Form 4: Zuora Inc. Executive Andrew M. Cohen Sells Shares Under 10b5-1 Trading Plan

Andrew M. Cohen, CLO and Corp. Secretary of Zuora Inc., sold 3,794 shares of Class A Common Stock at an average price of $8.2921 on April 10, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• On April 10, 2024, Andrew M. Cohen, the CLO and Corp. Secretary of Zuora Inc., sold 3,794 shares of Class A Common Stock.
• The sale was executed at a weighted average price of $8.2921 per share.
• The prices ranged from $8.27 to $8.40.
• This transaction was conducted under a 10b5-1 trading plan adopted on June 21, 2023.
• Following the transaction, Cohen directly owns 134,104 shares of Zuora Inc.
• The reporting person will provide full information regarding the number of shares sold at each separate price within the range upon request.

Sentiment

Score: 5

Explanation: Neutral sentiment as the transaction is a routine sale under a pre-arranged trading plan.

Positives

• The sale was conducted under a pre-arranged 10b5-1 trading plan, which is a legal and transparent way for insiders to sell shares.

Risks

• Executive stock sales can sometimes be perceived negatively by investors, although the 10b5-1 plan mitigates this concern.

Industry Context

Insider sales are a common occurrence in publicly traded companies. The use of 10b5-1 trading plans is a standard practice to avoid accusations of insider trading.

Comparison to Industry Standards

• Sales by company executives are a normal part of operations for publicly traded companies.
• The use of a 10b5-1 trading plan is a common and accepted method for insiders to sell shares, as it provides a defense against potential insider trading allegations.
• Comparable companies such as Salesforce, Oracle, and SAP also see regular insider trading activity.

Stakeholder Impact

• The sale is unlikely to have a significant impact on stakeholders as it was conducted under a pre-arranged trading plan.

Key Dates