Liberman Paul 4

4 · DraftKings Inc. · Filed Mar 12, 2026

AI-generated summary of this filing

Updated Mar 12, 2026

DraftKings (DKNG) President Paul Liberman Exercises Options, Sells Shares

What Happened

Paul Liberman, President, Operations of DraftKings (DKNG), exercised stock options and immediately sold the resulting shares on March 11, 2026. He exercised 484,417 options (430,547 + 53,870) at $0.63 per share (aggregate exercise cost $305,183) and sold those same 484,417 shares in open-market transactions for total gross proceeds of about $12,187,932 (weighted average price $25.16).
The net effect is a liquidation of shares (exercise followed by sale). The reported sales were made pursuant to a pre-arranged Rule 10b5-1 trading plan.

Key Details

Transaction date: March 11, 2026.
Options exercised: 484,417 shares total at $0.63 each (total paid ≈ $305,183). Transaction code: M (exercise/conversion of derivative).
Shares sold: 484,417 shares total in open market at a weighted avg price of $25.16; gross proceeds ≈ $12,187,932. Transaction code: S (sale).
Price ranges: the sales occurred in multiple trades. Reported ranges were $24.65–$25.57 and $24.66–$25.57; 25.16 is the weighted average.
Footnotes: F1 – exercise paid in cash (including tax withholding); F2 – sales under a 10b5-1 plan adopted Mar 6, 2025; F5 – options were granted Mar 24, 2016 and had vested.
Shares owned after the transactions are not specified in this excerpt of the Form 4.
Filing timeliness: Form filed 2026-03-12 for transactions on 2026-03-11 (no late filing indicated).

Context

This was effectively a cashless exercise: options were exercised and the acquired shares were sold the same day under a pre-arranged plan, resulting in immediate liquidity. Gross proceeds minus exercise cost is roughly $11.88M pre-tax and before fees/withholdings.
Codes: M = option exercise, S = sale. This type of transaction is common when insiders exercise long-held options and use a 10b5-1 plan to sell.

Form 4

Period: 2026-03-11

DirectorSee Remarks

Transactions

Exercise/Conversion
Class A Common Stock
[F1]
2026-03-11$0.63/sh+430,547$271,245→ 2,100,502 total(indirect: By Trust)
Sale
Class A Common Stock
[F2][F3]
2026-03-11$25.16/sh−430,547$10,832,563→ 1,669,955 total(indirect: By Trust)
Exercise/Conversion
Class A Common Stock
[F1]
2026-03-11$0.63/sh+53,870$33,938→ 267,467 total(indirect: By Trust)
Sale
Class A Common Stock
[F2][F4]
2026-03-11$25.16/sh−53,870$1,355,369→ 213,597 total(indirect: By Trust)
Exercise/Conversion
Stock Options
[F5]
2026-03-11−430,547→ 0 total(indirect: By Trust)
Exercise: $0.63Exp: 2026-03-24→ Class A Common Stock (430,547 underlying)
Exercise/Conversion
Stock Options
[F5]
2026-03-11−53,870→ 0 total(indirect: By Trust)
Exercise: $0.63Exp: 2026-03-24→ Class A Common Stock (53,870 underlying)

Holdings

Footnotes (5)

[F1]The Reporting Person acquired shares of Class A Common Stock of the Issuer upon the exercise of stock options and paid the aggregate exercise price and the tax withholdings in cash.
[F2]The reported sales were made pursuant to a pre-arranged program for selling shares of Class A Common Stock adopted on March 6, 2025 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 $24.65 to $25.57, 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 and 4 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 $24.66 to $25.57, inclusive. See the last sentence of footnote 3 to this Form 4 above.
[F5]These stock options were granted on March 24, 2016. As of the date hereof, all such remaining stock options have vested.

Signature

/s/ Faisal Hasan, attorney-in-fact|2026-03-12

1 file