BLACK DARREN M. 4
4 · LifeStance Health Group, Inc. · Filed May 14, 2026
Research Summary
AI-generated summary of this filing
LifeStance Health (LFST) Director Darren Black Sells 5.9M Shares
What Happened
Darren M. Black, a director and Managing Director of Summit Master Company, LLC (part of the Summit Partners group), reported the disposition of 5,899,661 LifeStance Health (LFST) shares on May 12, 2026. The shares were sold at $8.02 per share for total proceeds of $47,315,281. The transaction is reported as a sale (code S) and was disclosed on a Form 4 filed May 14, 2026.
Key Details
- Transaction date and price: May 12, 2026 — 5,899,661 shares sold at $8.02 each.
- Proceeds: $47,315,281 total.
- Shares held after transaction: Form 4 reports a combined 23,310,115 LFST shares held across the Summit funds listed in the filing (see footnote breakdown).
- Footnotes: F1–F4 indicate the sold shares and remaining holdings were held by several Summit funds (Growth Equity Fund IX‑A, IX‑B, and related entities) and describe the Summit ownership/management structure and delegated investment authority via Summit Partners, L.P. The funds and individuals disclaim beneficial ownership except to the extent of pecuniary interest.
- Timeliness: Transaction date May 12; Form 4 filed May 14 — appears to be timely (within the Form 4 reporting window).
Context
This filing reflects sales by institutional funds affiliated with Summit Partners rather than a simple, individual open‑market personal sale. Darren Black is part of the Summit investment committee that has voting/dispositive authority over these fund holdings. Sales by funds can represent portfolio rebalancing or liquidity needs and do not by themselves indicate company-specific conclusions about future performance.
Insider Transaction Report
- Sale
Common Stock
[F1][F2][F3][F4]2026-05-12$8.02/sh−5,899,661$47,315,281→ 23,310,115 total(indirect: See Footnotes.)
Footnotes (4)
- [F1]Represents 3,612,708 shares sold by Summit Partners Growth Equity Fund IX-A, L.P., 2,255,726 shares sold by Summit Partners Growth Equity Fund IX-B, L.P., 25,218 shares sold by Summit Investors GE IX/VC IV, LLC, 3,371 shares sold by Summit Partners Entrepreneur Advisors Fund II, L.P. and 2,638 shares sold by Summit Investors GE IX/VC IV (UK), L.P.
- [F2]The reported securities are held as follows: 14,274,150 shares in the name of Summit Partners Growth Equity Fund IX-A, L.P.; 8,912,582 shares in the name of Summit Partners Growth Equity Fund IX-B, L.P.; 99,639 shares in the name of Summit Investors GE IX/VC IV, LLC; 13,320 shares in the name of Summit Partners Entrepreneur Advisors Fund II, L.P.; and 10,424 shares in the name of Summit Investors GE IX/ VC IV (UK), L.P.
- [F3]Darren Black is a Managing Director and Member of Summit Master Company, LLC, the general partner of Summit Partners, L.P. Summit Partners, L.P. is the managing member of Summit Partners GE IX, LLC, which is general partner of Summit Partners GE IX, LP, which is the general partner of Summit Partners Growth Equity Fund IX-A, L.P. and Summit Partners Growth Equity Fund IX-B, L.P. Summit Master Company, LLC is (i) the sole member of Summit Partners Entrepreneur Advisors GP II, LLC, which is the general partner of Summit Partners Entrepreneur Advisors Fund II, L.P. and (ii) the managing member of Summit Investors Management, LLC, which is the manager of Summit Investors GE IX/VC IV, LLC, and the general partner of Summit Investors GE IX/VC IV (UK), L.P.
- [F4]Summit Master Company, LLC, as the sole member of Summit Partners Entrepreneur Advisors GP II, LLC and the managing member of Summit Investors Management, LLC, has delegated investment decisions, including voting and dispositive power, to Summit Partners, L.P. and its investment committee responsible for voting and investment decisions with respect to LifeStance Health Group, Inc. Summit Partners, L.P., through a three person investment committee, currently composed of Peter Y. Chung, Darren M. Black and Craig D. Frances, has voting and dispositive authority over the shares held by each of these entities and therefore beneficially owns such shares. Each of the Summit Funds, Mr. Chung, Mr. Black and Dr. Frances disclaim beneficial ownership of the shares, except, in each case, to the extent of such person's or entity's pecuniary interest therein.