Form 4: Klaviyo's Chief Legal Officer, Landon Edmond, Reports Changes in Beneficial Ownership

Landon Edmond, Chief Legal Officer of Klaviyo, Inc., reports transactions involving Series A and Series B Common Stock related to vesting and tax obligations.

Summary

• On August 15, 2024, Landon Edmond, the Chief Legal Officer of Klaviyo, Inc., reported changes in beneficial ownership of the company's stock.
• These changes involve transactions related to Series A and Series B Common Stock.
• 16,667 shares of Series B Common Stock were automatically converted into Series A Common Stock to cover tax withholding obligations related to the vesting of restricted stock units (RSUs).
• Additionally, 25,789 shares of Series A Common Stock were withheld by the issuer to satisfy tax obligations related to the vesting and settlement of RSUs at a price of $31.83.
• Following these transactions, Edmond directly owns 251,291 shares of Series A Common Stock and 272,368 derivative securities.
• The derivative securities consist of 141,984 shares of Series B Common Stock and 130,384 unvested RSUs.

Sentiment

Score: 5

Explanation: This is a neutral filing reflecting standard executive compensation practices and tax obligations. It doesn't inherently indicate positive or negative sentiment regarding the company's performance.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It reflects the ongoing vesting of equity-based compensation and the associated tax implications for a key executive at Klaviyo.

Comparison to Industry Standards

• Form 4 filings are standard practice for publicly traded companies, ensuring transparency in insider transactions.
• Equity compensation, including RSUs, is a common component of executive pay packages in the tech industry, used to align management's interests with those of shareholders.
• Companies like Salesforce, Adobe, and HubSpot also utilize RSUs as part of their compensation strategy for key executives.

Stakeholder Impact

• The transactions have a minimal direct impact on shareholders, as they primarily reflect internal compensation adjustments.
• Employees holding RSUs are affected by the vesting and tax implications, which can influence their personal financial planning.

Key Dates