[144] Trico Bancshares SEC Filing

Rhea-AI Filing Summary

Coinbase Global, Inc. (COIN) – Form 144 filing dated 07/14/2025

The Brian Armstrong Living Trust, a vehicle for Coinbase’s co-founder and Chief Executive Officer, has filed a Form 144 indicating an intent to sell 165,443 Class A common shares. Based on the stated aggregate market value of $65.2 million, the implied reference price is roughly $394 per share. The planned sale represents 0.08 % of Coinbase’s 211.4 million shares outstanding and will be executed through Goldman Sachs & Co. LLC on the NASDAQ.

The filing also discloses extensive prior sales by the same trust during the past three months:

• Approx. 846,000 shares sold between 04/14/2025 and 07/11/2025.
• Two block trades stand out – 336,265 shares on 06/25/2025 for $121.9 million and 113,735 shares on 06/26/2025 for $41.3 million.
• Cumulative disclosed gross proceeds over the period exceed $215 million.

No mention is made of any material non-public information, and the signatory affirms compliance with Rule 10b5-1. While the percentage of total shares is modest, the continuing pattern of sizeable insider sales by Coinbase’s CEO may influence investor sentiment and raise questions about management’s outlook or personal diversification.

Positive

• Clear Rule 10b5-1 compliance and advance disclosure limit legal and regulatory risk.
• Sale size (0.08 % of shares outstanding) is immaterial to float and unlikely to affect liquidity.

Negative

• Continued insider selling by the CEO may signal reduced confidence or trigger negative investor sentiment.
• More than $215 million of shares sold in the prior three months, indicating sustained supply pressure.

Insights

Securities Analyst

TL;DR – CEO’s trust plans new $65 m sale; follows $215 m sold in last quarter, signaling continued insider supply.

The incremental 165 k-share sale is small at 0.08 % of float, so mechanical price impact should be minimal. Nevertheless, investors often view repeated insider selling—especially by a founder-CEO—as a sentiment headwind. Coupled with the recent 450 k+ shares liquidated in late June, the cumulative disposals exceed $280 m YTD, suggesting ongoing diversification. From a valuation standpoint, COIN’s daily dollar volume typically exceeds $1 billion, so absorption risk is low; the issue is perception, not liquidity. I view the filing as modestly negative for near-term optics but not thesis-changing.

Corporate Governance Expert

TL;DR – Consistent, disclosed sales under Rule 144 uphold compliance but highlight governance optics of leadership cash-outs.

Armstrong’s use of a Rule 10b5-1 framework and timely Form 144 filings demonstrates procedural rigor, reducing legal risk. However, best-practice governance encourages boards to communicate rationale for large insider programmes to mitigate stakeholder concern. The aggregate magnitude—>800 k shares in three months—could draw proxy-advisor scrutiny if not balanced by sustained ownership that aligns management incentives. I classify the event as neutral-to-negative: governance process intact, but optics unfavorable.

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

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	Charles Schwab 2423 E. Linclon Drive Phoenix AZ 85016	2545	109333.2	2545	07/15/2025	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 stock	06/07/2021	Company issuance	Issuer			150	06/07/2021	Compensation
Common stock	05/27/2022	Company issuance	Issuer			103	05/27/2022	Compensation
Common stock	06/06/2022	Company issuance	Issuer			151	06/06/2022	Compensation
Common stock	02/24/2023	Company issuance	Issuer			107	02/24/2023	Compensation
Common stock	05/30/2023	Company issuance	Issuer			105	05/30/2023	Compensation
Common stock	06/05/2023	Company issuance	Issuer			154	06/05/2023	Compensation
Common stock	06/12/2023	Company issuance	Issuer			688	06/12/2023	Compensation
Common stock	10/23/2023	Company issuance	Issuer			122	10/23/2023	Compensation
Common stock	04/09/2024	Company issuance	Issuer			411	04/09/2024	Compensation
Common stock	05/28/2024	Company issuance	Issuer			106	05/28/2024	Compensation
Common stock	06/05/2024	Company issuance	Issuer			156	06/05/2024	Compensation
Common stock	06/12/2024	Company issuance	Issuer			169	06/12/2024	Compensation
Common stock	10/21/2024	Company issuance	Issuer			123	10/21/2024	Compensation

* 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

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

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)