Form 4: Klaviyo's Chief Technology Officer Allen Chaves Executes Stock Option and Sells Shares Under 10b5-1 Plan
SEC Form 4
Allen Chaves, Klaviyo's Chief Technology Officer, exercised stock options to acquire shares of Series B Common Stock and subsequently sold a portion of Series A Common Stock under a pre-arranged 10b5-1 trading plan.
Summary
- On September 16 and 17, 2024, Allen Chaves, the Chief Technology Officer of Klaviyo, Inc., engaged in transactions involving the company's stock.
- Chaves exercised stock options to acquire 130,000 shares of Series B Common Stock on September 16 and 32,733 shares on September 17.
- These options had an exercise price of $3.055 per share.
- Concurrently, Chaves sold 101,066 shares of Series A Common Stock at a weighted average price of $32.03 and 28,934 shares at a weighted average price of $31.21 on September 16.
- These sales were executed under a Rule 10b5-1 trading plan adopted on November 21, 2023.
- Following these transactions, Chaves directly owns 1,028,693 derivative securities and 226,314 shares of Series A Common Stock and 356,314 shares of Series B Common Stock.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock transactions by a company executive. It doesn't inherently convey positive or negative sentiment.
Future Outlook
The document does not contain any specific forward-looking statements or guidance.
Industry Context
Form 4 filings are standard practice and provide transparency into the trading activities of company insiders. The use of a 10b5-1 trading plan suggests a pre-arranged strategy to avoid accusations of insider trading.
Comparison to Industry Standards
- Form 4 filings are a standard regulatory requirement for publicly traded companies in the United States, ensuring transparency in insider trading activities.
- Companies like Salesforce, Adobe, and Oracle also have executives who regularly file Form 4s related to stock option exercises and sales.
- The use of 10b5-1 trading plans is a common practice among executives at publicly traded companies to manage their stock holdings while avoiding potential insider trading concerns, similar to practices at companies like Microsoft and Apple.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the sale of shares by a company executive.
- The impact is likely limited as the sales were conducted under a pre-arranged trading plan.
Key Dates
| Date | Description |
|---|---|
| 2023-11-21 | Date of adoption of Rule 10b5-1 trading plan |
| 2024-09-16 | Date of stock option exercise and sale of Series A Common Stock |
| 2024-09-17 | Date of stock option exercise |
| 2024-09-18 | Date of signature on the Form 4 filing |
| 2030-04-15 | Expiration date of the stock options |
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