Form 4: Intuitive Machines Director Kamal Ghaffarian Sells Shares

Director and 10% owner Kamal Ghaffarian executed a series of stock sales under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Director 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 multiple transactions on June 1, 2026.
• The sales were executed at weighted average prices ranging from $38.50 to $43.03 per share.
• The transactions were conducted pursuant to a 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 can be perceived negatively, the use of a pre-planned 10b5-1 program indicates routine portfolio management rather than a reaction to negative company news.

Positives

• The sales were executed under a pre-established Rule 10b5-1 plan, which is a standard mechanism for insiders to sell stock without triggering concerns regarding non-public information.

Negatives

• Significant insider selling by a major shareholder and director can sometimes be perceived by the market as a lack of confidence in near-term price appreciation.

Risks

• The reporting person maintains a significant ownership stake, meaning future sales under the 10b5-1 plan could continue to exert downward pressure on the stock price.

Future Outlook

The filing does not provide forward-looking business guidance, as it is a disclosure of insider transaction activity.

Management Comments

• The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth.

Industry Context

StockSavvy.ai notes that insider selling in the aerospace and space technology sector is common as executives and founders diversify their holdings after significant stock price appreciation.

Comparison to Industry Standards

• The use of Rule 10b5-1 plans is the industry standard for corporate insiders to manage liquidity while maintaining regulatory compliance.

Related Party Transactions

• Transactions involve Ghaffarian Enterprises, LLC and GM Enterprises, LLC, both controlled by Director Kamal Ghaffarian.

Stakeholder Impact

• Shareholders should note the reduction in the insider's direct and indirect holdings, though the director remains a significant owner.

Next Steps

• Continued monitoring of future Form 4 filings to track the remaining balance of the 10b5-1 trading plan.

Key Dates

Keywords

Intuitive Machines, LUNR, Insider Trading, Kamal Ghaffarian, Form 4, SEC Filing, Equity Sale