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

Upstart Holdings' Chief Legal Officer, Scott Darling, executed stock option exercises and sales under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Scott Darling, Chief Legal Officer of Upstart Holdings, executed transactions involving Upstart's common stock on August 29, 2024.
• These transactions included the exercise of stock options and the sale of shares, all conducted under a pre-arranged Rule 10b5-1 trading plan adopted on February 29, 2024.
• Darling exercised options to acquire 30,000 shares at a price of $13.22 per share.
• He then sold 30,000 shares at $45 and 9,000 shares at $45.
• After these transactions, Darling directly owns 164,870 shares of common stock and holds options for 362,110 shares.
• Some of the directly owned securities are restricted stock units (RSUs) that vest over time.

Sentiment

Score: 5

Explanation: The filing itself is neutral, simply reporting transactions. The use of a 10b5-1 plan suggests a planned approach to managing equity, which is neither particularly positive nor negative.

Industry Context

Form 4 filings are a routine part of the regulatory landscape for publicly traded companies, providing transparency into the transactions of company insiders. The use of a 10b5-1 trading plan is a common practice to avoid accusations of insider trading, as it allows insiders to pre-schedule trades.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the change in ownership, but the use of a 10b5-1 plan suggests the impact is likely to be limited and pre-planned.

Key Dates