Form 4: Intuitive Machines Director Kamal Ghaffarian Sells Shares

Director and 10% owner Kamal Ghaffarian executed a planned sale of Intuitive Machines Class A Common Stock.

Summary

• Kamal Ghaffarian, through Ghaffarian Enterprises, LLC, converted 141,909 Common Units into Class A Common Stock.
• Following the conversion, 141,909 shares of Class C Common Stock were cancelled.
• A total of 141,909 shares of Class A Common Stock were sold in two tranches on May 4, 2026.
• The sales were executed under a pre-established Rule 10b5-1 trading plan adopted on December 4, 2025.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event; while insider selling is often scrutinized, the use of a pre-planned 10b5-1 program suggests routine portfolio management rather than a reaction to negative company developments.

Positives

• The transactions were conducted under a pre-arranged Rule 10b5-1 plan, indicating the sales were not based on sudden non-public information.

Negatives

• Significant insider selling by a major shareholder and director can sometimes be perceived negatively by the market as a signal of valuation concerns.

Risks

• Continued reliance on Rule 10b5-1 plans for liquidity by major shareholders.
• Potential market volatility resulting from large block sales of Class A Common Stock.

Future Outlook

No specific forward-looking guidance regarding company operations was provided in this filing.

Industry Context

StockSavvy.ai notes that insider selling in the aerospace and space technology sector is common as executives and founders diversify holdings, particularly following periods of significant stock price appreciation.

Comparison to Industry Standards

• The use of Rule 10b5-1 plans is the industry standard for corporate insiders to sell shares while maintaining compliance with SEC regulations.
• The conversion of Common Units to Class A shares is a standard mechanism for entities structured as Up-C corporations.

Related Party Transactions

• The filing discloses transactions involving Ghaffarian Enterprises, LLC and GM Enterprises, LLC, both of which are controlled by Director Kamal Ghaffarian.

Stakeholder Impact

• Shareholders should note the reduction in the insider's direct holdings, though the director maintains a significant remaining stake.

Next Steps

• Continued monitoring of future Form 4 filings for further sales under the existing 10b5-1 plan.

Key Dates

Keywords

Intuitive Machines, LUNR, Insider Trading, Kamal Ghaffarian, Form 4, Rule 10b5-1