[Form 4] HUBSPOT, INC. Insider Trading Activity

Rhea-AI Filing Summary

Brian Halligan, a director of HubSpot, reported a routine equity withholding transaction on Form 4. The filing shows a transaction dated 09/02/2025 in which 158 shares of HubSpot common stock were disposed at a price of $471.54 per share, with the transaction described as shares withheld by the issuer to cover taxes associated with settlement of restricted stock units. After the withholding, Halligan beneficially owns 522,277 shares on a direct basis. The Form 4 was signed on behalf of the reporting person by an attorney-in-fact on 09/04/2025.

Insights

Corporate Governance Expert

TL;DR: A routine tax-withholding sale of a very small number of shares; no governance signal or change in control.

The reported disposal of 158 shares appears to be a standard withholding to satisfy tax obligations from restricted stock unit settlement and does not indicate an intentional cash sale or shift in board-level ownership. The remaining direct beneficial ownership of 522,277 shares is disclosed, preserving transparency about interests. This filing is procedural and immaterial to corporate governance dynamics.

Securities Analyst

TL;DR: Transaction is immaterial in size and consistent with administrative tax withholding.

From a market-materiality perspective, 158 shares at $471.54 each is a negligible disposition relative to the reported 522,277 shares held, and the filing references tax withholding rather than an open-market disposal. The Form 4 provides clear pricing and post-transaction ownership counts, satisfying Section 16 reporting requirements but unlikely to move investor sentiment.

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

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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 MA 02141

(City) (State) (Zip)

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)

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		F(1)		158	D	$471.54	522,277	D

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

Explanation of Responses:

1. Shares withheld by Issuer to cover taxes associated with settlement of restricted stock units.

	/s/ Joseph Theis, attorney-in-fact	09/04/2025
	** 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 transaction did HubSpot director Brian Halligan report on Form 4 (HUBS)?

The Form 4 reports a disposition of 158 shares on 09/02/2025 at a price of $471.54 per share, described as shares withheld to cover taxes from RSU settlement.

How many HubSpot shares does Brian Halligan beneficially own after the reported transaction?

Following the reported transaction, Halligan beneficially owns 522,277 shares on a direct basis.

Was the reported transaction an open-market sale or tax withholding?

The filing explicitly states the shares were withheld by the issuer to cover taxes associated with settlement of restricted stock units, not an open-market sale.

When was the Form 4 signed and by whom?

The Form 4 was signed by an attorney-in-fact, Joseph Theis, on 09/04/2025.

What price was reported for the shares disposed of by Halligan on Form 4?

The reported price per share for the disposed 158 shares was $471.54.