360 derivative securities, plus 6,915,914 unvested PSUs.