Was Brian Halligan’s HubSpot (HUBS) share sale under a Rule 10b5-1 plan?

Yes. The Form 4 notes the transaction was effected under a Rule 10b5-1 trading plan adopted on March 3, 2025. Such plans allow insiders to pre-schedule trades, which can reduce the significance of trade timing as a signal of their current outlook.

Brian Halligan of HubSpot (HUBS) sells 8,500 shares in Rule 10b5-1 trade

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

HubSpot director Brian Halligan reported an open-market sale of 8,500 shares of common stock at $220 per share on May 19, 2026, executed under a pre-arranged Rule 10b5-1 trading plan adopted on March 3, 2025.

After this sale, Halligan directly holds 353,500 shares of HubSpot common stock. An entity associated with him, Wolf Investors, LLC, holds 102,000 shares, for which he disclaims beneficial ownership except for any pecuniary interest.

Insights

Pre-planned sale of 8,500 HubSpot shares with sizable holdings retained.

Brian Halligan, a director of HubSpot, sold 8,500 shares of common stock at $220 per share on May 19, 2026. The transaction was an open-market sale executed under a Rule 10b5-1 trading plan adopted on March 3, 2025, indicating it was pre-scheduled rather than opportunistic.

Following the sale, Halligan still directly owns 353,500 shares, and an additional 102,000 shares are held indirectly through Wolf Investors, LLC, where he disclaims beneficial ownership beyond any pecuniary interest. The filing shows a routine liquidity action with substantial ongoing equity exposure.

Insider Trade Summary 10b5-1

Net Seller: 8,500 shares ($1,870,000)

Net Sell 2 txns

Insider Halligan Brian

Role null

Sold 8,500 shs ($1.87M)

Type	Security	Shares	Price	Value
Sale	Common Stock	8,500	$220.00	$1.87M
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 353,500 shares (Direct, null); Common Stock — 102,000 shares (Indirect, See Footnote.)

Footnotes (1)

This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 3/3/2025. Shares held by Wolf Investors, LLC (the "LLC"). The manager of the LLC is Paul Karger, and the sole member is the Brian P. Halligan 2026 New Hampshire Trust u/a/d February 19, 2026, of which the reporting person is the settlor. The reporting person disclaims beneficial ownership of these securities except to the extent, if any, of his pecuniary interest therein, and nothing contained in this report shall be an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

Key Figures

Shares sold: 8,500 shares Sale price: $220 per share Direct holdings after sale: 353,500 shares +2 more

5 metrics

Shares sold 8,500 shares Open-market sale on May 19, 2026

Sale price $220 per share Open-market sale on May 19, 2026

Direct holdings after sale 353,500 shares Common stock directly owned following transaction

Indirect holdings 102,000 shares Common stock held by Wolf Investors, LLC

10b5-1 plan adoption date March 3, 2025 Plan governing the May 19, 2026 sale

Key Terms

Rule 10b5-1 trading plan, open-market sale, beneficial ownership, pecuniary interest, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 3/3/2025."

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.

open-market sale financial

"transaction_action: open-market sale, transaction_code_description: Sale in open market or private transaction"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

beneficial ownership regulatory

"The reporting person disclaims beneficial ownership of these securities except to the extent, if any, of his pecuniary interest therein"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of these securities except to the extent, if any, of his pecuniary interest therein"

indirect ownership financial

"Shares held by Wolf Investors, LLC (the "LLC"). The manager of the LLC is Paul Karger"

Form 4 Insider Transactions: What Each Field Means →

05/21/2026 - 04:23 PM

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).

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^*

Halligan Brian

(Last)

(First)

(Middle)

C/O HUBSPOT, INC.

2 CANAL PARK

(Street)

CAMBRIDGE

MASSACHUSETTS

02141

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/19/2026		S⁽¹⁾		8,500	D	$220	353,500	D
Common Stock								102,000	I	See Footnote.⁽²⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 3/3/2025.

2. Shares held by Wolf Investors, LLC (the "LLC"). The manager of the LLC is Paul Karger, and the sole member is the Brian P. Halligan 2026 New Hampshire Trust u/a/d February 19, 2026, of which the reporting person is the settlor. The reporting person disclaims beneficial ownership of these securities except to the extent, if any, of his pecuniary interest therein, and nothing contained in this report shall be an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

	/s/ Joseph Theis, attorney-in-fact	05/21/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Brian Halligan report for HubSpot (HUBS)?

Brian Halligan reported selling 8,500 shares of HubSpot common stock in an open-market transaction. The shares were sold at $220 each on May 19, 2026, as part of a pre-arranged Rule 10b5-1 trading plan adopted earlier in March 2025.

At what price did Brian Halligan sell HubSpot (HUBS) shares?

He sold HubSpot common stock at $220 per share. The transaction involved 8,500 shares in an open-market sale on May 19, 2026, executed under a previously adopted Rule 10b5-1 trading plan, indicating the sale was scheduled in advance.

How many HubSpot (HUBS) shares does Brian Halligan own after this Form 4?

After the reported sale, Brian Halligan directly holds 353,500 shares of HubSpot common stock. Separately, 102,000 additional shares are held indirectly through Wolf Investors, LLC, an entity associated with a trust, where he disclaims beneficial ownership except for any pecuniary interest.

What indirect HubSpot (HUBS) holdings are associated with Brian Halligan?

An entity called Wolf Investors, LLC holds 102,000 HubSpot shares. The sole member of the LLC is a trust for which Halligan is settlor, and he disclaims beneficial ownership of these securities except to the extent of any pecuniary interest in them.