Well the notes I've seen is the CEO selling 11%, General Counsel selling 19%, CFO selling 32%, and CMO 25%, and that's just in February. I would call that notable at the very least, and assume they sold the rest in March if they had any sense.

None of those people could sell anything (never mind everything) in March without violating law, unless that selling aligned with preexisting 10b5 plans to sell. You can look at the insider action[0] yourself, everything but the Becker sale looks like routine sale / disposition of options/equity comp, and even that isn’t that aberrational compared to his sales in ‘22 and ‘21.

I think you’re right about the proportional sizes, but it looks like the other officers only held a few thousand shares each, so routine grant/sale transactions were a much larger share of their individual holdings.

[0] https://www.nasdaq.com/market-activity/stocks/sivb/insider-a...