Volpi Michelangelo 4

What Happened

• Michelangelo Volpi, a director of Confluent, sold 25,000 shares of CFLT in an open-market transaction on February 13, 2026. The reported average price was $30.59 per share for a total proceeds of approximately $764,750. The prices for the sale ranged from $30.535 to $30.63.

Key Details

• Transaction date: 2026-02-13 (reported on Form 4 filed 2026-02-18).
• Shares sold: 25,000; price range: $30.535–$30.63; reported average: $30.59; total ~ $764,750.
• Shares owned after transaction: Not specifically reported in this filing. The shares were held by the Volpi-Cupal Family Trust (see note below).
• Footnotes of note:
  • Sold pursuant to a Rule 10b5-1 trading plan dated June 13, 2025 (prearranged plan).
  • Seller notes the per-share price range and will provide a breakdown by price to the SEC/issuer upon request.
  • Shares sold are held by the Volpi-Cupal Family Trust; Volpi disclaims Section 16 beneficial ownership except to the extent of any pecuniary interest.
• Timeliness: The Form 4 was filed five days after the transaction (reported Feb 18 for a Feb 13 trade), one business day past the typical 2-business-day filing deadline.

Context

• The sale was executed under a Rule 10b5-1 trading plan, which is a prearranged schedule for trades and is commonly used by insiders to avoid allegations of trading on undisclosed information. Sales under 10b5-1 plans are often routine and do not necessarily signal a change in insider sentiment.
• Because this is a sale (not a purchase), it is less informative about insider bullishness; purchases typically carry stronger signals for retail investors.