Blanchard Sarah 4

What Happened
Sarah Blanchard, Chief Financial Officer of Udemy, reported dispositions in mid-March 2026. On March 13, 2026 she sold 25,000 shares in an open-market transaction for a weighted average price of $4.78 (total proceeds ~$119,375). On March 15, 2026 she had 14,843 shares withheld to satisfy tax withholding related to equity vesting/settlement, valued at a weighted average of $4.77 (value ~$70,801). Combined, the reported dispositions total about $190,176.

Key Details

• Transaction dates and prices:
  • 2026-03-13: Open-market sale of 25,000 shares; weighted avg price $4.78 (prices ranged $4.69–$4.86), proceeds ~$119,375. (F2)
  • 2026-03-15: 14,843 shares withheld to cover tax liabilities at weighted avg $4.77, value ~$70,801. (F3)
• 10b5-1 plan: The March 13 sale was made pursuant to a Rule 10b5-1 trading plan adopted by Blanchard on March 14, 2025 (automatic, pre-planned). (F1)
• Shares owned after the transactions: not disclosed in the provided filing excerpt.
• Filing timeliness: Form 4 was filed March 16, 2026 for transactions on March 13 and 15 — the filing appears timely under normal Form 4 rules.

Context

• The March 13 action was an open-market sale under an established 10b5-1 plan (pre-scheduled), which is typically an automated way for insiders to sell shares.
• The March 15 disposition was a tax-withholding event (shares surrendered/withheld to satisfy taxes on vesting/settlement), not an open-market sale of additional shares.
• These kinds of routine sales and withholdings are common for executives and do not, by themselves, indicate a change in company outlook.