[Form 4] Redfin Corporation Insider Trading Activity

Rhea-AI Filing Summary

Redfin Corporation (RDFN) - Form 4 filing dated 06/23/2025 reports insider activity by director David H. Lissy.

• 06/09/2025 – RSU/Phantom stock conversion (Code M): 29,275 restricted stock units (RSUs) converted on a one-for-one basis into common stock. Delivery of the shares is deferred until 60 days after the earlier of Mr. Lissy’s service termination or a change-in-control. During the deferral period, the holdings are reflected as phantom stock.
• 06/17/2025 – New RSU grant (Code A): 19,668 RSUs awarded. These units vest on 06/06/2026 and will settle 1-for-1 in common stock at that time.

Following the transactions, Mr. Lissy’s derivative holdings stand at 74,070 phantom shares from prior deferrals and 19,668 unvested RSUs. No open-market sales or purchases of common stock were reported, and ownership remains classified as direct.

The filing indicates ongoing equity-based compensation and continued alignment of the director’s interests with shareholders. No cash proceeds were involved (exercise price $0), and the transactions appear routine under the company’s compensation and deferral programs.

Positive

• Director increased derivative holdings with a new 19,668-share RSU grant, indicating continued long-term alignment with shareholders.
• No shares were sold; the insider’s economic exposure to RDFN equity remains intact or higher.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine RSU conversion & new grant; no sales—neutral to mildly positive signal of continued insider alignment.

The Form 4 shows a standard equity award cycle. The 29,275-share RSU conversion (Code M) merely shifts previously granted units into phantom stock while deferring delivery, producing no change in economic exposure. The fresh 19,668-share RSU grant vests in one year, adding to the insider’s long-term incentive. Because no shares were sold and the exercise price is zero, dilution is minimal and cashless. From a valuation viewpoint, the event is immaterial to the float size and financial statements, but investors often see additional insider ownership as a constructive governance signal.

Corporate Governance Specialist

TL;DR: Compensation mechanics only; reinforces board-level equity stake, no governance red flags detected.

The deferral mechanism complies with Rule 10b5-1 and standard Section 16 reporting. By deferring receipt until service ends or a change-in-control, the director strengthens alignment without triggering immediate taxable events. The absence of dispositions reduces optics of profit-taking. Overall, the filing reflects typical board compensation practice and should not materially sway governance risk assessments.

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^*

LISSY DAVID H

(Last) (First) (Middle)

C/O REDFIN CORPORATION

1099 STEWART STREET, SUITE 600

(Street)

SEATTLE WA 98101

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Redfin Corp [ RDFN ]

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)
06/17/2025

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

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 Unit	(1)	06/09/2025		M	V		29,275	(2)	06/06/2034	Common Stock	29,275	$0	0	D
Phantom Stock	(1)	06/09/2025		M	V	29,275		(1)	(1)	Common Stock	29,275	$0	74,070	D
Restricted Stock Unit	(3)	06/17/2025		A		19,668		(4)	06/17/2035	Common Stock	19,668	$0	19,668	D

Explanation of Responses:

1. The restricted stock units convert into common stock on a one-for-one basis upon settlement. However, the reporting person has deferred receipt of common stock until the 60th day following the earlier of (i) the reporting person's termination of service with the issuer and (ii) a change in control of the issuer. The reporting person holds phantom stock while receipt of common stock is being deferred.

2. The restricted stock units will vest on June 09, 2024. Vested shares will be delivered to the reporting person on the 60th day following the earlier of (i) the reporting person's termination of service with the issuer and (ii) a change in control of the issuer.

3. Restricted stock units convert into common stock on a one-for-one basis upon settlement.

4. The restricted stock units will vest on June 06, 2026.

Remarks:

	/s/ Anthony Kappus, attorney-in-fact	06/23/2025
	** 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

How many Redfin (RDFN) shares did Director David H. Lissy acquire on 06/17/2025?

He received 19,668 restricted stock units, vesting on 06/06/2026.

Did the Form 4 report any sale of Redfin common stock?

No. The filing shows no dispositions; only conversions and a new grant.

What happens to the 29,275 RSUs converted on 06/09/2025?

They become phantom stock and will be delivered 60 days after service ends or a change-in-control.

What is David H. Lissy’s total derivative ownership after the transactions?

He holds 74,070 phantom shares plus 19,668 unvested RSUs.

Is the transaction linked to a Rule 10b5-1 trading plan?

Yes, the form includes the checkbox indicating the activity was pursuant to Rule 10b5-1(c) conditions.