Ma David Y 4

What Happened

• Director Ma David Y sold a total of 72,435 Sea Ltd (SE) shares in two open-market transactions on March 18, 2026. The first sale was 63,950 shares at a weighted average price of $85.28 for proceeds of $5,453,656; the second was 8,485 shares at a weighted average price of $86.14 for proceeds of $730,898. Combined proceeds were approximately $6,184,554. These were sales (not purchases), which are often routine insider liquidity events.

Key Details

• Transaction dates: March 18, 2026 (reported on Form 4 filed March 20, 2026 — timely filing).
• Prices and ranges:
  • 63,950 shares at $85.28 (prices in this lot ranged $85.00–$85.99) — F2 notes weighted average and offers per-price details upon request.
  • 8,485 shares at $86.14 (prices in this lot ranged $86.00–$86.53).
• Shares owned after transaction: Not disclosed in the information provided in this summary.
• Notable footnote: Sales were executed pursuant to a Rule 10b5-1 trading plan adopted December 12, 2025 by a BVI entity controlled by an immediate family member who shares the Reporting Person’s household (per F1).
• Filing timeliness: The Form 4 was filed two days after the transactions (filed 2026-03-20 for 2026-03-18 trades), which is within the normal Form 4 reporting window.

Context

• The trades were carried out under a Rule 10b5-1 plan, meaning they were pre-arranged according to a scheduled plan and executed automatically; this procedural detail reduces, but does not eliminate, interpretation of the sales as a signal about company prospects.
• These were outright sales (transaction code S), not option exercises, gifts, or awards; no derivative or tax-withholding activity was reported in the provided details.