KAR Form 4: James Coyle exercises options, completes same-day sales
Rhea-AI Filing Summary
On 08/07/2025 James P. Coyle, identified as EVP & President, Marketplace of OPENLANE, Inc. (KAR), reported multiple option exercises and share sales in a Form 4 filing. The filing shows he acquired a total of 194,575 shares by exercising employee stock options at an exercise price of $14.66 per share and includes shares acquired pursuant to the companys Employee Stock Purchase Plan.
Those acquired shares were sold the same day in multiple transactions at reported weighted-average sale prices shown in the filing (approximately $27.93, $29.01, $27.93 and $29.04 with underlying ranges reported between $27.76 and $29.05). Following the transactions the reporting person beneficially owned 36,850.537 shares directly. The filing references employee stock option grants dated November 5, 2021 with vesting conditions tied to price thresholds and/or service-based vesting, and is signed by an attorney-in-fact on 08/08/2025.
Positive
- Acquisition documented: Reporting person exercised 194,575 employee stock options at an exercise price of $14.66 per share.
- Transparent pricing: Sales reported with weighted-average prices and explicit ranges ($27.76 to $29.05), and post-transaction holdings are disclosed (36,850.537 shares).
Negative
- Large sell-down: Sales on 08/07/2025 reduced direct beneficial ownership to 36,850.537 shares following the transactions.
- Concentrated transactions: A substantial number of shares (194,575) were sold the same day as the option exercises, which may be viewed as a material insider disposition by some investors.
Insights
TL;DR: Insider exercised 194,575 options at $14.66 and sold those shares on 08/07/2025, retaining 36,850.537 shares.
The filing documents a sizable option exercise followed by immediate sales at weighted-average prices near $28 to 29 per share. The transactions generated realized proceeds materially above the $14.66 exercise price, and the reporting person remains a holder of 36,850.537 shares. The disclosure is clear about volumes, prices and post-transaction holdings; it does not provide purposes for the sales. For valuation or liquidity analysis, the gross share counts and price ranges reported are the primary takeaways.
TL;DR: The Form 4 shows compliant disclosure of option exercises, ESPP shares and subsequent sales, plus vesting conditions from Nov 5, 2021.
The filing includes required footnotes: one footnote confirms inclusion of Employee Stock Purchase Plan shares and other footnotes disclose weighted-average sale price ranges. Option grant dates and vesting contingencies (price-based and service-based) are provided, and the form is signed by an attorney-in-fact. From a governance and disclosure perspective the filing supplies the standard elements investors and regulators expect: transaction dates, amounts, prices and post-transaction ownership.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to buy) | 140,576 | $14.66 | $2.06M |
| Exercise | Employee Stock Option (right to buy) | 933 | $14.66 | $14K |
| Exercise | Employee Stock Option (right to buy) | 52,676 | $14.66 | $772K |
| Exercise | Employee Stock Option (right to buy) | 390 | $14.66 | $6K |
| Exercise | Common Stock | 140,576 | $14.66 | $2.06M |
| Sale | Common Stock | 140,576 | $27.93 | $3.93M |
| Exercise | Common Stock | 933 | $14.66 | $14K |
| Sale | Common Stock | 933 | $29.01 | $27K |
| Exercise | Common Stock | 52,676 | $14.66 | $772K |
| Sale | Common Stock | 52,676 | $27.93 | $1.47M |
| Exercise | Common Stock | 390 | $14.66 | $6K |
| Sale | Common Stock | 390 | $29.04 | $11K |
Footnotes (1)
- Includes shares acquired pursuant to the Company's Employee Stock Purchase Plan. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.76 to $28.14 per share, 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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.00 to $29.05 per share, 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. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.76 to $28.19 per share, 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. These options were granted on November 5, 2021 and become eligible to vest and become exercisable in equal 25% increments, each upon the later of the occurrence of the first four anniversaries of the grant date, respectively, and the attainment of the closing price of the Company's common stock at or above, for each respective 25% increment, $19.66, $24.66, $29.66, and $34.66, for twenty consecutive trading days, subject to continued employment through such vesting date. These options were granted on November 5, 2021 and vest and become exercisable in equal installments on each of the first four anniversaries of the grant date, subject to continued employment through such vesting date.
