Redfin Insider Filing Shows RSU Vesting Ahead of Rocket Merger

Rhea-AI Filing Summary

Redfin Corporation (RDFN) filed a Form 4 for director Julie Bornstein. On 26 June 2025, Bornstein converted 17,080 restricted stock units (RSUs) into an equal number of common shares (transaction code M). No shares were sold, and the conversion price was listed as $0, consistent with RSU settlement. Following the transaction, Bornstein now directly owns 85,722 common shares.

The RSUs vested pursuant to Redfin’s Equity Incentive Plan in connection with the pending acquisition of Redfin by Rocket Companies, Inc. (announced 9 March 2025). Because RSUs either vest or are cancelled, they now show a zero derivative balance post-conversion. The filing does not introduce new financial metrics or alter merger terms; it simply updates insider ownership in advance of the anticipated deal closing.

Insights

Financial Analyst

TL;DR: Routine RSU conversion; no shares sold, ownership rises to 85,722—neutral signal.

This Form 4 reflects a standard equity award vesting tied to the merger timeline. The absence of share sales indicates the director retains economic exposure, but the transaction itself neither adds nor subtracts cash from the company and does not affect the merger’s economics. Consequently, market impact should be minimal, serving mainly as a procedural update on insider holdings.

Corporate Governance Specialist

TL;DR: Filing confirms equity plan mechanics triggered by Rocket acquisition; governance implications unchanged.

The disclosure shows compliance with Section 16 reporting and confirms that outstanding RSUs were structured to vest upon a change-of-control milestone. Such alignment is common, ensuring directors receive earned equity before merger completion. No red flags arise regarding timing or form accuracy. Overall, it is a non-impactful, governance-routine event.

Insider Trade Summary

Net Buyer: 17,080 shares

Net Buy 2 txns

Insider Bornstein Julie

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	17,080	$0.00	$0.00
Exercise	Common Stock	17,080	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 0 shares (Direct); Common Stock — 85,722 shares (Direct)

Footnotes (3)

1. F1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis upon settlement.
2. F2. 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. F3. RSUs do not expire; they either vest or are canceled prior to the vesting date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 06/30/2025 - 09:23 PM Learn about SEC filing dates

FAQ

How many Redfin (RDFN) shares did Julie Bornstein acquire?

17,080 common shares were acquired through RSU conversion.

What transaction code appears on the Form 4?

The filing uses code M, indicating an exercise or conversion of derivative securities.

What is Julie Bornstein's total Redfin share ownership after the transaction?

She now directly owns 85,722 common shares.

Did the Form 4 report any share sales?

No. The transaction involved conversion only; no shares were sold.

What triggered the RSU vesting reported in the Form 4?

Vesting occurred in connection with the pending acquisition of Redfin by Rocket Companies, Inc.

When did the RSUs convert to common stock?

The conversion date was June 26, 2025.

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^*

Bornstein Julie

(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)	85,722	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.