Wong Jennifer L. 4

What Happened
Jennifer L. Wong, Chief Operating Officer of Reddit, exercised 39,167 stock options on May 18, 2026 at $5.35 per share (cost ≈ $209,543) and sold 39,167 shares in multiple open‑market trades the same day, generating total proceeds of about $6.21 million. The filing also records a separate M‑coded disposition of 39,167 shares at $0.00 (the Form does not specify the nature of that zero‑dollar disposition). Overall this looks like an exercise followed by same‑day sales (cashless-style) rather than a net purchase.

Key Details

• Transaction date: May 18, 2026; Form filed May 20, 2026 (filed within standard reporting window).
• Exercise: 39,167 shares acquired at $5.35 each (total ≈ $209,543).
• Sales: 39,167 shares sold across multiple trades for total proceeds ≈ $6,208,843. Reported weighted prices and ranges per footnotes: $154.18–$160.80 (individual trade ranges are noted in the filing).
• Footnotes: Sales were executed pursuant to a Rule 10b5‑1 trading plan adopted May 16, 2025 (F1). The filing includes per-trade price ranges (F2–F8) and notes the option is fully vested and exercisable (F9). The reporting person offers to provide per‑trade breakdowns on request.
• Shares owned after transaction: not specified in the provided Form 4.

Context

• This sequence (exercise then sell the same number of shares the same day) is commonly used to monetize vested options and is generally treated by investors as routine insider liquidity rather than a directional vote on the company.
• The presence of a 10b5‑1 plan indicates the sales were pre‑planned; footnotes provide the detailed price ranges for the multiple trades.