Form 4: Upstart Holdings Chief Legal Officer Sells Shares to Cover Tax Obligations

Upstart Holdings' Chief Legal Officer, Scott Darling, sold a portion of his shares to cover tax obligations related to vesting restricted stock units.

Summary

• Scott Darling, the Chief Legal Officer of Upstart Holdings, sold 4,649 shares of common stock at a weighted average price of $69.596 on November 20, 2024.
• He also sold 1,741 shares of common stock at a weighted average price of $70.4957 on the same day.
• These sales were made to cover tax withholding obligations associated with the vesting of restricted stock units (RSUs).
• The shares were sold in multiple transactions at varying prices within the ranges of $69.06 to $70.015 and $70.09 to $70.86 respectively.
• Following these transactions, Mr. Darling still beneficially owns 150,781 shares of Upstart Holdings common stock.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction for an executive to cover tax obligations. It is neither positive nor negative for the company's outlook.

Industry Context

This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.

Comparison to Industry Standards

• Executive stock sales to cover tax obligations are a common practice across publicly traded companies.
• The sale of shares by Scott Darling is consistent with standard procedures for executives managing their equity compensation.
• Similar transactions are regularly reported by executives at other tech companies, such as those in the financial technology sector.

Stakeholder Impact

• The stock sales by the Chief Legal Officer are unlikely to have a significant impact on shareholders, employees, customers, suppliers, or creditors.

Key Dates

Keywords

Upstart Holdings, Scott Darling, Chief Legal Officer, stock sale, Form 4, restricted stock units, tax obligations, insider trading