Sec Form 13G Filing - Bhatt Baiju filing for Robinhood Markets Inc. (HOOD) - 2024-02-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

Robinhood Markets, Inc.

(Name of Issuer)

Class A Common Stock - $0.0001 par value per share

(Title of Class of Securities)

770700102

(CUSIP Number)

December 31, 2023

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 770700102

Mr. Bhatt has voting power over the shares described in the foregoing clauses (vi) through (viii) pursuant to an irrevocable proxy granted by the entities that are the recordholders of such shares (which entities are related to Vladimir Tenev, a founder of the Company) under the Founders’ Voting Agreement (as defined below), but does not have an economic interest in such shares.

In connection with the Company’s initial public offering (the “IPO”), the Company’s founders (including Mr. Bhatt) and some of their related entities entered into a voting agreement, which became effective prior to the completion of the IPO (the “Founders’ Voting Agreement”), to which the Company is also a party. Pursuant to the Founders’ Voting Agreement, each of the founders and their related entities (including estate planning vehicles) that are party to the Founders’ Voting Agreement (including entities made party by joinder, “Founder Affiliates”) agreed, upon the terms and subject to the conditions set forth therein, to, among other things, (a) vote all of their shares of the Company’s common stock in favor of the election of each founder to, and against the removal of each founder from, the Company’s board of directors, (b) vote together in the election of other directors generally, subject to deferring to the decision of the nominating and corporate governance committee in the event of any disagreement between the founders, and (c) ensure that all such shares are voted as described above, including causing its shares to be present in person or by proxy for purposes of constituting a quorum at the meeting of stockholders. In addition, under the Founders’ Voting Agreement, certain of the Founder Affiliates have granted to the other, unrelated founder, an irrevocable voting proxy with respect to shares of the Company’s common stock owned by such Founder Affiliate. Also pursuant to the Founders’ Voting Agreement, each founder has granted, effective upon such founder’s death or permanent and total disability, a voting proxy to the other founder with respect to shares of the Company’s common stock held by such founder and over which such founder was entitled to vote (or direct the voting of) immediately prior to such founder’s death or permanent and total disability. The Founders’ Voting Agreement also grants to each founder and his respective Founder Affiliates a right of first offer in the event the other founder or any of his respective Founder Affiliates proposes to transfer any shares of Class B common stock in a transaction that would cause such shares of Class B common stock to convert to Class A common stock pursuant to the Company’s amended and restated certificate of incorporation (the “Charter”), subject to certain exceptions. All of the shares identified in this footnote, as well as the 565,079 shares of Class B common stock held of record by the Bhatt Family LLC set forth under footnote (2), are subject to the Founders’ Voting Agreement and parties to the Founders’ Voting Agreement may be deemed to constitute a group for purposes of Section 13(d)(3) under the Securities Exchange Act of 1934, as amended. Except as set forth in this Amendment No. 2 to Schedule 13G, Mr. Bhatt has neither voting nor investment power over the securities beneficially owned by other parties to the Founders’ Voting Agreement and disclaims beneficial ownership of such securities.

Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Holders of Class A common stock are entitled to one vote per share on all matters to be voted upon by the Company’s stockholders and holders of Class B common stock are entitled to 10 votes per share on all matters to be voted upon by the Company’s stockholders. The holders of Class A common stock and Class B common stock vote together as a single class, unless otherwise required by the Charter or applicable law. Pursuant to certain equity exchange agreements entered into between the Company and each of the Company’s founders, including Mr. Bhatt, in connection with the IPO, Mr. Bhatt has a right (but not an obligation) to require the Company to exchange, for shares of Class B common stock, any shares of Class A common stock received by him upon the vesting and settlement of RSUs related to shares of Class A common stock (the “Equity Exchange Rights”) in accordance with the terms of such equity exchange agreements. The Equity Exchange Rights apply only to equity awards granted to the Company’s founders prior to August 2, 2021, the date of the effectiveness of the Charter.

Robinhood Markets, Inc.

85 Willow Rd

Menlo Park, CA 94025

Baiju Bhatt

c/o Robinhood Markets, Inc.

85 Willow Rd

Menlo Park, CA 94025

The Reporting Person is a citizen of the United States of America.

Class A Common Stock - $0.0001 par value per share

770700102

Not applicable.

See Row 9 of cover page.

See Row 11 of cover page.

See Row 5 of cover page.

See Row 6 of cover page.

See Row 7 of cover page.

See Row 8 of cover page.

Not applicable.

See Item 4.

Not applicable.

Not applicable.

Not applicable.

Not applicable.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.

Date: February 13, 2024