HAYNE RICHARD A 4

What Happened

• Richard A. Hayne, a 10% owner of Urban Outfitters (URBN), sold a total of 40,000 common shares in open-market transactions on Jan 20–21, 2026. The sales were executed at weighted-average prices around $70.42–$71.11, producing aggregate proceeds of approximately $2.82 million. The transactions were reported on Form 4 filed Jan 22, 2026 and were effected pursuant to a pre-established trading plan (see footnote).

Key Details

• Transaction dates: Jan 20 and Jan 21, 2026.
• Shares sold: 40,000 total (eight trades of 10,105; 8,843; 562; 490; 10,133; 8,867; 534; 466).
• Reported proceeds: roughly $2,820,736 total; per-trade weighted averages ranged near $70.00–$71.36 (filing provides price ranges of approx. $70.00–$70.965, $71.02–$71.355 and $70.03–$70.96 across the trades).
• Plan: Filing notes the trades were effected pursuant to a Rule 105b-1 trading plan adopted 7/10/2025 (pre-arranged plan language appears in the filing).
• Ownership after transaction: not specified in the provided excerpt of the filing.
• Beneficial ownership notes: many shares are held indirectly (by spouse and trusts); Mr. Hayne disclaims beneficial ownership of certain shares except for any pecuniary interest (see filing footnotes).
• Timeliness: Transactions dated Jan 20–21 were reported on Form 4 filed Jan 22, 2026 (filed within the typical 2-business-day Form 4 window).

Context

• These were sales (not purchases). Sales executed under a pre-established trading plan are often routine and do not necessarily signal a change in insider confidence. As a 10% owner with indirect holdings via trusts and spouse, Hayne’s holdings reflect family/trust arrangements rather than an ordinary executive open-market buy signal.