Form 4: Intuitive Machines Director Adjusts Equity Holdings

Kamal Ghaffarian, a director and 10% owner of Intuitive Machines, Inc., reported a disposition of Class C Common Stock and a transfer of Common Units.

Summary

• Kamal Ghaffarian, a director and 10% owner of Intuitive Machines, Inc. (LUNR), reported changes in beneficial ownership.
• A disposition of 28,135 shares of Class C Common Stock occurred on December 9, 2025.
• This disposition was at par value and was a distribution pursuant to pre-existing arrangements under a management equity plan for an employee of IBX, LLC, a company wholly-owned by Dr. Ghaffarian.
• Concurrently, 28,135 Common Units were transferred by Ghaffarian Enterprises, LLC to an entity indirectly controlled by Dr. Ghaffarian.
• Common Units are redeemable for shares of Class A Common Stock on a one-to-one basis at the discretion of the holder and do not expire.
• Following these transactions, beneficial ownership includes: 2,241,121 Common Units and shares of Class C Common Stock held by GM Enterprises, LLC; 249,080 Common Units and shares of Class C Common Stock held by Intuitive Machines KG Parent, LLC; and 33,575,156 Common Units and shares of Class C Common Stock, along with 3,494,768 shares of Class A Common Stock held by Ghaffarian Enterprises, LLC.
• Dr. Ghaffarian is the sole managing member of GM Enterprises, LLC and Intuitive Machines KG Parent, LLC, and the sole trustee of a revocable trust that is the sole member of Ghaffarian Enterprises, LLC.
• Dr. Ghaffarian disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction related to an equity plan distribution, with no direct positive or negative implications for company performance or outlook.

Positives

• NA

Negatives

• NA

Risks

• NA

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Disposition of Class C Common Stock to an employee of IBX, LLC, a company wholly-owned by Dr. Ghaffarian, under a management equity plan.

Key Dates

Keywords

Intuitive Machines, LUNR, Kamal Ghaffarian, beneficial ownership, Form 4, insider transaction, Class C Common Stock, Common Units, equity plan