Form 4: OppFi Director Theodore G. Schwartz Executes Stock Sales Under 10b5-1 Plan

Theodore G. Schwartz, a director and 10% owner of OppFi Inc., executed multiple sales of Class A Common Stock and conversions of Class V Common Stock under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Theodore G. Schwartz, a director and 10% owner of OppFi Inc., filed a Form 4 detailing changes in beneficial ownership.
• The transactions involved the conversion of Class V Common Stock into Class A Common Stock and subsequent sales of Class A Common Stock.
• These transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 10, 2024.
• On May 12 and 13, 2025, Schwartz converted a total of 304,769 Class V shares into Class A shares.
• Simultaneously, he sold 114,475 Class A shares at a weighted average price of $12.2461 on May 12 and 110,335 shares at a weighted average price of $12.4721 on May 13.
• The sales prices ranged from $12.0479 to $12.445 on May 12 and from $12.20 to $12.63 on May 13.
• Following these transactions, Schwartz continues to indirectly hold a significant number of Class V and Class A shares through various entities, including OppFi Shares, LLC, LTHS Capital Group LP, and LTHS Revocable Trust.

Sentiment

Score: 5

Explanation: Neutral sentiment as the transactions were pre-planned under a 10b5-1 trading plan, but the market reaction could be influenced by the perception of insider selling.

Positives

• The sales were conducted under a pre-arranged 10b5-1 trading plan, indicating transparency and adherence to regulations.

Negatives

• The sales by a director and significant shareholder could be perceived negatively by the market, potentially signaling a lack of confidence in the company's future prospects.

Risks

• Continued sales by Schwartz could put downward pressure on the stock price.
• Market perception of insider selling could negatively impact investor sentiment.

Industry Context

Insider trading activity is always closely watched in the financial industry. Sales by significant shareholders can sometimes be interpreted as a negative signal, although the existence of a 10b5-1 plan mitigates this concern to some extent.

Comparison to Industry Standards

• Comparing OppFi's insider trading activity to similar fintech companies is difficult without specific data on those companies' insider transactions.
• However, the use of a 10b5-1 trading plan is a common practice among public company executives to avoid accusations of illegal insider trading, aligning with industry standards for compliance.

Stakeholder Impact

• Shareholders may react to the news of insider selling, potentially impacting the stock price.
• Employees may be concerned about the implications of insider transactions on the company's stability.

Key Dates

Keywords

OppFi, Schwartz, Form 4, insider trading, stock sale, Class A Common Stock, Class V Common Stock, 10b5-1 plan, beneficial ownership