Every officer and director reconciles for this period.
External context: we only cite outside events when a documented connection exists. None is shown for this period.
What stands out
- Three insiders sold more than 25% of vested holdings: Artal International S.C.A. (32% of holdings, $271M, none under a disclosed plan), Kelly Costanza (49% of holdings, $5.1M, none under a disclosed plan) and Kenneth Bertram (36% of holdings, $1.5M, none under a disclosed plan).Artal International S.C.A.: largest sale, Jun 15, 2026 · Kelly Costanza: largest sale, Feb 26, 2026 · Kenneth Bertram: largest sale, Mar 5, 2026
- Three officers bought shares: Douglas Thompson (13K shares, $945K), Joseph Kadow (3K shares, $199K) and Brett Schulman (150 shares, $7K).Douglas Thompson: purchase, Aug 31, 2026 · Joseph Kadow: purchase, May 29, 2026 · Brett Schulman: purchase, Nov 12, 2025
- Brett Schulman sold 59K shares (3.9% of starting holdings), but 66K more shares were added, so the stake grew (from 1.53M to 1.54M).Largest sale, Jun 15, 2026
Percentages cover 15 of 18 officers and directors. Left out: Adam Phillips and Karen Kochevar (most of their shares vested during the period, so a percentage would mislead); Amiee Thomas (held no vested shares at the start). Disclosed company stock is not an insider's whole wealth.
The evidence
Who sold8 officers and directors: amount, % of holdings, trading plan
| Who sold | Amount | % of holdings | Trading plan |
|---|---|---|---|
| Artal International S.C.A. Director | $271M 3.00M shares | 32% | No plan disclosed |
| Kelly Costanza Chief People Officer | $5.1M 61K shares | 49% | No plan disclosed |
| Brett Schulman CEO and President, Director | $4.7M 59K shares | 3.9% | No plan disclosed |
| Kenneth Bertram CLO & Secretary | $1.5M 21K shares | 36% | No plan disclosed |
| Theodoros Xenohristos Chief Concept Officer, Director | $1.1M 14K shares | 4.1% | No plan disclosed |
| Adam Phillips Chief Accounting Officer | $1.1M 13K shares | iNo percentage: most of their shares vested during the period, so a percentage would mislead. | No plan disclosed |
| Karen Kochevar Director | $900K 10K shares | iNo percentage: most of their shares vested during the period, so a percentage would mislead. | No plan disclosed |
| Tricia Tolivar Chief Financial Officer | $742K 9.6K shares | 4.0% | No plan disclosed |
The full ownership picture18 of 18 insiders fully reconciled · 18 officers and directors
Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.
| Insider | Held Oct 7, 2025 | Sold | Held Oct 7, 2026 | Still held | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Artal International S.C.A. Director | 9.51M | −3.00M | 6.51M | 68% | ||||||||||||||||||||||||||||||||
Ronald ShaichiIncludes unvested RSUs, amount not disclosed. Director | 4.54M | 0 | 4.54M | no sales | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Ronald Shaich0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
| ||||||||||||||||||||||||||||||||||||
Brett SchulmaniIncludes unvested RSUs, amount not disclosed. An owner entity could not be identified from the footnotes. CEO and President, Director | 1.53M | −59K | 1.54M | +0.4% | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Brett Schulman+37Kshares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($49.96 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close. | ||||||||||||||||||||||||||||||||||||
Theodoros XenohristosiIncludes unvested RSUs, amount not disclosed. Chief Concept Officer, Director | 350K | −14K | 341K | 97% | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Theodoros Xenohristos0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($49.96 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close. | ||||||||||||||||||||||||||||||||||||
Tricia TolivariIncludes unvested RSUs, amount not disclosed. Chief Financial Officer | 239K | −9.6K | 238K | 99% | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Tricia Tolivar0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($49.96 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close. | ||||||||||||||||||||||||||||||||||||
David BossermaniIncludes unvested RSUs, amount not disclosed. Director | 144K | 0 | 146K | no sales | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for David Bosserman | ||||||||||||||||||||||||||||||||||||
Jennifer SomersiIncludes unvested RSUs, amount not disclosed. Chief Operations Officer | 137K | 0 | 137K | no sales | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Jennifer Somers0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($49.96 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close. | ||||||||||||||||||||||||||||||||||||
Kelly CostanzaiIncludes unvested RSUs, amount not disclosed. Chief People Officer | 123K | −61K | 98K | 80% | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Kelly Costanza+32Kshares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($49.96 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close. | ||||||||||||||||||||||||||||||||||||
Kenneth BertramiIncludes unvested RSUs, amount not disclosed. CLO & Secretary | 57K | −21K | 40K | 70% | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Kenneth Bertram0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($49.96 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close. | ||||||||||||||||||||||||||||||||||||
Philippe AmouyaliIncludes unvested RSUs, amount not disclosed. Director | 18K | 0 | 20K | no sales | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Philippe Amouyal | ||||||||||||||||||||||||||||||||||||
Adam PhillipsiIncludes unvested RSUs, amount not disclosed. Chief Accounting Officer | 11K | −13K | 6.8K | not meaningful | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Adam Phillips+7.9Kshares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($49.96 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close. | ||||||||||||||||||||||||||||||||||||
Benjamin FeltiIncludes unvested RSUs, amount not disclosed. Director | 8.1K | 0 | 10K | no sales | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Benjamin Felt | ||||||||||||||||||||||||||||||||||||
Lauri ShanahaniIncludes unvested RSUs, amount not disclosed. Director | 8.1K | 0 | 10K | no sales | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Lauri Shanahan | ||||||||||||||||||||||||||||||||||||
Douglas ThompsoniIncludes unvested RSUs, amount not disclosed. Started reporting during the period; starting holdings are from the Form 3. Chief Operations Officer | 6.4K | 0 | 19K | no sales | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Douglas Thompson0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
| ||||||||||||||||||||||||||||||||||||
James WhiteiIncludes unvested RSUs, amount not disclosed. Director | 5.6K | 0 | 7.5K | no sales | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for James White | ||||||||||||||||||||||||||||||||||||
Joseph KadowiIncludes unvested RSUs, amount not disclosed. Started reporting during the period; starting holdings are from the Form 3. CLO & Secretary | 5K | 0 | 8K | no sales | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Joseph Kadow0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
| ||||||||||||||||||||||||||||||||||||
Karen KochevariIncludes unvested RSUs, amount not disclosed. Director | 3.1K | −10K | 3.1K | not meaningful | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Karen Kochevar+10Kshares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
Stock options (not counted as shares):
Estimate: options held × ($49.96 − strike price), using the most recent insider trade price on Form 4 (Sep 15, 2026), not a market close. | ||||||||||||||||||||||||||||||||||||
Amiee ThomasiIncludes unvested RSUs, amount not disclosed. Director | 0 | 0 | 1.8K | no sales | ||||||||||||||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Amiee Thomas0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end
| ||||||||||||||||||||||||||||||||||||
18 of 18 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (18 exactly, 0 with a minor or footnoted difference). Percentages cover 15 of 18 officers and directors. Left out: Adam Phillips and Karen Kochevar (most of their shares vested during the period, so a percentage would mislead); Amiee Thomas (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.
What explains the selling$286M of sales by plan status, purpose, seller and month
Officer and director open-market sales: $286M across 3,188,057 shares. Plan status and stated purpose are separate questions, and a sale can have both.
No plan disclosed · $278M
Sales with no 10b5-1 plan and no tax reference in the filing. $271M of it is Artal International S.C.A.. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Artal International S.C.A., Jun 15, 2026
Taxes
$8.1M of sales (2.8%) cite tax obligations in their footnotes. Example: Adam Phillips, Jun 15, 2026
Purchases · 7 in this period
Officers and directors reported 7 purchases (Form 4 code P) in this period, and 14 across all their filings on record.
| Seller | Shares sold | Proceeds | Under a disclosed plan | Share of total | Sales dates |
|---|---|---|---|---|---|
| Artal International S.C.A. Director | 3.00M | $271M | 0% | 95% | Jun 15, 2026 to Jun 15, 2026 |
| Kelly Costanza Chief People Officer | 61K | $5.1M | 0% | 2% | Jan 21, 2026 to Jun 17, 2026 |
| Brett Schulman CEO and President, Director | 59K | $4.7M | 0% | 2% | Jan 21, 2026 to Jun 15, 2026 |
| Kenneth Bertram CLO & Secretary | 21K | $1.5M | 0% | 0.5% | Nov 26, 2025 to Mar 5, 2026 |
| Theodoros Xenohristos Chief Concept Officer, Director | 14K | $1.1M | 0% | 0.4% | Jan 21, 2026 to Jun 15, 2026 |
| Adam Phillips Chief Accounting Officer | 13K | $1.1M | 0% | 0.4% | Jan 27, 2026 to Jun 15, 2026 |
| Karen Kochevar Director | 10K | $900K | 0% | 0.3% | Jun 18, 2026 to Jun 18, 2026 |
| Tricia Tolivar Chief Financial Officer | 9.6K | $742K | 0% | 0.3% | Jan 21, 2026 to Jun 15, 2026 |
Sales by month
Monthly figures as a table
| Month | Sale proceeds |
|---|---|
| Oct 2025 | $0 |
| Nov 2025 | $192K |
| Dec 2025 | $0 |
| Jan 2026 | $2.6M |
| Feb 2026 | $2.9M |
| Mar 2026 | $1.2M |
| Apr 2026 | $0 |
| May 2026 | $1.9M |
| Jun 2026 | $277M |
| Jul 2026 | $0 |
| Aug 2026 | $0 |
| Sep 2026 | $0 |
| Oct 2026 | $0 |
Is this normal? Selling year by yearNot enough history to compare
Not enough history to compare: fewer than three earlier years of filings.
| 12 months ending | Shares sold | Insiders who sold | Proceeds |
|---|---|---|---|
| Oct 7, 2026 Latest 12 months | 3.19M | 8 | $286M |
| Oct 7, 2025 1 year earlier | 9.94M | 10 | $1.36B |
| Oct 7, 2024 2 years earlier | 20.21M | 10 | $1.78B |
| Oct 8, 2023 3 years earlier · filings don't cover the whole year | n/a | n/a | n/a |
| Oct 8, 2022 4 years earlier · filings don't cover the whole year | n/a | n/a | n/a |
| Oct 8, 2021 5 years earlier · filings don't cover the whole year | n/a | n/a | n/a |
Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.
Known gaps and uncertaintyEvery officer and director reconciles
Sources and methodology203 filings from SEC EDGAR, and how we read them
All 203 Forms 3, 4 and 5 filed for Cava Group, Inc. (SEC CIK 1639438) from Jun 15, 2023 to Sep 16, 2026, retrieved from SEC EDGAR on Oct 7, 2026. Prices are the ones reported in each filing, often weighted averages.
Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.
Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".
Former or inactive filers (3)No filing in 18 months; last reported balances, not in any total
| Name | Last filed | Last reported balance |
|---|---|---|
| SWaN Hospitality LLC | Jun 22, 2023 | 9,619,992 shares, last reported balance as of Jun 20, 2023 |
| Todd Klein | Jun 22, 2023 | 5,000 shares, last reported balance as of Jun 20, 2023 |
| Todd Klein | No balance on record |