Form 4: Upstart Holdings Chief Legal Officer Sells Shares Under 10b5-1 Plan

Upstart Holdings' Chief Legal Officer, Scott Darling, sold a total of 3,000 shares of common stock on November 25, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• Scott Darling, the Chief Legal Officer of Upstart Holdings, Inc., sold 3,000 shares of common stock on November 25, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on February 26, 2024.
• The shares were sold in multiple transactions at weighted average prices of $75.4677, $76.5591 and $77.265.
• Following these transactions, Mr. Darling directly owns 147,781 shares of Upstart common stock.
• Some of the remaining shares are in the form of restricted stock units (RSUs), each representing a contingent right to receive one share of common stock.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction under a pre-arranged trading plan, with no indication of positive or negative sentiment.

Risks

• Sales by company executives can sometimes be perceived negatively by the market, although these sales were pre-planned.

Industry Context

This is a routine filing related to insider trading activity and is common for executives of publicly traded companies. The use of a 10b5-1 plan indicates the sales were pre-planned and not based on any new material non-public information.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a standard practice among executives at publicly traded companies to avoid accusations of insider trading.
• Similar filings are regularly made by executives at companies like SoFi, LendingClub, and other fintech firms.

Stakeholder Impact

• The stock sale by a company executive may have a minor impact on shareholder sentiment, but the pre-planned nature of the sale mitigates this.

Key Dates

Keywords

Upstart Holdings, Scott Darling, Chief Legal Officer, stock sale, Rule 10b5-1, insider trading, UPST