Stoppelman Jeremy 4

What Happened

• Jeremy Stoppelman, CEO of Yelp Inc. (YELP), exercised 90,000 option-derived shares (30,000 each on Jan 21, Jan 22 and Jan 23, 2026) at $20.47 per share (total cost $1,842,300) and sold the 90,000 shares in the open market across those same dates for aggregate proceeds of $2,590,043. The exercises are reported as code M (exercise/conversion of derivative); matching zero-dollar “disposed” derivative entries reflect the conversion of the derivative positions into common shares. Footnote F6 indicates the options were fully vested.

Key Details

• Transaction dates and amounts:
  • Jan 21, 2026: Exercised 30,000 @ $20.47 = $614,100; Sold 30,000 @ weighted avg $28.30 = $849,099 (sales ranged $27.78–$28.495; F2).
  • Jan 22, 2026: Exercised 30,000 @ $20.47 = $614,100; Sold 30,000 @ weighted avg $29.29 = $878,643 (sales ranged $28.70–$29.56; F3).
  • Jan 23, 2026: Exercised 30,000 @ $20.47 = $614,100; Sold 28,600 @ $28.72 = $821,372 and 1,400 @ $29.23 = $40,929 (combined sales ranges $28.22–$29.30; F4–F5).
• Aggregate: Acquired 90,000 shares for $1,842,300; disposed 90,000 shares for $2,590,043.
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes: Sales were made pursuant to a pre-established 10b5-1 trading plan adopted May 19, 2025 (F1). Sales prices reported are weighted averages; per-share ranges are provided in F2–F5. Options were fully vested (F6).
• Filing timeliness: Report filed Jan 23, 2026 for transactions beginning Jan 21, 2026 (filed within the typical Form 4 window).

Context

• This is a common “exercise and sell” (cashless exercise) pattern: the insider exercised options and sold the resulting shares, largely under a pre-set 10b5-1 plan. Such trades are often routine (tax/liquidity) rather than a straightforward bullish or bearish signal.
• Derivative (M) entries represent the conversion/exercise of option interests into common shares; the zero-dollar derivative dispositions reflect that conversion, not a separate cash sale.