HAYNE RICHARD A 4

What Happened

• Richard A. Hayne, a reported 10% owner of Urban Outfitters (URBN), sold a total of 24,682 shares in multiple open-market transactions on February 19–20, 2026, generating approximately $1,738,127. These were all sales (dispositions), not purchases.
• Trades included: 2,497 shares at a weighted avg $70.10 ($175,042); 2,185 at $70.10 ($153,171); 9,120 at $70.40 ($642,030); 7,980 at $70.40 ($561,776); 1,547 at $71.07 ($109,948); and 1,353 at $71.07 ($96,160).

Key Details

• Transaction dates: Feb 19–20, 2026. Filing date: Feb 23, 2026 (Form 4) — appears to be filed timely.
• Price ranges (per footnotes): sales ranged roughly from $70.00 to $71.10; some line items report weighted-average prices and disclose narrower sub-ranges (e.g., $70.005–$70.24; $70.00–$70.96; $71.03–$71.10). The filer offers to provide per-price breakdown on request.
• Shares owned after transaction: not specified in the data provided here.
• Notable footnotes: transactions were effected pursuant to a Rule 105b-1 trading plan adopted 7/10/2025. Several footnotes state the shares sold are owned indirectly (by Mr. Hayne and/or his spouse) or held in family trusts; Mr. Hayne disclaims beneficial ownership of certain shares except to the extent of any pecuniary interest.

Context

• These are sales by a 10% owner, executed under a pre-established trading plan, which typically directs trades according to a preset schedule/parameters rather than new discretionary decisions. Such sales are routine and do not by themselves indicate a change in company prospects.
• For retail investors: purchases are generally more informative about insider sentiment than routine plan-driven sales; this filing documents disposition activity and associated disclosures, not an acquisition.