RDFN Form 4: Austin Ligon Adds 17K RSUs, Defers 25K Shares

Rhea-AI Filing Summary

Form 4 overview: Redfin Corporation (RDFN) filed a Form 4 disclosing insider equity transactions by director Austin Ligon. The filing covers activity on 09 June 2025 and 17 June 2025 and was signed 23 June 2025.

Key derivative transactions

• Conversion (Code M) – 09 Jun 2025: 25,423 previously granted Restricted Stock Units (RSUs) converted to phantom stock on a 1-for-1 basis. No cash consideration was involved and the shares remain deferred until the earlier of the director’s service termination or a change-in-control plus 60 days.
• Holding update – Phantom stock: Following the conversion, the director now holds 51,485 phantom stock units representing the right to receive an equal number of common shares on a deferred basis.
• Grant (Code A) – 17 Jun 2025: The director was awarded 17,080 new RSUs. These units vest on 06 Jun 2026 and will settle in common stock on a 1-for-1 basis upon vesting.

Ownership impact: The filing shows no open-market purchases or sales of Redfin common stock; all activity relates to equity compensation and deferral elections. After the reported transactions, the director directly holds 17,080 unvested RSUs and 51,485 phantom stock units, indicating continued alignment with shareholder value but no immediate change to the public share float.

Investor takeaway: The transactions appear routine for board compensation and do not signal bullish or bearish sentiment. No price data or cash proceeds were disclosed, and the company’s capital structure and earnings outlook remain unaffected.

Insights

Corporate Governance Expert

TL;DR: Routine equity compensation; no share sales; neutral impact.

The Form 4 details standard board compensation mechanics. A prior RSU grant vested and, per a deferred-settlement election, became phantom stock (25,423 units). Separately, the board awarded 17,080 new RSUs that vest in 2026. No open-market trading occurred, so supply-demand dynamics are unchanged. Such transactions maintain director ownership incentives and comply with Rule 10b5-1 and Section 16 filing rules. From a governance and valuation standpoint, this is a neutral, non-material 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

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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^*

Ligon Austin

(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		25,423	(2)	06/06/2034	Common Stock	25,423	$0	0	D
Phantom Stock	(1)	06/09/2025		M	V	25,423		(1)	(1)	Common Stock	25,423	$0	51,485	D
Restricted Stock Unit	(3)	06/17/2025		A		17,080		(4)	06/17/2035	Common Stock	17,080	$0	17,080	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 9, 2025. 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

What insider transaction did Redfin (RDFN) report on June 17, 2025?

The company granted Director Austin Ligon 17,080 new Restricted Stock Units (RSUs) on 17 June 2025.

How many RSUs converted to phantom stock in the June 9, 2025 transaction?

25,423 RSUs converted to phantom stock on 09 June 2025 under Code M.

When will the newly issued RSUs to Austin Ligon vest?

The 17,080 RSUs will vest on 06 June 2026 and settle 60 days after termination of service or a change in control.

Did the filing include any open-market purchase or sale of Redfin shares?

No. All reported activity involves derivative equity awards; there were no market transactions.

What is Austin Ligon’s total phantom stock holding after the reported transactions?

He now holds 51,485 phantom stock units, each representing a right to one share of common stock.