Were the ESTA insider share sales made under a Rule 10b5-1 plan?

Yes. The filing states the open-market sales were effected under a Rule 10b5-1 trading plan adopted by the reporting person, indicating the transactions were pre-arranged rather than timed discretionarily around short-term market movements.

Entity tied to Establishment Labs (NASDAQ: ESTA) director sells shares under 10b5-1 plan

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

ESTABLISHMENT LABS HOLDINGS INC. director Juan Jose Chacon Quiros reported a mix of entity restructuring and open-market sales of Common Shares. A total of 179,240 shares moved from his direct holdings to Sariel Group Ltd. in an exempt transfer, leaving him with 45,193 shares held directly.

Through Sariel Group Ltd., an entity in which he is a shareholder with voting and dispositive power, 33,925 shares were sold in open-market transactions on March 23, 2026 at prices generally between $60.00 and $63.01 per share under a Rule 10b5-1 trading plan. Following these transactions, 1,225,292 shares are reported as held indirectly via Sariel Group Ltd.

Insider Trade Summary

Net Seller: 33,925 shares ($2,048,697)

Net Sell 6 txns

Insider Chacon Quiros Juan Jose

Role Director

Sold 33,925 shs ($2.05M)

Type	Security	Shares	Price	Value
Other	Common Shares	179,240	$0.00	--
Other	Common Shares	179,240	$0.00	--
Sale	Common Shares	31,425	$60.232	$1.89M
Sale	Common Shares	787	$61.705	$49K
Sale	Common Shares	1,513	$62.619	$95K
Sale	Common Shares	200	$63.01	$13K

Holdings After Transaction: Common Shares — 45,193 shares (Direct); Common Shares — 1,257,504 shares (Indirect, See Footnote)

Footnotes (1)

The shares were transferred from the Reporting Person's direct holdings to Sariel Group Ltd. in an exempt transaction pursuant to Rule 16a-13 under the Securities Exchange Act of 1934. The Reporting Person is a shareholder of Sariel Group Ltd and has voting and dispositive power over the shares owned by Sariel Group Ltd. The Reporting Person disclaims beneficial ownership of the shares held by Sariel Group Ltd, except to the extent of his pecuniary interest therein. The shares are held by Sariel Group Ltd. The Reporting Person is a shareholder of Sariel Group Ltd and has voting and dispositive power over the shares owned by Sariel Group Ltd. The Reporting Person disclaims beneficial ownership of the shares held by Sariel Group Ltd, except to the extent of his pecuniary interest therein. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person. This transaction was executed in multiple trades at prices ranging from $60.00 to $60.87 per share. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price. This transaction was executed in multiple trades at prices ranging from $61.02 to $61.97 per share. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price. This transaction was executed in multiple trades at prices ranging from $62.01 to $62.99 per share. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

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Form 4 Insider Transactions: What Each Field Means →

03/24/2026 - 01:40 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chacon Quiros Juan Jose

(Last)

(First)

(Middle)

C/O MOTIVA USA LLC

16192 COASTAL HIGHWAY

(Street)

LEWES

DELAWARE

19958

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ESTABLISHMENT LABS HOLDINGS INC. [ ESTA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	03/23/2026		J⁽¹⁾		179,240	D	$0	45,193	D
Common Shares	03/23/2026		J⁽¹⁾		179,240	A	$0	1,257,504	I	See Footnote⁽²⁾
Common Shares	03/23/2026		S⁽³⁾		31,425	D	$60.232⁽⁴⁾	1,226,079	I	See Footnote⁽²⁾
Common Shares	03/23/2026		S⁽³⁾		787	D	$61.705⁽⁵⁾	1,225,292	I	See Footnote⁽²⁾
Common Shares	03/23/2026		S⁽³⁾		1,513	D	$62.619⁽⁶⁾	1,223,779	I	See Footnote⁽²⁾
Common Shares	03/23/2026		S⁽³⁾		200	D	$63.01	1,223,579	I	See Footnote

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The shares were transferred from the Reporting Person's direct holdings to Sariel Group Ltd. in an exempt transaction pursuant to Rule 16a-13 under the Securities Exchange Act of 1934. The Reporting Person is a shareholder of Sariel Group Ltd and has voting and dispositive power over the shares owned by Sariel Group Ltd. The Reporting Person disclaims beneficial ownership of the shares held by Sariel Group Ltd, except to the extent of his pecuniary interest therein.

2. The shares are held by Sariel Group Ltd. The Reporting Person is a shareholder of Sariel Group Ltd and has voting and dispositive power over the shares owned by Sariel Group Ltd. The Reporting Person disclaims beneficial ownership of the shares held by Sariel Group Ltd, except to the extent of his pecuniary interest therein.

3. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

4. This transaction was executed in multiple trades at prices ranging from $60.00 to $60.87 per share. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

5. This transaction was executed in multiple trades at prices ranging from $61.02 to $61.97 per share. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

6. This transaction was executed in multiple trades at prices ranging from $62.01 to $62.99 per share. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

Remarks:

	Juan Jose Chacon Quiros	03/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did ESTA director Juan Jose Chacon Quiros report?

He reported restructuring and sales of Common Shares. 179,240 shares moved from direct ownership to Sariel Group Ltd., and 33,925 shares were sold in open-market trades while a large indirect position remained afterward.

How many Establishment Labs (ESTA) shares were sold in the latest Form 4?

The filing shows 33,925 Common Shares sold in open-market transactions. These sales were executed in multiple trades at prices generally between $60.00 and $63.01 per share, all on March 23, 2026, through an entity associated with the director.

What is Sariel Group Ltd.’s role in the ESTA insider transactions?

Sariel Group Ltd. holds shares associated with the director. 179,240 shares were transferred to it from his direct holdings, and it now holds over 1.22 million shares indirectly, including those involved in the reported open-market sales.

How many Establishment Labs (ESTA) shares does the insider report owning after the transactions?

After the transactions, the director reports 45,193 Common Shares held directly and 1,225,292 Common Shares held indirectly through Sariel Group Ltd., reflecting both the restructuring transfer and the completed open-market sales.

What do the J-code transactions mean in the ESTA Form 4 filing?

The J-code entries reflect other transactions, here a restructuring transfer. They record an exempt movement of 179,240 shares from the director’s direct holdings to Sariel Group Ltd. under Rule 16a-13, without a purchase price changing hands.