Form 4: DraftKings Executive Paul Liberman Reports Stock Transactions
SEC Form 4
Paul Liberman, a Director and Officer at DraftKings, reports the vesting of restricted stock units and associated tax withholdings.
Summary
- On September 1, 2024, Paul Liberman, a Director and Officer at DraftKings, reported transactions involving Class A Common Stock.
- These transactions included the vesting of 22,059 and 9,649 Restricted Stock Units (RSUs).
- Shares were withheld by the issuer to satisfy tax obligations, with 10,666 and 4,666 shares withheld respectively.
- Liberman received the net shares from the RSU vesting.
- Following these transactions, Liberman directly owns 21,638 shares of Class A Common Stock and indirectly owns 2,498,483 shares through the Paul Liberman 2015 Revocable Trust, 205,962 through the Paul Liberman 2020 Trust, 213,597 through the Paul Liberman 2020 Irrevocable Trust, and 200,000 through the Rachel Nager Liberman Irrevocable Trust 2022.
- He also directly owns 220,588 and 135,093 Restricted Stock Units.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions, indicating a neutral sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies like DraftKings.
Comparison to Industry Standards
- Executive compensation practices, including the use of RSUs, are standard across the technology and gaming industries.
- Companies like Penn Entertainment and Flutter Entertainment also utilize equity-based compensation for their executives.
- The vesting schedules and tax withholding practices are typical for RSU grants.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect standard executive compensation practices.
- Employees holding RSUs may be interested in the vesting schedules and tax implications.
Key Dates
| Date | Description |
|---|---|
| 02/13/2023 | Reporting Person was granted 352,941 RSUs vesting quarterly over four (4) years from March 1, 2023. |
| 03/01/2023 | Start date for quarterly vesting of 352,941 RSUs granted on February 13, 2023. |
| 02/12/2024 | Reporting Person was granted 154,392 RSUs vesting quarterly over four (4) years from March 1, 2024. |
| 03/01/2024 | Start date for quarterly vesting of 154,392 RSUs granted on February 12, 2024. |
| 09/01/2024 | Date of reported transactions: vesting of RSUs and tax withholding. |
| 09/04/2024 | Date of signature for the Form 4 filing. |
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