Etsy (ETSY) chair’s 10b5-1 option exercise and share sale detailed
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Etsy Inc executive chair Josh Silverman reported an exercise-and-sell transaction in company stock. On April 29, 2026, he exercised employee stock options to acquire 36,443 shares of common stock at $10.62 per share, then sold the same 36,443 shares at $69.00 per share.
The filing states this exercise and sale were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 20, 2025. After the sale, Silverman directly held 130,694 shares of Etsy common stock and had additional indirect holdings through various trusts, some of which he expressly disclaims beneficial ownership of.
Positive
- None.
Negative
- None.
Insights
Pre-planned option exercise and sale; routine liquidity move.
Josh Silverman, executive chair of Etsy Inc, exercised employee stock options for 36,443 shares at $10.62 and sold the same number of shares at $69.00. This is a classic exercise-and-sell pattern, turning an option position into cash.
The filing specifies the transactions were executed under a Rule 10b5-1 trading plan adopted on November 20, 2025, indicating they were pre-scheduled rather than opportunistic. Following the sale, Silverman still directly held 130,694 shares and had additional indirect holdings via trusts, so he retains a meaningful equity stake.
Some trust-held shares, including the Irrevocable GST Trust, Non-GST Trust and 2019 Children's Trust, are reported with explicit disclaimers of beneficial ownership, while a GRAT lists him as trustee and beneficiary. Overall, the activity appears as routine portfolio and estate planning rather than a thesis-changing event.
Insider Trade Summary 10b5-1
Net Seller: 36,443 shares ($2,514,567)
Net Sell
8 txns
Insider
Silverman Josh
Role
null
Sold
36,443 shs ($2.51M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (Right to Buy) | 36,443 | $0.00 | -- |
| Exercise | Common Stock | 36,443 | $10.62 | $387K |
| Sale | Common Stock | 36,443 | $69.00 | $2.51M |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option (Right to Buy) — 642,956 shares (Direct, null);
Common Stock — 167,137 shares (Direct, null);
Common Stock — 4,942 shares (Indirect, By GST Trust)
Footnotes (1)
- This exercise and subsequent sale were made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 20, 2025. These shares are held by the JGS 2018 Irrevocable GST Trust (the "GST Trust"). The Reporting Person's spouse is the trustee of the GST Trust. The Reporting Person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose. These shares are held by the JGS 2018 Irrevocable Non-GST Trust (the "Non-GST Trust"). The Reporting Person's spouse is the trustee of the Non-GST Trust. The Reporting Person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose. These shares are held by a grantor retained annuity trust (the "GRAT"). The Reporting Person is the trustee and the beneficiary of the GRAT. These shares are held by the Joshua G. Silverman 2019 Irrevocable Children's Trust (the "2019 Trust"). A family member of the Reporting Person is the trustee of the 2019 Trust. The Reporting Person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose. These stock options are part of a grant that vested as to 25% on May 4, 2018 with the remainder vesting in 36 equal monthly installments.
Key Figures
Shares sold: 36,443 shares
Sale price: $69.00 per share
Option exercise size: 36,443 shares
+5 more
8 metrics
Shares sold
36,443 shares
Open-market sale of common stock on April 29, 2026
Sale price
$69.00 per share
Price for 36,443 Etsy common shares sold
Option exercise size
36,443 shares
Employee stock options exercised into common stock
Option exercise price
$10.62 per share
Strike price of employee stock options exercised
Direct holdings after
130,694 shares
Etsy common stock directly held post-transaction
GRAT indirect holdings
109,675 shares
Common stock held by a grantor retained annuity trust
2019 Trust holdings
54,325 shares
Common stock held by 2019 Irrevocable Children's Trust
GST Trust holdings
4,942 shares
Common stock held by Irrevocable GST Trust
Key Terms
Rule 10b5-1 trading plan, grantor retained annuity trust, Irrevocable GST Trust, Employee Stock Option (Right to Buy), +1 more
5 terms
Rule 10b5-1 trading plan financial
"This exercise and subsequent sale were made pursuant to a Rule 10b5-1 trading plan adopted..."
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
grantor retained annuity trust financial
"These shares are held by a grantor retained annuity trust (the "GRAT")."
A grantor retained annuity trust (GRAT) is an estate-planning tool where the person who creates the trust transfers assets into it but receives fixed cash payments (an annuity) from the trust for a set number of years; whatever remains after that term passes to designated beneficiaries. It matters to investors because it can shift future appreciation of assets out of the creator’s taxable estate—like putting an asset into a timed vending machine that pays you fixed amounts while any extra value that grows inside the machine goes to heirs with reduced gift or estate tax consequences.
Irrevocable GST Trust financial
"These shares are held by the JGS 2018 Irrevocable GST Trust (the "GST Trust")."
Employee Stock Option (Right to Buy) financial
"Security title: Employee Stock Option (Right to Buy)"
Section 16 financial
"not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16..."
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
FAQ
What insider transaction did Josh Silverman report in Etsy (ETSY) stock?
Josh Silverman reported exercising employee stock options for 36,443 Etsy shares at $10.62 and selling the same 36,443 shares at $69.00. The exercise and sale occurred on April 29, 2026 under a pre-arranged Rule 10b5-1 trading plan.
What stock option grant did Josh Silverman exercise in this Etsy (ETSY) filing?
He exercised employee stock options covering 36,443 shares of Etsy common stock with a $10.62 exercise price. A footnote explains these options were part of a grant that vested 25% on May 4, 2018, with the remaining portion vesting in 36 equal monthly installments.
How are trusts involved in Josh Silverman’s Etsy (ETSY) holdings?
The filing lists indirect Etsy holdings through several trusts, including a GRAT where Silverman is trustee and beneficiary and multiple irrevocable family trusts. For the GST, Non-GST and 2019 Children’s Trusts, he disclaims beneficial ownership, noting family members as trustees instead.