HUBS Form 4: Halligan Executes Option Exercises and Sells Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Brian Halligan, a director of HubSpot, reported multiple transactions on 09/16/2025 under a previously adopted 10b5-1 trading plan. The Form 4 shows three option exercises that resulted in the acquisition of 3,095, 3,290 and 2,023 shares at respective exercise prices of $381.74, $490.47 and $383.13. The filing also reports an open-market sale of 8,500 shares at $506.52. Following these transactions, Halligan beneficially owned 522,185 shares. The filing notes the 10b5-1 plan was adopted on 03/03/2025 and that the exercised options were fully vested.

Positive

• Trades executed under a 10b5-1 trading plan adopted 03/03/2025, indicating pre-authorized transactions
• Exercised options were fully vested, as stated in the filing

Negative

• Reported open-market sale of 8,500 shares at $506.52, reducing the reporting person’s liquid position
• Multiple option exercises and a sale on the same date result in notable activity that changes reported holdings

Insights

Financial Analyst

TL;DR: Insider executed option exercises and a sale under a pre-existing 10b5-1 plan; net position remains sizable.

These transactions combine option exercises and an open-market sale all dated 09/16/2025. The exercises converted vested options into 8,408 shares in total, while an 8,500-share sale occurred at $506.52 per share. The presence of a 10b5-1 plan indicates trades were pre-authorized, reducing the likelihood of opportunistic timing. The report discloses the resulting beneficial ownership of 522,185 shares, which is explicitly stated.

Corporate Governance Expert

TL;DR: Director transactions were processed under a documented trading plan and include vested option exercises and a sale.

The Form 4 explicitly states the trades were effected pursuant to a 10b5-1 plan adopted 03/03/2025 and that at least some options were fully vested. This adherence to a trading plan and the signature by an attorney-in-fact are standard governance practices for insider trades. No additional governance issues or exceptions are disclosed in the filing.

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

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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).

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)
09/16/2025

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	09/16/2025		M(1)		3,095	A	$381.74	525,372	D
Common Stock	09/16/2025		M(1)		3,290	A	$490.47	528,662	D
Common Stock	09/16/2025		M(1)		2,023	A	$383.13	530,685	D
Common Stock	09/16/2025		S(1)		8,500	D	$506.52	522,185	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
Stock Option (right to buy)	$381.74	09/16/2025		M(1)			3,095	(2)	02/01/2031	Common Stock	3,095	$0.00	0	D
Stock Option (right to buy)	$490.47	09/16/2025		M(1)			3,290	(2)	02/01/2032	Common Stock	3,290	$0	470	D
Stock Option (right to buy)	$383.13	09/16/2025		M(1)			2,023	(2)	03/01/2033	Common Stock	2,023	$0.00	1,303	D

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. This stock option is fully vested.

	/s/ Joseph Theis, attorney-in-fact	09/18/2025
	** 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.
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FAQ

What transactions did Brian Halligan report on Form 4 for HUBS?

The filing reports three option exercises acquiring 3,095, 3,290, and 2,023 shares and an open-market sale of 8,500 shares, all dated 09/16/2025.

Were these trades part of a 10b5-1 trading plan for HUBS?

Yes. The Form 4 states the transactions were effected pursuant to a 10b5-1 trading plan adopted on 03/03/2025.

How many HUBS shares did Halligan beneficially own after the transactions?

Following the reported transactions, the filing shows 522,185 shares beneficially owned.

What were the exercise prices of the options converted to HUBS shares?

The exercised options had exercise prices of $381.74, $490.47, and $383.13.

At what price were the 8,500 HUBS shares sold?

The Form 4 reports the sale price as $506.52 per share.