Form 4: Intuitive Machines CEO Stephen Altemus Executes Stock Sales Under 10b5-1 Plan

Intuitive Machines' CEO, Stephen Altemus, sold shares of Class A Common Stock on September 12th and 13th, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Stephen Altemus, CEO of Intuitive Machines, executed sales of Class A Common Stock on September 12 and 13, 2024.
• These transactions were conducted under a Rule 10b5-1 trading plan adopted on March 22, 2024.
• On September 12, 2024, Altemus sold 440,288 shares of Class A Common Stock at a weighted average price of $6.0287, resulting in proceeds of approximately $2.65 million.
• On September 13, 2024, he sold 306,456 shares of Class A Common Stock at a weighted average price of $6.0031, resulting in proceeds of approximately $1.84 million.
• The sales were executed in multiple transactions with prices ranging from $6.00 to $6.15 on September 12 and from $6.00 to $6.035 on September 13.
• Altemus also converted Common Units into Class A Common Stock on both days.
• Following these transactions, Altemus directly owns 910,919 shares of Class A Common Stock and 14,331,703 shares of Class C Common Stock.
• He also indirectly owns 16,092,213 Common Units which can be redeemed for Class A Common Stock.

Sentiment

Score: 5

Explanation: Neutral sentiment as the document simply reports stock sales under a pre-existing plan. It doesn't inherently indicate positive or negative company performance.

Risks

• Executive stock sales can sometimes be perceived negatively by investors, potentially impacting the stock price.

Industry Context

Insider trading activity is common and closely monitored, especially in publicly traded companies like Intuitive Machines. Rule 10b5-1 plans are frequently used by executives to sell shares in a predetermined manner, avoiding accusations of trading on inside information.

Comparison to Industry Standards

• Comparing Altemus's transactions to other CEOs' trading activities in the aerospace sector would provide context.
• For example, executives at companies like SpaceX or Boeing also utilize 10b5-1 plans for stock sales.
• The size and frequency of these sales can be benchmarked against industry peers to assess whether they are typical or unusual.

Stakeholder Impact

• Shareholders may react to the stock sales, potentially influencing the stock price in the short term.
• The impact on other stakeholders is likely minimal, as these are routine transactions under a pre-arranged plan.

Key Dates