DraftKings CEO Jason Robins Appointed to Board

TL;DR

Robins is CEO AND on the board now. Kraft out.

AI Summary

DraftKings Inc. announced on March 18, 2024, that its Board of Directors has appointed Jason Robins as Chief Executive Officer and a member of the Board, effective March 15, 2024. This appointment follows the resignation of Robert J. Kraft from the Board. The company also announced changes to its compensation committee.

Why It Matters

This filing confirms Jason Robins' continued leadership as CEO and adds him to the Board of Directors, signaling stability in executive management for DraftKings.

Risk Assessment

Risk Level: low — The filing primarily concerns executive appointments and board changes, which are routine corporate governance matters.

Key Players & Entities

• DraftKings Inc. (company) — Registrant
• Jason Robins (person) — Appointed CEO and Board Member
• Robert J. Kraft (person) — Resigned from the Board

FAQ

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share DKNG The Nasdaq Stock Mar
• $400,000 — te, Mr. Ellingson's base salary will be $400,000, subject to annual review, and he will
• $2,500,000 — , with a minimum annual target value of $2,500,000. Pursuant to the Ellingson Agreement,
• $3,000,000 — ts ("RSUs") with a grant value equal to $3,000,000 and (ii) performance-based restricted s
• $2,000,000 — ts ("PSUs") with a grant value equal to $2,000,000. The RSUs will vest over a four-year pe

Filing Documents

• tm249060d1_8k.htm (8-K) — 34KB
• tm249060d1_ex10-1.htm (EX-10.1) — 350KB
• tm249060d1_ex99-1.htm (EX-99.1) — 16KB
• tm249060d1_ex99-1img001.jpg (GRAPHIC) — 30KB
• 0001104659-24-035592.txt ( ) — 709KB
• dkng-20240315.xsd (EX-101.SCH) — 3KB
• dkng-20240315_lab.xml (EX-101.LAB) — 33KB
• dkng-20240315_pre.xml (EX-101.PRE) — 22KB
• tm249060d1_8k_htm.xml (XML) — 4KB

02

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers . Transition of Chief Financial Officer On March 15, 2024, the Chief Executive Officer of DraftKings Inc. ("DraftKings" or the "Company"), Jason Robins, asked Jason Park, and Mr. Park agreed, to transition from Mr. Park's current role as the Company's Chief Financial Officer to the role of the Company's Chief Transformation Officer, effective May 1, 2024 (the "Effective Date"). The transition was not a result of any disagreement on any matter relating to DraftKings' accounting practices, operations or policies. In connection with the transition of his role, Mr. Park's current CFO executive employment agreement will terminate on the Effective Date. Appointment of Chief Financial Officer In connection with Mr. Park's transition, the board of directors of the Company (the "Board") appointed Alan Ellingson, the Company's Senior Vice President, Finance and Analytics, as the Company's Chief Financial Officer, principal financial officer and principal accounting officer, effective as of May 1, 2024. Mr. Ellingson, age 44, joined the Company in 2020 as Vice President of Financial Planning and Analysis and worked to build out the Company's forecasting and performance management capabilities. In this capacity, he expanded his responsibilities within the Company and now directs the Company's financial planning and treasury departments, as well as the analytics teams across the Company. Prior to joining the Company, Mr. Ellingson worked for Iron Mountain Inc. for nearly eight years, where he ultimately served as Vice President, Finance – Global Operations Support. Mr. Ellingson holds a M.B.A. from the University of Notre Dame's Mendoza School of Business and a B.S. in Economics from the University of Utah. In connection with his appointment, on March 17, 2024, Mr. Ellingson entered into an executive employment agreement with the Company (the "Ellingson Agree

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On March 18, 2024, the Company issued a press release announcing Mr. Park's transition and Mr. Ellingson's appointment, a copy of which is attached hereto as Exhibit 99.1. The Company undertakes no obligation to update, supplement or amend the press release attached hereto as Exhibit 99.1. The information in this Item 7.01 and Exhibit 99.1 attached hereto is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number 10.1 Executive Employment Agreement, dated as of March 17, 2024, by and between DraftKings Inc. and Alan Ellingson. 99.1 Press Release, dated as of March 18, 2024, reporting leadership transition. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DRAFTKINGS INC. Dated: March 18, 2024 By: /s/ R. Stanton Dodge Name: R. Stanton Dodge Title: Chief Legal Officer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR