Form 4: Intuitive Machines Director Nicole Seligman Awarded Restricted Stock Units

Director Nicole Seligman of Intuitive Machines, Inc. received 44,544 restricted stock units (RSUs) on June 6, 2024, which will vest on the earlier of the first anniversary of the grant date or the next annual meeting, with receipt deferred until retirement.

Summary

• On June 6, 2024, Nicole Seligman, a director of Intuitive Machines, Inc., was awarded 44,544 restricted stock units (RSUs).
• Each RSU represents a contingent right to receive one share of Class A Common Stock.
• The RSUs will vest in full on the earlier of the first anniversary of the grant date or the date of the next annual meeting following the grant date.
• Seligman has elected to defer receipt of these RSUs until her retirement from the Company's Board of Directors.
• Following the transaction, Seligman beneficially owns 62,865 shares of Class A Common Stock directly.

Sentiment

Score: 7

Explanation: The document reflects a standard compensation practice (RSU grant) for a board member, indicating stability and alignment of interests. The deferral of receipt until retirement suggests a long-term commitment.

Positives

• The award of RSUs to a director aligns her interests with those of the shareholders.
• Deferring receipt of the RSUs until retirement demonstrates a long-term commitment to the company.

Future Outlook

The RSUs will vest on the earlier of the first anniversary of the grant date or the date of the next annual meeting following the grant date, but the actual financial impact is deferred until Seligman's retirement.

Industry Context

This is a standard practice for compensating board members in publicly traded companies, aligning their interests with shareholders through equity-based compensation.

Comparison to Industry Standards

• Equity compensation for board members is a common practice across the aerospace and technology industries.
• Companies like SpaceX, Blue Origin (private companies), and publicly traded peers such as Lockheed Martin and Boeing also utilize stock options and RSUs to incentivize and retain board members and key executives.
• The vesting schedules and deferral options are also fairly standard, often tied to service duration or specific milestones.

Stakeholder Impact

• The RSU award aligns the director's interests with those of shareholders, potentially encouraging decisions that increase shareholder value.

Key Dates