RUBINSTEIN JULIE 4

What Happened

• Julie Rubinstein, President and Chief Operating Officer of Adaptive Biotechnologies (ADPT), exercised stock options and sold shares in multiple transactions in March 2026. She exercised a total of about 44,166 shares across exercises on 2026-03-19, 03-20 and 03-23 at exercise prices of $6.55 and $7.27 (total cost ≈ $307,650). She sold 19,060 shares in open-market transactions across the same period for aggregate proceeds of about $769,643.
• The filings show the option exercises (derivative code M) and the open-market sales (code S). Several line items list the derivative being "disposed" at $0.00, which reflects conversion/settlement of the option instruments into common shares upon exercise.

Key Details

• Transaction dates and reported weighted-average prices:
  • 2026-03-19: exercised 14,722 shares @ $6.55 (acquired $96,429); sold 19,060 shares @ $13.18 (weighted avg; range $12.99–$13.53).
  • 2026-03-20: exercised 3,939 shares @ $6.55 (acquired $25,800) and 10,783 shares @ $7.27 (acquired $78,392); sold 19,060 shares @ $13.37 (weighted avg; range $13.23–$13.59).
  • 2026-03-23: exercised 14,722 shares @ $7.27 (acquired $107,029); sold 19,060 shares @ $13.83 (weighted avg; range $13.51–$14.07).
• Totals reported in the filing excerpt: ~44,166 shares acquired via exercise (cost ≈ $307,650); 19,060 shares sold for ≈ $769,643.
• Footnotes:
  • F1: All reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted 2025-11-18.
  • F2–F4: Sale prices are weighted averages; shares were sold in multiple transactions within the price ranges noted above.
  • F5: The options exercised were fully vested and exercisable.
• Shares owned after the transactions: not stated in the provided excerpt of the Form 4.
• Filing timeliness: Report filed 2026-03-23 covering transactions beginning 2026-03-19; no late-filing flag indicated in the excerpt.

Context

• This is a common pattern where a holder exercises vested options (incurring the exercise cost) and sells some shares in the open market—here the filing shows exercises followed by sales. Because the sales were made under a pre-established 10b5-1 plan, they are routine transactions executed under that plan rather than ad hoc trades.
• For retail investors: purchases (exercises) can be interpreted as the insider acquiring shares by exercising rights, but because she sold shares shortly after under a trading plan, these sales reflect liquidity/plan execution rather than a clear signal about future company prospects. The filing is factual; it does not disclose motivations.