RUBINSTEIN JULIE 4

What Happened

• Julie Rubinstein, President and COO of Adaptive Biotechnologies (ADPT), exercised stock options (Form 4 code M) and sold shares in the open market (code S) over March 24–26, 2026. She exercised a total of 44,166 options (14,722 shares x 3) at a strike of $7.27, costing roughly $321,087, and sold 57,180 shares (19,060 shares x 3) for aggregate proceeds of about $802,235. The filing shows both the option exercises (acquisitions) and separate market sales on the same dates, consistent with an exercise plus sale sequence.

Key Details

• Dates and reported transactions:
  • 2026-03-24: Exercised 14,722 shares @ $7.27 (acquired; $107,029). Sold 19,060 shares @ weighted avg $13.70 (proceeds $261,122; prices ranged $13.45–$13.92). (Footnotes F2, F5)
  • 2026-03-25: Exercised 14,722 shares @ $7.27 (acquired; $107,029). Sold 19,060 shares @ weighted avg $14.27 (proceeds $271,986; prices ranged $13.98–$14.49). (Footnotes F3, F5)
  • 2026-03-26: Exercised 14,722 shares @ $7.27 (acquired; $107,029). Sold 19,060 shares @ weighted avg $14.12 (proceeds $269,127; prices ranged $13.82–$14.36). (Footnotes F4, F5)
• Total exercised: 44,166 shares at $7.27 (total cash paid ≈ $321,087). Total sold: 57,180 shares for ≈ $802,235.
• The filing also lists the derivative (option) dispositions at $0, reflecting the option instruments were surrendered/converted on exercise. Footnote F5 notes the option was fully vested and exercisable.
• Transactions were made pursuant to a Rule 10b5‑1 trading plan adopted by Rubinstein on November 18, 2025 (Footnote F1).
• Ownership after the transactions is not provided in the summary data here—see the full Form 4 for post-transaction beneficial ownership.
• Filing appears timely (Form 4 filed 2026-03-26 for transactions through 2026-03-26).

Context

• Codes: M = option exercise/conversion, S = open-market sale. Exercising options increases holdings; selling is a disposition. Because exercises and sales occurred on the same days, this pattern is consistent with a cashless exercise or immediate sell-off of acquired shares, though the filing itself just reports the transactions and not motive.
• Rubinstein sold more shares (57,180) than she exercised (44,166), which indicates some sold shares likely came from prior holdings in addition to the newly exercised shares.
• The presence of a 10b5‑1 plan means the trades were carried out under a pre-established trading plan, which is commonly used by insiders to manage sales while limiting concerns about trading on material nonpublic information.