The Spill
Navratil's four sale lots brought in $10,618,979.74, and his two option exercises that day bought shares at $55 and $85.94. The insider filing (Form 4) leaves him with 37,328 shares, a figure the footnote says includes 37,328 unvested restricted stock units (RSUs), and it arrived two business days after the trade, inside the deadline.
Lag Clock
Two business days from trade to filing, inside the two-business-day deadline for a Form 4 (Rule 16a-3).
Signal Check
The pre-set trading plan (10b5-1) box is unchecked and no footnote names a plan, so the sales carry no plan marker on the form; that says nothing about motive.
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Get it freeWhat the filing shows
Four sale rows (code S) on Oct. 30 total 44,436 shares and $10,618,979.74 at weighted average prices from $237.54 to $240.52; the footnotes put the individual trades between $237.09 and $240.87. Two option-exercise rows (code M) the same day added 12,969 shares at $55 and $85.94, $985,195.72 in all.
After the filing Navratil reports 37,328 shares of common stock, held directly, and the footnote says that figure includes 37,328 unvested RSUs, the same count. The first row also notes the holding was adjusted by 259 shares to correct a clerical error.
The two option grants he exercised, with exercise prices of $55 (expiring Oct. 19, 2030) and $85.94 (expiring March 18, 2031), show zero remaining. A footnote says they vest over four years from grant.
All six rows:
| Type | Shares | Price | Value |
|---|---|---|---|
| Option exercise (M) | 4,181 | $55.00 | $229,955.00 |
| Option exercise (M) | 8,788 | $85.94 | $755,240.72 |
| Sale (S) | 10,221 | $237.54 (weighted avg.) | $2,427,896.34 |
| Sale (S) | 12,836 | $238.56 (weighted avg.) | $3,062,156.16 |
| Sale (S) | 14,943 | $239.64 (weighted avg.) | $3,580,940.52 |
| Sale (S) | 6,436 | $240.52 (weighted avg.) | $1,547,986.72 |
The Other Side
Selling 54.3% of an 81,764-share stake in one day reads as more than half the stake gone. Subtract the 37,328 unvested RSUs the footnote folds into that 81,764 and you get 44,436, the exact number sold, so the shares that were his to sell went in full and the RSUs stayed where they were.
Exercise-and-sell on the same day is a common shape for an insider filing, and these options had years left, to Oct. 19, 2030 and March 18, 2031, so expiry wasn't forcing anything. Four lots at $237.54 to $240.52 are consistent with a batch of same-day orders or with a schedule; the unchecked box can't settle that, and the shares sold beyond the exercise came from a holding the form doesn't date.
What it can't tell you
- Why Navratil sold. The form does not say why, and the unchecked plan box means only that no 10b5-1 plan is marked.
- Where the rest of the sold shares came from. The exercises account for 12,969; the rest sat in the reported holding with no grant or vesting date on this form.
- When the 37,328 RSUs vest. The footnote says they are unvested and undelivered and gives no schedule.
What to watch
- Navratil's next Form 4, which would show the RSUs vesting into delivered shares or any further sale, and whether the 10b5-1 box is checked on it.
- Form 4s from other Glaukos officers dated around Oct. 30; this filing covers one person.
Original sources
Drafted with software from the public filing and checked against it before publishing; K. Song is the editor responsible for every story. Educational reporting from public filings, not investment advice. Filings can be late, incomplete or amended; check the original source and dates. Free forever: no paywall, no paid tier. Advertising and sponsors pay for it, and they do not pick the stories. How we work · Corrections: [email protected]