Goel Rajeev K. 4

What Happened

• Rajeev K. Goel, PubMatic's CEO, converted and exercised derivative securities and sold 44,000 shares on January 20, 2026. The filing shows an exercise/conversion that resulted in 44,000 shares acquired at an exercise price of $1.11 (cost $48,840), followed by an open-market sale of those 44,000 shares at an average price of $7.55 for total gross proceeds of $332,059.
• This sequence (exercise/conversion then immediate sale) is effectively a cashless exercise and sale: the shares were acquired via derivative exercise/conversion and promptly disposed of in the market. This is a sale (routine monetization) rather than a purchase signal.

Key Details

• Transaction date: January 20, 2026.
• Exercise/acquisition: 44,000 shares acquired at $1.11 per share (aggregate $48,840).
• Sale: 44,000 shares sold at a weighted average price of $7.55 (~range $7.465–$7.665), gross proceeds $332,059.
• Shares held after transaction: 2,362,194 shares of Class A and Class B common stock (per filing footnote).
• Notes from the filing: sales were effected pursuant to a Rule 10b5-1 trading plan (footnote F3); some securities were moved to and sold by The Goel Family Trust (F4); Class B shares convert to Class A on transfer (F1). The filing also includes trust-related disclaimers about beneficial ownership (F10, F11).
• Option status: options involved were fully vested (F6).
• Filing timeliness: Report filed Jan 22, 2026 for a Jan 20 transaction — filing appears timely.

Context

• For retail investors: this was a liquidation by the CEO after exercising/converting derivatives. Such sales can be routine (to raise cash or satisfy tax obligations) and do not necessarily signal a change in view on the company.
• Derivative explanation: the filing shows both conversion of Class B shares and exercise of derivative/options — meaning the insider converted or exercised rights into common stock and then sold those shares the same day. Trust transfers and 10b5-1 planning noted in footnotes indicate these transactions were structured and planned in advance.