[144] Qualys, Inc. SEC Filing

Rhea-AI Filing Summary

Coinbase Global, Inc. (COIN) – Form 4 insider activity

Chief Legal Officer Paul Grewal exercised 10,000 employee stock options on 07-02-2025 at an exercise price of $26.26 per share and immediately sold the same aggregate number of Class A common shares under a pre-arranged Rule 10b5-1 trading plan adopted 08-28-2024. The sales were executed in 15 tranches between $339.51 and $356.80, generating roughly $3.5 million in gross proceeds. Following the transactions, Grewal’s direct ownership returned to 82,328 shares, unchanged from the level prior to the option exercise, while 171,722 unexercised options remain outstanding.

No open-market purchase of additional shares occurred, and the activity appears to be cashless exercise designed to cover taxes and monetize gains. Because the insider’s net share count stayed flat, the filing is largely administrative rather than indicative of a shift in sentiment. Nevertheless, investors often monitor executive selling—especially when it occurs near 52-week highs (COIN recently traded in the mid-$340s)--for any potential signaling effect.

Positive

• No net reduction in Grewal’s equity stake—shares owned remain 82,328 after transactions.
• Exercise price of $26.26 vs. ~$340 sale price underscores substantial in-the-money option value, reflecting long-term compensation alignment.

Negative

• 10,000 shares sold (~$3.5 mm) may create short-term perception of insider profit-taking.
• Multiple sale tranches occurred near recent highs, which can be viewed as timing risk by some investors.

Insights

Portfolio Manager

TL;DR Grewal exercised options and sold equal shares; net position unchanged—largely routine, modest negative optics.

Grewal’s sale resembles a textbook cash-less exercise: he converts low-priced options ($26) and divests the shares at >$340 to realize value while maintaining his core stake. The transaction yields ~$3.5 mm but does not reduce his ownership below prior levels, tempering any bearish interpretation. The presence of a 10b5-1 plan and the fact that options were nearing full vest significantly lowers the signaling risk. From a portfolio perspective, materiality is minimal; total shares sold equal only ~0.03 % of COIN’s outstanding float. I view the impact on valuation sentiment as neutral to slightly negative simply because headline insider selling can invite short-term scrutiny.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
COMMON	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	26500	3815470.00	36326126	07/03/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/03/2025	Exercise of Stock Options	Issuer			19500	07/03/2025	Cash
Common	11/01/2022	Restricted Stock Units & Performance Stock Units	Issuer			7000	11/01/2022	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales Plan for SUMEDH THAKAR 919 E. Hillsdale Boulevard, 4th Floor Foster City CA 94404	COMMON	06/16/2025	8500	1185501.65
10b5-1 Sales Plan for SUMEDH THAKAR 919 E. Hillsdale Boulevard, 4th Floor Foster City CA 94404	COMMON	06/02/2025	6000	841200.00
10b5-1 Sales Plan for SUMEDH THAKAR 919 E. Hillsdale Boulevard, 4th Floor Foster City CA 94404	COMMON	05/29/2025	8500	1158561.60
10b5-1 Sales Plan for SUMEDH THAKAR 919 E. Hillsdale Boulevard, 4th Floor Foster City CA 94404	Common	04/14/2025	7000	866663.70

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Coinbase (COIN) shares did Paul Grewal sell on 07-02-2025?

He sold 10,000 Class A shares in 15 separate tranches under a 10b5-1 plan.

Did the insider’s overall Coinbase share ownership change?

No. After exercising and selling, Grewal still owns 82,328 shares, the same as before the transactions.

What was the exercise price of the options converted?

The employee stock options were exercised at $26.26 per share.

At what prices were the Coinbase shares sold?

Weighted average sale prices ranged from $339.51 to $356.80 per share, as detailed in footnotes (2)-(15).

Is this Form 4 activity part of a Rule 10b5-1 plan?

Yes, the trades were executed under a pre-scheduled 10b5-1 plan adopted on 08-28-2024.