Sea Ltd President Exercises 1M Share Options at $15 and Retains All Shares

Executive Summary

On October 21, 2026, Feng Zhimin, President of Sea Ltd (NYSE: SE), executed an option exercise (Transaction Code X) for 1,000,000 Class A ordinary shares at an exercise price of $15.00 per share, representing a total exercise capital commitment of $15,000,000.

Key Transaction Highlights

• Non-Derivative Acquisition: 1,000,000 Class A ordinary shares acquired directly at $15.00 per share.
• Derivative Disposition: 1,000,000 stock options exercised from a grant originally dated February 28, 2018 (expiring February 28, 2028).
• Remaining Derivative Holdings: 2,000,000 options remain exercisable at $15.00.
• Ownership Position Post-Transaction:
  • Direct ownership nearly doubled to 2,003,969 Class A ordinary shares.
  • Indirect holdings remained unchanged at 208,291 shares held via a BVI entity.

Market & Trading Significance

This filing is rated Medium Significance. While derivative exercises are routinely pre-scheduled or operational in nature, the absence of an immediate secondary disposition (e.g., cashless exercise or sell-to-cover) signifies that the President opted to pay the exercise cost and expand his equity exposure, reflecting confidence in the company's long-term prospects.