Form 4: Altus Power Co-CEO Lars Norell Sells 40,000 Shares Under 10b5-1 Trading Plan

Altus Power's Co-CEO, Lars Norell, executed a sale of 40,000 shares of Class A Common Stock at an average price of $6.863, pursuant to a pre-arranged Rule 10b5-1 trading plan.

Summary

• On March 1, 2024, Lars Norell, Co-CEO, Co-Founder, and Co-President of Altus Power, Inc., sold 40,000 shares of Class A Common Stock.
• The sale was executed under a Rule 10b5-1 trading plan adopted on December 28, 2022, and amended on August 25, 2023.
• The shares were sold at a weighted average price of $6.863, with individual transactions ranging from $6.62 to $6.96.
• Following the transaction, Norell directly owns 3,689,860 shares and indirectly owns 21,614,907 shares through Start Capital LLC.
• Norell disclaims beneficial ownership of shares held by Start Capital LLC, except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a standard SEC Form 4 filing, indicating a routine transaction. The sale was conducted under a pre-arranged trading plan, suggesting no immediate cause for concern. Sentiment is neutral.

Industry Context

Sales by company executives are a normal part of corporate governance. The fact that the sale was executed under a 10b5-1 trading plan suggests that the sale was pre-planned and not based on any inside information.

Stakeholder Impact

• The sale of shares by a company executive could be perceived negatively by some shareholders, but the existence of a 10b5-1 trading plan mitigates this concern.

Key Dates