[Form 4] Redfin Corporation Insider Trading Activity

Rhea-AI Filing Summary

Redfin Corporation (RDFN) Form 4 filing: Director Selina Tobaccowala reported the automatic conversion of 17,080 restricted stock units (RSUs) into an equal number of common shares on 26 Jun 2025. The RSUs vested under the company’s Equity Incentive Plan in connection with the pending acquisition of Redfin by Rocket Companies, Inc. per the merger agreement dated 9 Mar 2025. Following the transaction, Tobaccowala’s direct ownership rises to 173,400 common shares. No cash was exchanged (transaction code “M”; derivative price $0), and all derivative RSUs related to this grant are now exhausted. The filing signals that change-of-control provisions are being honored and that the merger process is advancing, but the share amount is immaterial to Redfin’s overall share count and has negligible dilution impact.

Positive

• Merger progress confirmed: RSU acceleration indicates Rocket–Redfin acquisition steps are proceeding as scheduled.
• Insider alignment: Director now holds 173,400 shares, maintaining skin in the game post-vesting.

Negative

• None.

Insights

Corporate Governance Analyst

TL;DR: Routine RSU vesting confirms merger milestones; limited share count, neutral valuation impact.

The filing shows a standard change-of-control acceleration clause: 17,080 RSUs vested for Director Tobaccowala once the Rocket Companies takeover reached a qualifying milestone. Such vesting aligns with typical board compensation structures and suggests the merger timeline is on track. The resulting ownership of 173,400 shares modestly strengthens insider alignment but represents less than 0.2% of shares outstanding, posing minimal dilution. There are no open-market sales or purchases, so market supply remains unchanged. Overall, the event is administratively important yet financially immaterial.

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^*

Tobaccowala Selina

(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)
06/26/2025

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
Common Stock	06/26/2025		M		17,080	A	(1)	173,400	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 Unit	(1)	06/26/2025		M			17,080	(2)	(3)	Common Stock	17,080	$0	0	D

Explanation of Responses:

1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis upon settlement.

2. These RSUs vested on June 26, 2025 pursuant to the terms of Redfin Corporation's ("the Company") Equity Incentive Plan in connection with the pending acquisition of the Company by Rocket Companies, Inc. ("Parent") pursuant to the Agreement and Plan of Merger, dated March 9, 2025, by and among the Company, Parent and Neptune Merger Sub, Inc., a wholly owned subsidiary of Parent.

3. RSUs do not expire; they either vest or are canceled prior to the vesting date.

Remarks:

	/s/ Anthony Kappus, attorney-in-fact	06/30/2025
	** 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 shares did Director Selina Tobaccowala acquire on 26 Jun 2025?

17,080 common shares were acquired through RSU conversion.

What is the total Redfin (RDFN) ownership of Selina Tobaccowala after the Form 4 transaction?

The director now directly owns 173,400 shares of RDFN.

Why did the RSUs vest for Redfin's director?

The RSUs vested due to change-of-control provisions tied to Redfin’s pending acquisition by Rocket Companies, Inc.

Was any cash paid for the 17,080 shares in this filing?

No. Transaction code "M" and a $0 derivative price indicate a non-cash conversion.

Does the Form 4 suggest insider buying or selling of RDFN shares on the open market?

No. It reflects an equity award vesting, not an open-market transaction.