[Form 4] Sezzle Inc. Insider Trading Activity

Rhea-AI Filing Summary

Enliven Therapeutics, Inc. (ELVN) – Form 4 insider transaction. Chief Financial Officer Benjamin Hohl exercised 3,250 employee stock options at an exercise price of $2.48 per share and immediately sold the same 3,250 shares under a pre-arranged Rule 10b5-1 trading plan dated 26 Jun 2023.

• Option exercise: 3,250 shares converted from options granted 2 Aug 2021 (portion of a 262,120-share grant that vests monthly through Aug 2025).
• Sales: 3,052 shares sold at a volume-weighted average price (VWAP) of $20.8609 and 198 shares at a VWAP of $21.6583; individual trade ranges were $20.58-$21.575 and $21.5811-$21.788, respectively.
• Holdings after transactions: 23,000 shares of common stock held directly and 115,806 options outstanding.
• The exercise-and-sell was executed the same day (27 Jun 2025) and disclosed 1 Jul 2025.

The transaction represents routine liquidity management by the CFO; the net economic exposure (shares plus remaining options) remains substantial.

Insights

Financial Analyst

TL;DR: Small CFO exercise-and-sale; neutral signal given modest size and 10b5-1 plan.

The 3,250-share option exercise equates to roughly 0.1% of the original 262,120-share grant and is immaterial relative to Enliven’s public float. Because the sale is fully covered by a 10b5-1 plan, it suggests advance planning rather than opportunistic disposal. Post-sale, the CFO still owns 23,000 shares and retains 115,806 unexercised options, highlighting continued alignment with shareholder interests. No new options were granted, and no red flags such as margin calls or accelerated vesting appear. From a valuation standpoint, the differential between the $2.48 strike and ~$21 sale price locks in ~$0.6 million gross proceeds but does not meaningfully impact the company’s capital structure. Overall impact on the stock should be neutral.

Corporate Governance Specialist

TL;DR: Rule 10b5-1 plan mitigates governance concerns; routine insider diversification.

The filing shows proper use of SEC Rule 10b5-1, including plan adoption date (26 Jun 2023) and coding of transactions. Transparent reporting reduces litigation and reputational risk. The sale volume is modest, and the officer retains a sizeable unvested option pool, which maintains incentive alignment. There is no indication of information asymmetry abuse. From a governance lens, the activity is compliant and not impactful to shareholder rights.

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).

X

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^*

Sabzivand Amin

(Last) (First) (Middle)

700 NICOLLET MALL

SUITE 640

(Street)

MINNEAPOLIS MN 55402

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Sezzle Inc. [ SEZL ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

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, par value $0.00001 per share	06/27/2025		M(1)		6,028	A	$5.23	249,331	D
Common Stock, par value $0.00001 per share	06/27/2025		S		5,500	D	$164.1252(2)	243,831	D
Common Stock, par value $0.00001 per share	06/27/2025		S		377	D	$164.8615(3)	243,454	D
Common Stock, par value $0.00001 per share	06/27/2025		S		151	D	$166.5472(4)	243,303	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 Options	$5.23	06/27/2025		M(1)			6,028	04/07/2024	04/07/2030	Common Stock, par value $0.00001 per share	6,028	$0	6,930	D

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 6, 2024.

2. The sales were effected in multiple transactions at prices ranging from $163.67 to $164.65, inclusive, on June 27, 2025. The price reported in Column 4 is the weighted average price. The reporting person undertakes to provide, upon request, full information regarding the number of shares purchased in each transaction.

3. The sales were effected in multiple transactions at prices ranging from $164.67 to $165.06, inclusive, on June 27, 2025. The price reported in Column 4 is the weighted average price. The reporting person undertakes to provide, upon request, full information regarding the number of shares purchased in each transaction.

4. The sales were effected in multiple transactions at prices ranging from $166.3700 to $167.0725, inclusive, on June 27, 2025. The price reported in Column 4 is the weighted average price. The reporting person undertakes to provide, upon request, full information regarding the number of shares purchased in each transaction.

Remarks:

	/s/ Brady Duane Kafka, as Attorney-in-Fact	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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