[Form 4] Block, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 Overview – Redfin Corporation (RDFN)

Director David H. Lissy reported the disposal of 163,573 Redfin common shares on 1 July 2025. The transaction was not an open-market sale; the shares were automatically converted in connection with the closing of the previously announced merger between Redfin Corporation and Rocket Companies, Inc.

• Merger mechanics: Neptune Merger Sub, a wholly owned subsidiary of Rocket Companies, merged into Redfin. At the effective time, each Redfin share converted into the right to receive 0.7926 shares of Rocket Companies Class A common stock plus cash for any fractional shares.
• Shares affected: 113,573 shares held directly and 50,000 shares held via four revocable trusts (total = 163,573) were converted; Mr. Lissy now holds 0 RDFN shares.
• Ownership structure: The indirect positions were held in revocable trusts for which Mr. Lissy is the settlor; he disclaims beneficial ownership beyond his pecuniary interest.

Because Redfin became a wholly owned subsidiary of Rocket Companies, this filing mainly informs investors of the insider’s final Redfin share disposition and reconfirms the exchange ratio (0.7926) applicable to all Redfin shareholders.

Positive

• Merger consummation confirmed: Filing corroborates that the Redfin-Rocket transaction closed on 1 July 2025, eliminating deal-completion risk.
• Clear exchange ratio disclosed: Investors are reminded of the 0.7926 Rocket share conversion rate, providing certainty on consideration received.

Negative

• None.

Insights

M&A Specialist

TL;DR – Filing confirms merger close; insider receives Rocket stock, no cash sale.

The Form 4 validates that Rocket Companies’ acquisition of Redfin closed on 1 July 2025. All 163,573 shares formerly held by director David Lissy converted into 0.7926 Rocket shares per Redfin share, indicating a straight equity swap with no price renegotiation or additional consideration. There is no insider selling pressure on RDFN because the legal entity no longer trades. The transaction is routine follow-through on the merger agreement dated 9 Mar 2025 and therefore neutral to Rocket’s capital structure and valuation. Impact: administrative, not market-moving.

Corporate Governance Expert

TL;DR – Director’s filing signals end of RDFN equity, aligns insider and parent interests.

From a governance angle, Lissy’s 163,573-share conversion eliminates residual insider ownership in the dissolved public entity and aligns his equity incentives with Rocket Companies going forward. No red flags arise: the disclosure adheres to Section 16 requirements, references attorney-in-fact authority, and includes customary disclaimers. Because the disposal stems from a board-approved merger, shareholders should view it as a procedural disclosure rather than an active trading decision. Overall governance impact is neutral.

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^*

BOTHA ROELOF

(Last) (First) (Middle)

C/O SEQUOIA CAPITAL, 2800 SAND HILL ROAD

SUITE 101

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Block, Inc. [ XYZ ]

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)
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
Class A Common Stock	07/01/2025		A		294(1)	A	$0	36,124	D
Class A Common Stock								1,862	I	Sequoia Capital U.S. Growth Fund IV, L.P.(2)
Class A Common Stock								77	I	Sequoia Capital USGF Principals Fund IV, L.P.(2)
Class A Common Stock								684,741	I	By estate planning vehicle
Class A Common Stock								11,388	I	Sequoia Capital U.S. Venture Fund XV, L.P.(3)
Class A Common Stock								479	I	Sequoia Capital U.S. Venture Partners Fund XV (Q), L.P.(3)
Class A Common Stock								171	I	Sequoia Capital U.S. Venture Partners Fund XV, L.P.(3)
Class A Common Stock								1,750	I	Sequoia Capital U.S. Venture XV Principals Fund, L.P.(3)
Class A Common Stock								540,646	I	Sequoia Capital US/E Expansion Fund I, L.P.(4)
Class A Common Stock								434,405	I	SC US/E ExpansionFund I Management, L.P.(4)

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

Explanation of Responses:

1. Each share is represented by a restricted stock unit (RSU). Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock upon settlement. The RSUs were issued pursuant to the Issuer's Outside Director Compensation Policy, and 100% of the RSUs were vested as of the date of grant.

2. The Reporting Person is a director and stockholder of SC US (TTGP), Ltd. SC US (TTGP), Ltd. is the general partner of SCGF IV Management,L.P., which is the general partner of Sequoia Capital U.S. Growth Fund IV, L.P. and Sequoia Capital USGF Principals Fund IV, L.P., or collectively, the SC GFIV Funds. The Reporting Person disclaims beneficial ownership of the securities held by the SC GFIV Funds except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

3. The Reporting Person is a director and stockholder of SC US (TTGP), Ltd. SC US (TTGP), Ltd. is the general partner of SC U.S. Venture XV Management, L.P., which is the general partner of Sequoia Capital U.S. Venture Fund XV, L.P., Sequoia Capital U.S. Venture Partners Fund XV (Q), L.P., Sequoia Capital U.S. Venture Partners Fund XV, L.P. and Sequoia Capital U.S. Venture XV Principals Fund, L.P., or collectively, the SC USV XV Funds. The Reporting Person disclaims beneficial ownership of the securities held by the SC USV XV Funds except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

4. The Reporting Person is a director and stockholder of SC US (TTGP), Ltd. SC US (TTGP), Ltd. is the general partner of SC US/E Expansion Fund I Management, L.P., which is the general partner of Sequoia Capital US/E Expansion Fund I, L.P., or collectively, the SC EXPI Funds. The Reporting Person disclaims beneficial ownership of the securities held by the SC EXPI Funds except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

Remarks:

	/s/ Susan Szotek, 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

What did director David H. Lissy report in the Form 4 for RDFN?

He reported the conversion of 163,573 Redfin shares into Rocket Companies Class A shares upon merger closing on 1 July 2025.

Why were the RDFN shares disposed of rather than sold?

The shares were automatically converted under the Merger Agreement; no open-market sale occurred.

What exchange ratio applies to former RDFN shareholders?

Each Redfin share was exchanged for 0.7926 Rocket Companies Class A shares plus cash for fractional shares.

Does David Lissy still own Redfin stock after the transaction?

No. The filing shows 0 RDFN shares remaining; Redfin is now a wholly owned subsidiary of Rocket Companies.

How many shares were converted from trusts controlled by Lissy?

A total of 50,000 shares held across four revocable trusts were converted.