Form 4: ServiceTitan President Sells Shares Under 10b5-1 Plan

ServiceTitan President Vahe Kuzoyan reported the conversion and sale of Class A Common Stock totaling over 32,000 shares across two days in November 2025, executed under a pre-arranged 10b5-1 trading plan.

Summary

• Vahe Kuzoyan, President and Director of ServiceTitan, Inc., reported transactions involving the company's Class A Common Stock on November 11 and 12, 2025.
• These transactions were executed under a Rule 10b5-1 trading plan adopted on April 15, 2025.
• On November 11, 2025, 16,388 shares of Class B Common Stock were converted into Class A Common Stock. Subsequently, a total of 16,388 Class A shares were sold at a weighted average price of $92.03, with prices ranging from $90.78 to $94.30.
• On November 12, 2025, another 16,388 shares of Class B Common Stock were converted into Class A Common Stock. A total of 16,388 Class A shares were then sold at a weighted average price of $92.52, with prices ranging from $90.98 to $93.73.
• Following these transactions, Mr. Kuzoyan's direct beneficial ownership of Class A Common Stock is 0.25 shares.
• Mr. Kuzoyan continues to beneficially own 3,456,745 shares of Class B Common Stock directly and 6,965,077 shares indirectly through various trusts and his spouse.

Sentiment

Score: 5

Explanation: The filing reports routine insider sales executed under a pre-established 10b5-1 plan, which is a neutral event. While it represents a reduction in direct equity holdings by a key executive, the pre-planned nature mitigates negative sentiment. The executive retains significant indirect ownership.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a planned divestment strategy rather than a reaction to recent company performance.
• The reporting person maintains significant beneficial ownership of Class B Common Stock, demonstrating continued alignment with long-term company interests.

Negatives

• Significant insider selling, even if pre-planned, can sometimes be perceived negatively by investors as it reduces direct equity exposure of a key executive.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on April 15, 2025.
• The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Industry Context

This Form 4 filing reports routine insider transactions under a pre-established trading plan and does not provide information directly related to broader industry trends or competitive landscape.

Comparison to Industry Standards

• This filing details insider stock transactions, which are standard disclosures for publicly traded companies. There are no specific company or project results to compare against global benchmarks or specific comparable companies.

Related Party Transactions

• The reporting person has indirect beneficial ownership of Class B Common Stock through various trusts (RA 2024 GRAT, RA 2025 GRAT, RA Irrevocable Nonexempt Trust, K-A Family Trust dated December 6, 2021, VK 2024 GRAT, VK 2025 GRAT, VK Irrevocable Nonexempt Trust) and by spouse. These are considered related party holdings.

Stakeholder Impact

• Shareholders: The sale of shares by a key executive, even under a 10b5-1 plan, could be viewed with mixed sentiment. However, the executive retains substantial indirect ownership, which may reassure long-term investors.
• Employees, Customers, Suppliers, Creditors: This filing is unlikely to have a direct or significant impact on these stakeholders as it pertains to personal stock transactions of an executive rather than operational or strategic changes.

Next Steps

• The Reporting Person undertakes to provide full information regarding the number of shares sold at each separate price within the reported ranges upon request.

Key Dates

Recommendation

The filing details routine insider sales executed under a pre-established 10b5-1 plan, which is a common practice for executives to manage their personal finances. These transactions do not reflect new information about the company's operational performance or future prospects. While a reduction in direct insider holdings, the executive retains significant indirect beneficial ownership, suggesting continued alignment. Therefore, based solely on this filing, a 'hold' recommendation is appropriate as there's no new fundamental information to warrant a change in investment thesis.

Keywords

ServiceTitan, TTAN, Vahe Kuzoyan, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, Class A Common Stock, Class B Common Stock, Beneficial Ownership