Jason Park - 21 Apr 2023 Form 4 Insider Report for DraftKings Inc. (DKNG)

Role
Chief Financial Officer
Signature
/s/ Faisal Hasan, attorney-in-fact
Issuer symbol
DKNG
Transactions as of
21 Apr 2023
Net transactions value
-$2,273,963
Form type
4
Filing time
25 Apr 2023, 20:36:43 UTC
Previous filing
02 Mar 2023
Next filing
10 May 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction DKNG Class A Common Stock Sale $56,463 -2,596 -0.39% $21.75 670,348 21 Apr 2023 Direct F2, F3, F6
transaction DKNG Class A Common Stock Sale $1,086,000 -50,000 -7.5% $21.72 620,348 21 Apr 2023 Direct F2, F4
transaction DKNG Class A Common Stock Sale $1,086,000 -50,000 -8.1% $21.72 570,348 21 Apr 2023 Direct F2, F5
transaction DKNG Class A Common Stock Options Exercise +4,635 +0.81% 574,983 23 Apr 2023 Direct F1
transaction DKNG Class A Common Stock Tax liability $45,500 -2,071 -0.36% $21.97 572,912 23 Apr 2023 Direct
holding DKNG Class A Common Stock 29,174 21 Apr 2023 Held by Park Family 2021 Grantor Retained Annuity Trust
holding DKNG Class A Common Stock 42,689 21 Apr 2023 Held by Park Family 2022 Grantor Retained Annuity Trust III F6
holding DKNG Class A Common Stock 70,826 21 Apr 2023 Held by Park Family 2022 Grantor Retained Annuity Trust IV
holding DKNG Class A Common Stock 100,000 21 Apr 2023 Held by Park Family 2022 Grantor Retained Annuity Trust V

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction DKNG Restricted Stock Units Options Exercise $0 -4,635 -20% $0.000000 18,539 23 Apr 2023 Class A Common Stock 4,635 Direct F1, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 No shares of Class A Common Stock were transferred or sold upon the vesting of the restricted stock units ("RSUs") other than to the Issuer to satisfy withholding taxes. The Reporting Person received the net of the 4,635 shares of Class A Common Stock underlying the RSUs listed in Table II, and 2,071 shares of Class A Common Stock withheld by the Issuer. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock.
F2 The reported sale was made pursuant to a pre-arranged program for selling shares of Class A Common Stock adopted on December 14, 2021 (as amended) pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934.
F3 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $21.42 to $22.01, inclusive. The Reporting Person has provided to the Issuer, and undertakes to provide any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnotes 3, 4, and 5 to this Form 4.
F4 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $21.36 to $22.01, inclusive. See the last sentence of footnote 3 to this Form 4 above.
F5 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $21.36 to $22.01, inclusive. See the last sentence of footnote 3 to this Form 4 above.
F6 Reflects the transfer of 57,311 Class A Common Stock to the Reporting Person previously reported as indirectly held by the Reporting Person through the Park Family 2022 Grantor Retained Annuity Trust III, of which the Reporting Person serves as the Trustee and is the sole annuitant. There was no purchase or sale of shares of Class A Common Stock in connection with the transfer.
F7 On August 11, 2020, the Reporting Person was granted 74,158 RSUs vesting quarterly over 4 years from April 23, 2020, with any RSUs scheduled to vest before September 12, 2020 vesting on September 12, 2020 and the vesting of the remaining RSUs occurring on October 23, 2020 and each quarter thereafter.