Form 4: DraftKings Chief Legal Officer Reports Stock Transactions
SEC Form 4
R. Stanton Dodge, Chief Legal Officer of DraftKings Inc., reports the vesting and withholding of Class A Common Stock related to Restricted Stock Units (RSUs).
Summary
- On September 1, 2024, R. Stanton Dodge, Chief Legal Officer of DraftKings Inc., reported transactions involving Class A Common Stock.
- These transactions relate to the vesting of Restricted Stock Units (RSUs).
- A portion of the shares were withheld by the issuer to satisfy tax obligations.
- Dodge directly owns 270,822 shares of Class A Common Stock following the reported transactions.
- The transactions involved the vesting of 11,029, 4,825, and 858 RSUs.
- The price per share for withholding tax purposes was $34.5.
- The reporting person still holds 110,292, 67,547, and 5,147 Restricted Stock Units.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing, reporting standard stock transactions. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency regarding the holdings and transactions of key personnel.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies, ensuring transparency in insider trading.
- Executive compensation packages often include RSUs, aligning management's interests with those of shareholders.
- The vesting schedules and tax withholding practices described are typical for RSU grants.
Stakeholder Impact
- Shareholders are informed about the stock transactions of a key executive.
- The transactions have a minimal direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| February 13, 2023 | Reporting Person was granted 190,588 RSUs vesting quarterly over four years from March 1, 2023. |
| April 28, 2023 | The vesting terms of 14,119 of such RSUs were amended to provide for vesting in equal monthly installments over one year from April 23, 2023. |
| February 12, 2024 | Reporting Person was granted 77,196 RSUs vesting quarterly over four years from March 1, 2024. |
| February 12, 2024 | Reporting Person was granted 10,293 RSUs vesting in equal monthly installments over one year from March 1, 2024. |
| September 01, 2024 | Date of the reported transactions involving Class A Common Stock and Restricted Stock Units. |
| September 04, 2024 | Date of the Form 4 filing. |
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