Richard Todd Schwartz, Chief Executive Officer and Director of Rush Street Interactive, Inc. (NYSE:RSI), filed a Form 4 on September 3, 2026, disclosing a series of unit conversions and share sales that took place on September 1, 2026.

Key Highlights

  • Unit conversions: Schwartz and affiliated trusts converted a combined 158,332 Class A Common Units of Rush Street Interactive, L.P. into an equivalent number of Class A Common Stock shares at $0 cost, across direct and indirect holdings.
  • Class V cancellations: A total of 158,332 shares of Class V Voting Stock were canceled in connection with the unit exchanges, as required under the Amended and Restated Limited Partnership Agreement.
  • Shares sold under 10b5-1 plan: 158,332 shares of Class A Common Stock were sold across direct and trust-held accounts at a weighted average price of $25.6914 per share, with individual transaction prices ranging from $25.175 to $26.24 per share.
  • Post-transaction direct ownership: Schwartz directly holds 374,036 shares of Class A Common Stock and 5,089,997 shares of Class V Voting Stock following the reported transactions.
  • Trust holdings reduced to zero: Both the Irrevocable Trust and the Trust indirect holdings of Class A Common Stock were reduced to 0 shares following the sales.
  • Sales pursuant to Rule 10b5-1: According to the filing, the share sales were made pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

CEO Schwartz Converts RSI Units and Sells Shares Across Direct and Trust Accounts

According to the filing, on September 1, 2026, Richard Todd Schwartz, in his capacity as Chief Executive Officer and Director of Rush Street Interactive, Inc., along with affiliated trusts, exchanged Class A Common Units of Rush Street Interactive, L.P. for shares of the company's Class A Common Stock on a one-for-one basis at a price of $0. The exchanges were made pursuant to the Amended and Restated Limited Partnership Agreement of RSI LP. Each exchange resulted in the simultaneous cancellation of an equivalent number of Class V Voting Stock shares, which the filing notes "provide no economic rights in the Issuer to the holder thereof," though each share carries one vote.

The filing reports three separate conversion transactions: 47,222 units converted directly by Schwartz, 55,555 units converted via an Irrevocable Trust, and 55,555 units converted via a Trust. Following these conversions, all resulting Class A Common Stock shares in the trust accounts were sold. Specifically, 47,222 shares were sold from Schwartz's direct account, 55,555 shares from the Irrevocable Trust, and 55,555 shares from the Trust, all at a weighted average price of $25.6914 per share. The filing states these were sold in multiple transactions at prices ranging from $25.175 to $26.24 per share.

All sales were disclosed as being made pursuant to a 10b5-1 plan. The filing was signed by Kyle Sauers as attorney-in-fact on September 3, 2026. Following all reported transactions, Schwartz directly holds 374,036 shares of Class A Common Stock and 5,089,997 shares of Class V Voting Stock, with the two affiliated trust accounts each holding 426,429 shares of Class V Voting Stock and zero shares of Class A Common Stock.

What Was Disclosed

The filing discloses unit-to-stock conversions and subsequent sales of Class A Common Stock by Rush Street Interactive's CEO and affiliated trusts on September 1, 2026, conducted under a Rule 10b5-1 plan at a weighted average price of $25.6914 per share.