nCino Insider Filing: Jeffrey Horing Reports Multi-Million Share Sales

Rhea-AI Filing Summary

Jeffrey Horing, a director affiliated with Insight Partners, reported multiple sales of nCino, Inc. (NCNO) common stock. The Form 4 shows a sale of 26,168 shares on 09/05/2025 at $31.1153 per share and a sale of 3,889,254 shares on 09/08/2025 at $30. Following the 09/05 transaction the filing reports 3,889,254 shares beneficially owned indirectly, and after the 09/08 transaction it reports 0 shares indirectly owned. The filing references Exhibit 99.1 for explanations of transaction details and includes a signature dated 09/09/2025.

Positive

• None.

Negative

• Large insider sales disclosed: 3,915,422 total shares sold across two transactions as reported on the Form 4.
• Insufficient on-form detail: The filing repeatedly refers to Exhibit 99.1 for explanations, so the Form 4 lacks on-face context about reasons or trading-plan status.

Insights

Financial Analyst

TL;DR: Large insider dispositions were reported across two dates; Exhibit 99.1 is needed to understand context and any defensive plans.

The Form 4 records two non-derivative sales totaling 3,915,422 shares at prices of $31.1153 and $30. The second reported sale corresponds with a drop to zero indirect ownership in the table, suggesting a significant reduction in reported holdings. The filing provides no quantitative context such as percentage of outstanding shares or value aggregation; those figures must be derived externally. The reference to Exhibit 99.1 for explanations means material details about the nature of the transactions or any Rule 10b5-1 trading plan are delegated to that exhibit.

Corporate Governance Expert

TL;DR: Multiple large insider sales are disclosed; governance implications depend on the explanations in Exhibit 99.1.

The insider is identified as a director and filings indicate the transactions were individually reported by one reporting person. The Form 4 itself does not state whether these sales were pre-arranged under a trading plan, exempted, or part of an organizational transfer; Exhibit 99.1 is cited for each explanatory note. Without that exhibit, the governance assessment is incomplete, though repeated large sales by a director are typically notable for shareholders.

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^*

HORING JEFF

(Last) (First) (Middle)

C/O INSIGHT PARTNERS

1114 AVENUE OF THE AMERICAS, 36TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
nCino, Inc. [ NCNO ]

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)
09/05/2025

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	09/05/2025		S		26,168	D	$31.1153(1)	3,889,254	I	See footnote(3)
Common Stock	09/08/2025		S		3,889,254	D	$30(2)	0	I	See footnote(3)
Common Stock								137,527	I	See footnote(4)
Common Stock								124,988	D(5)

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. See Exhibit 99.1

2. See Exhibit 99.1

3. See Exhibit 99.1

4. See Exhibit 99.1

5. See Exhibit 99.1

Remarks:

Exhibit List Exhibit 99.1 - Explanation of Responses

	/s/ Jeffrey Horing	09/09/2025
	** 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 transactions did Jeffrey Horing report on the NCNO Form 4?

The Form 4 reports a sale of 26,168 shares on 09/05/2025 at $31.1153 and a sale of 3,889,254 shares on 09/08/2025 at $30.

How much beneficial ownership did the filing show after the reported transactions?

The filing shows 3,889,254 shares beneficially owned indirectly after the 09/05 transaction and 0 shares indirectly owned following the 09/08 transaction, per the table entries.

Does the Form 4 explain the reason for the sales?

No. The Form 4 refers to Exhibit 99.1 for explanations for each noted item; the form itself does not provide the reasons.

When was the Form 4 signed by the reporting person?

The Form 4 bears the signature of Jeffrey Horing dated 09/09/2025.

Is the reporting person a company insider or a 10% owner?

The form marks the reporting person as a Director; the 10% owner box is not checked.