BLACK DARREN M. 4

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.