Jason Robins - 04 Mar 2026 Form 4 Insider Report for DraftKings Inc. (DKNG)

Footnote F1

On March 4, 2026, the Reporting Person terminated a prepaid variable forward sale contract entered into on March 14, 2023 (the "2023 Contract") with an unaffiliated third party buyer, for a settlement price of $16,431,031 payable in cash by the Reporting Person, based on the closing price of the Issuer's Class A Common Stock on the Nasdaq Stock Market on March 4, 2026. The funds for such termination were obtained by the Reporting Person by entering into a new prepaid variable forward sale contract (see footnotes 5, 6, 7 and 8 below). The 2023 Contract obligated the Reporting Person to deliver to the buyer up to an aggregate of 1,293,782 shares of the Issuer's Class A Common Stock (or, at the Reporting Person's election, an equivalent amount of cash based on the market price of the Issuer's Class A Common Stock) following the maturity dates of March 4, 2026 and March 5, 2026.

Footnote F2

In exchange for entering into the 2023 Contract and assuming the obligations thereunder, the Reporting Person received a cash payment of $13,789,745 on March 16, 2023. The Reporting Person pledged 1,293,782 shares of the Issuer's Class A Common Stock (the "2023 Pledged Shares") to secure his obligations under the 2023 Contract, and retained voting rights in the 2023 Pledged Shares during the term of the pledge, but was obligated to pay to the buyer the economic benefits of dividends during the term of the pledge.

Footnote F3

The 2023 Contract was divided into two tranches, each tranche comprising 646,891 shares (the "2023 Base Amount") of the Issuer's Class A Common Stock. The number of shares of the Issuer's Class A Common Stock to be delivered to the buyer on the second business day immediately following each maturity date was determined as follows: (a) if the closing price of shares of the Issuer's Class A Common Stock on a maturity date (the "2023 Settlement Price") is less than $31.74 (the "2023 Cap Level") but greater than $12.70 (the "2023 Floor Level"), the Reporting Person would deliver a number of shares of the Issuer's Class A Common Stock equal to the 2023 Base Amount multiplied by a ratio equal to the 2023 Floor Level divided by the 2023 Settlement Price; (continued on footnote 4 to this Form 4)

Footnote F4

(Continued from footnote 3 to this Form 4) (b) if the 2023 Settlement Price is equal to or greater than the 2023 Cap Level on a maturity date, the Reporting Person would deliver a number of shares of the Issuer's Class A Common Stock equal to the 2023 Base Amount multiplied by a ratio equal to a fraction with a numerator equal to the sum of (A) the 2023 Floor Level and (B) the excess, if any, of the 2023 Settlement Price over the 2023 Cap Level, and a denominator equal to the 2023 Settlement Price; and (c) if the 2023 Settlement Price is equal to or less than the 2023 Floor Level on a maturity date, the Reporting Person would deliver a number of shares of the Issuer's Class A Common Stock equal to the 2023 Base Amount.

Footnote F5

In a separate transaction on March 4, 2026, the Reporting Person entered into another prepaid variable forward sale contract with an unaffiliated third party buyer based on the closing price of the Issuer's Class A Common Stock on the Nasdaq Stock Market on March 4, 2026. The new contract obligates the Reporting Person to deliver to the buyer up to an aggregate 2,131,004 shares (the "Base Amount") of the Issuer's Class A Common Stock (or, at the Reporting Person's election, an equivalent amount of cash based on the market price of the Issuer's Class A Common Stock) on a settlement date of March 6, 2029 (the "Maturity Date"); (continued on footnote 6 to this Form 4)

Footnote F6

(Continued from footnote 5 to this Form 4) In exchange for assuming this obligation, the Reporting Person will receive a cash payment of $39,857,798 on March 5, 2026. The Reporting Person pledged 2,131,004 shares of the Issuer's Class A Common Stock (the "Pledged Shares") to secure his obligations under the contract, and retains voting rights in the Pledged Shares during the term of the pledge, but is obligated to pay to the buyer the economic benefits of dividends during the term of the pledge.

Footnote F7

The number of shares of the Issuer's Class A Common Stock to be delivered by the Reporting Person to the buyer on the Maturity Date is to be generally determined as follows: (a) if the closing price of shares of the Issuer's Class A Common Stock on the Maturity Date (the "Settlement Price") is less than $39.98 ("Cap Level") but greater than $20.34 ("Floor Level"), the Reporting Person will deliver a number of shares of the Issuer's Class A Common Stock equal to the Base Amount multiplied by a ratio equal to the Floor Level divided by the Settlement Price; (continued on footnote 8 to this Form 4)

Footnote F8

(Continued from footnote 7 to this Form 4) (b) if the Settlement Price is equal to or greater than the Cap Level on the Maturity Date, the Reporting Person will deliver a number of shares of the Issuer's Class A Common Stock equal to the Base Amount multiplied by a ratio equal to a fraction with a numerator equal to the sum of (A) the Floor Level and (B) the excess, if any, of the Settlement Price over the Cap Level, and a denominator equal to the Settlement Price; and (c) if the Settlement Price is equal to or less than the Floor Level on the Maturity Date, the Reporting Person will deliver a number of shares of the Issuer's Class A Common Stock equal to the Base Amount.