Form 4: Upstart Holdings Chief Legal Officer Sells Shares Under 10b5-1 Trading Plan
SEC Form 4 Filing
Scott Darling, Chief Legal Officer of Upstart Holdings, sold shares of common stock on August 7, 2024, under a pre-arranged Rule 10b5-1 trading plan.
Summary
- Scott Darling, the Chief Legal Officer of Upstart Holdings, Inc., executed transactions involving the company's common stock on August 7, 2024.
- These transactions included the exercise of employee stock options to acquire 7,500 shares at a price of $13.22 per share.
- Simultaneously, Darling sold 7,500 shares at a weighted average price of $35.0031 and 4,500 shares at a weighted average price of $35.0126.
- These sales were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on February 29, 2024.
- Following these transactions, Darling directly owns 192,493 shares of Upstart Holdings common stock and holds options for 407,110 shares.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing related to insider trading. It doesn't inherently convey positive or negative sentiment, as it simply reports transactions.
Industry Context
Insider transactions are routinely monitored and reported to the SEC. The use of 10b5-1 plans allows insiders to sell shares without being accused of acting on non-public information.
Stakeholder Impact
- The sale of shares by a high-ranking officer could be perceived negatively by some investors, although the existence of a 10b5-1 plan mitigates this concern.
Key Dates
| Date | Description |
|---|---|
| January 20, 2023 | Initial vesting date for 1/48th of the shares subject to the employee stock option. |
| February 29, 2024 | Date the Reporting Person adopted the Rule 10b5-1 trading plan. |
| August 7, 2024 | Date of the reported transactions: option exercise and stock sales. |
| August 9, 2024 | Date of the Form 4 filing. |
| December 31, 2032 | Expiration date of the Employee Stock Option. |
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