[Form 4] Redfin Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing for Redfin Corporation (RDFN) dated 07/03/2025 records the automatic disposition of CEO Glenn Kelman’s equity holdings at the closing of Redfin’s merger with Rocket Companies, Inc.

• Common stock: 1,458,448 Redfin shares were disposed of on 07/01/2025. Each share was converted into 0.7926 shares of Rocket Class A common stock, plus cash in lieu of fractional shares, in accordance with the March 9, 2025 Merger Agreement.
• Stock options: Five separate option grants, totaling 802,824 options with exercise prices ranging from $8.10 to $27.50, were likewise disposed of. At the effective time, every Redfin option was assumed by Rocket and converted into an option for Rocket shares using the same 0.7926 exchange ratio and an adjusted strike price.
• Post-transaction holdings: The filing shows 0 Redfin common shares or options remaining under Kelman’s beneficial ownership; all interests now relate to Rocket equity.
• Context: Redfin survived the merger as a wholly owned subsidiary of Rocket. The filing is a routine Section 16 compliance step reflecting the exchange of securities, not an open-market sale.

No cash proceeds, purchase price, or new compensation arrangements are disclosed in this Form 4.

Insights

Corporate Governance Expert

TL;DR — Routine insider Form 4 records share conversion in completed merger; no directional signal.

This filing merely operationalises the equity exchange terms previously approved by shareholders on March 9, 2025. Because Mr. Kelman’s Redfin shares and options were automatically converted into Rocket securities, the disposition does not indicate voluntary selling or loss of confidence. Investors should treat the notice as a procedural compliance document rather than a new valuation driver. All underlying economic exposure has simply shifted from RDFN to RKT.

Securities Analyst

TL;DR — Neutral, non-cash disposition tied to completed acquisition; previously priced in.

The material economic terms—including the 0.7926 exchange ratio—were public for months. This Form 4 confirms closing mechanics: 1.46 million shares and ~0.8 million options roll into Rocket equity at adjusted strikes. There is no incremental information on consideration, synergies, or updated guidance. For former RDFN holders now owning RKT shares, the focus shifts to Rocket’s post-merger integration performance rather than this housekeeping disclosure.

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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X

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^*

KELMAN GLENN

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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
Common Stock	07/01/2025		D(1)		1,458,448	D	(1)	0	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
Stock Option (right to buy)(2)	$8.61	07/01/2025		D(3)			483,333	(4)	11/24/2025	Common Stock	483,333	$0	0	D
Stock Option (right to buy)(2)	$8.97	07/01/2025		D(3)			10,047	(4)	02/03/2026	Common Stock	10,047	$0	0	D
Stock Option (right to buy)(2)	$8.1	07/01/2025		D(3)			8,148	(4)	09/29/2026	Common Stock	8,148	$0	0	D
Stock Option (right to buy)(2)	$10.8	07/01/2025		D(3)			1,296	(4)	06/14/2027	Common Stock	1,296	$0	0	D
Stock Option (right to buy)(2)	$27.5	07/01/2025		D(3)			300,000	(4)	06/01/2029	Common Stock	300,000	$0	0	D

Explanation of Responses:

1. The shares were disposed of pursuant to the Agreement and Plan of Merger, dated March 9, 2025 (the "Merger Agreement"), by and among Redfin Corporation (the "Company"), Rocket Companies, Inc. ("Parent"), and Neptune Merger Sub, Inc., a wholly owned subsidiary of Parent ("Merger Sub"). Pursuant to the Merger Agreement, on July 1, 2025, Merger Sub merged with and into Company (the "Merger"), with Company surviving the Merger as a wholly owned subsidiary of Parent. At the effective time of the Merger (the "Effective Time"), each issued and outstanding share of Company's common stock, par value $0.001 per share ("Company Common Stock") was converted into the right to receive 0.7926 shares of Class A Common Stock of Parent (the "Parent Common Stock" and such ratio, the "Exchange Ratio") and cash payable in lieu of fractional shares, as described in the Merger Agreement.

2. Each stock option to purchase shares of Company Common Stock represents a contingent right to purchase one share of Company Common Stock.

3. Pursuant to the Merger Agreement, at the Effective Time, each stock option to purchase shares of Company Common Stock (a "Company Option") that was unexpired, unexercised and outstanding as of the Effective Time (whether vested or unvested) was assumed by Parent and converted into an option to acquire that number of shares of Parent Common Stock equal to (i) the number of shares subject to such Company Option as of immediately prior to the Effective Time, multiplied by (ii) the Exchange Ratio, rounded down to the nearest whole number of shares of Parent Common Stock, at an exercise price per share equal to the quotient obtained by dividing the per share exercise price of the Company Option by the Exchange Ratio, rounded up to the nearest whole cent (each, an "Assumed Option"). Each such Assumed Option is otherwise subject to the same terms and conditions as applied to the corresponding Company Option immediately prior to the Effective Time, including vesting terms.

4. The stock option is fully vested and exercisable.

Remarks:

	/s/ Anthony Kappus, attorney-in-fact	07/03/2025
	** 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

How many Redfin (RDFN) shares did CEO Glenn Kelman dispose of?

The Form 4 reports a disposition of 1,458,448 Redfin common shares on 07/01/2025.

What exchange ratio was applied to Redfin shares in the Rocket merger?

Each Redfin share was converted into 0.7926 shares of Rocket Companies Class A common stock plus cash for fractional shares.

Were Kelman’s stock options cancelled or assumed?

All outstanding Redfin options—totaling 802,824 options—were assumed by Rocket and converted to Rocket options with adjusted strike prices.

Does Glenn Kelman still hold any Redfin securities after the merger?

No. The filing shows 0 Redfin shares or options remaining; his equity exposure is now in Rocket securities.

Is the Form 4 filing an open-market sale signal?

No. The disposition was an automatic conversion triggered by the merger, not a voluntary market sale.