[Form 4] Etsy, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Josh Silverman, CEO and Director of Etsy, Inc. (ETSY), executed and sold shares under a Rule 10b5-1 plan on 09/02/2025. He exercised 21,666 employee stock options with a $10.62 exercise price and immediately sold 21,666 shares at a weighted average price of $51.61. The filings state the exercise and sales were made pursuant to a 10b5-1 trading plan adopted November 5, 2024.

The Form 4 shows direct beneficial ownership changed during the transactions: after the exercise the report lists 84,340 shares directly beneficially owned, and following the sale it lists 62,674 shares directly beneficially owned. The reporting person also discloses multiple indirect holdings across trusts, including shares held in a GST Trust, Non-GST Trust, an irrevocable trust, a GRAT, and a 2019 Trust, and reports 21,666 option shares exercisable and 1,280,616 derivative securities beneficially owned following the transactions.

Positive

• Transactions conducted under a Rule 10b5-1 plan, indicating trades were pre-authorized
• Exercise price substantially below sale price: options exercised at $10.62 and sold at weighted average $51.61
• Full disclosure of trust holdings and disclaimers, clarifying indirect ownership arrangements

Negative

• Direct beneficial ownership decreased from 84,340 shares after exercise to 62,674 shares after the sale

Insights

Financial Analyst

TL;DR: CEO exercised options and sold the same number of shares under a 10b5-1 plan, realizing proceeds at a weighted average of $51.61.

The transaction is a routine insider liquidity event executed under a pre-established Rule 10b5-1 plan dated November 5, 2024. The filer exercised 21,666 options at $10.62 and sold 21,666 shares at a weighted average price of $51.61 on 09/02/2025. Direct holdings reported moved from 84,340 shares post-exercise to 62,674 shares post-sale. The Form 4 also discloses significant indirect holdings across several family and grantor trusts and reports 1,280,616 derivative securities beneficially owned after the transactions. All details are reported without additional financial context in this filing.

Corporate Governance Expert

TL;DR: The filing documents compliant insider trading under a documented 10b5-1 plan and discloses trust arrangements and disclaimers of beneficial ownership.

The filing explicitly states the trades were made pursuant to a Rule 10b5-1 plan adopted November 5, 2024, which provides an affirmative defense when properly established. The report includes formal disclaimers concerning shares held in family trusts where the reporting person disclaims beneficial ownership and identifies the Reporting Person as trustee/beneficiary for the GRAT. The Form 4 is signed by an attorney-in-fact and includes the required footnotes explaining exercise, sale price range, and vesting schedule for the options.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Silverman Josh

(Last) (First) (Middle)

C/O ETSY INC.

117 ADAMS STREET

(Street)

BROOKLYN NY 11201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ETSY INC [ ETSY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/02/2025		M(1)		21,666	A	$10.62	84,340	D
Common Stock	09/02/2025		S(1)		21,666	D	$51.61(2)	62,674	D
Common Stock								4,942	I	By GST Trust(3)
Common Stock								16,886	I	By Non-GST Trust(4)
Common Stock								42,269	I	By Irrevocable Trust
Common Stock								109,675	I	By GRAT(5)
Common Stock								54,325	I	By 2019 Trust(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$10.62	09/02/2025		M(1)			21,666	(7)	05/03/2027	Common Stock	21,666	$0	1,280,616	D

Explanation of Responses:

1. This exercise and subsequent sales were made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 5, 2024.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $51.22 to $52.12, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. 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.

4. 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.

5. These shares are held by the Reporting Person's GRAT. The Reporting Person is the trustee and the beneficiary of the GRAT.

6. 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.

7. 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.

	/s/ Brittany Keen, Attorney-in-Fact	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Josh Silverman (ETSY) do on 09/02/2025?

He exercised 21,666 employee stock options at an exercise price of $10.62 and sold 21,666 shares at a weighted average price of $51.61 under a Rule 10b5-1 trading plan.

Was the trade part of a pre-established plan?

Yes. The Form 4 states the exercise and sales were made pursuant to a Rule 10b5-1 trading plan adopted on November 5, 2024.

How did these transactions affect Silverman’s direct holdings?

The report lists 84,340 shares directly beneficially owned following the exercise and 62,674 shares directly beneficially owned following the sale.

Are there other holdings disclosed for the reporting person?

Yes. The filing discloses shares held indirectly in a GST Trust, Non-GST Trust, an irrevocable trust, a GRAT, and a 2019 trust, with disclaimers of beneficial ownership for certain trusts.

How many derivative securities are reported as beneficially owned after the transactions?

The Form 4 reports 1,280,616 derivative securities beneficially owned following the reported transactions.