Form 4: Executive's COOP Shares Convert to Rocket Stock Post-Merger

Carlos M. Pelayo's holdings in Maverick Merger Sub 2, LLC (COOP) were converted into Rocket Companies, Inc. stock and RSUs following a merger.

Summary

• Carlos M. Pelayo, EVP & Chief Legal Officer, reported changes in beneficial ownership of securities in Maverick Merger Sub 2, LLC (COOP).
• These changes occurred on October 1, 2025, as a result of the merger between Rocket Companies, Inc. and COOP.
• Pelayo disposed of 6,520 shares of COOP common stock, which were converted into Rocket Class A common stock at an exchange ratio of 11 Rocket shares for each COOP share.
• Additionally, 11,650 restricted stock units (RSUs) for COOP common stock were disposed of and converted into time-based RSUs for Rocket Stock, maintaining their original vesting terms.
• Following these transactions, Pelayo beneficially owns 0 shares of the original Issuer's common stock.

Sentiment

Score: 7

Explanation: The filing reports the expected completion of a merger and the conversion of executive holdings, which is a neutral to positive event indicating successful strategic execution. No negative surprises or delays are indicated.

Positives

• The merger successfully completed, indicating strategic execution.
• RSU awards were converted into Rocket Stock RSUs, preserving the value and vesting terms for the executive.

Future Outlook

The filing does not provide forward-looking statements or guidance beyond the completion of the merger and the conversion of securities.

Industry Context

This filing reflects the finalization of an acquisition in the financial services or related industry. Such mergers often lead to consolidation and changes in executive compensation structures, aligning incentives with the acquiring company.

Comparison to Industry Standards

• The conversion of shares and RSUs at a predetermined exchange ratio is standard practice in mergers and acquisitions.
• Maintaining the vesting terms for converted RSUs is a common approach to retain key personnel post-acquisition.
• The exchange ratio of 11 shares of Rocket Stock for each Issuer share indicates the valuation agreed upon in the merger. Without specific details on the pre-merger market capitalization or share price of COOP and Rocket, a direct comparison to industry benchmarks for merger premiums is not possible from this filing alone.

Stakeholder Impact

• Shareholders (of original Issuer): Received 11 shares of Rocket Class A common stock for each share held.
• Employees (with RSUs): RSU awards were converted to Rocket Stock RSUs, preserving vesting terms and value.
• Carlos M. Pelayo: His equity holdings in the acquired company were converted into equity in the acquiring company, aligning his interests with Rocket Companies.

Next Steps

• Carlos M. Pelayo will now hold Rocket Companies, Inc. Class A common stock and RSUs, subject to their respective terms.

Key Dates

Recommendation

This Form 4 filing reports the expected and completed conversion of an executive's shares and RSUs following a merger. It does not provide new financial performance data or strategic updates that would warrant a change in investment recommendation. The information is purely transactional and confirms the execution of a previously announced corporate action. Investors should base their decisions on the broader financial health and outlook of Rocket Companies, Inc., rather than this specific insider transaction report.

Keywords

Maverick Merger Sub 2, COOP, Rocket Companies, Form 4, Insider Trading, Merger, Stock Conversion, RSU Conversion, Carlos M. Pelayo, Beneficial Ownership