Form 4: Kamal Ghaffarian Executes LUNR Stock Sale Plan

Director and 10% owner Kamal Ghaffarian sold 141,909 shares of Intuitive Machines, Inc. (LUNR) via a Rule 10b5-1 trading plan.

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 three tranches at weighted average prices ranging from $27.74 to $29.51.
• The transactions were executed 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 suggests routine portfolio management rather than a lack of confidence in the company.

Positives

• The transactions were pre-planned under a Rule 10b5-1 plan, indicating the sales were not based on sudden non-public information.
• The insider maintains a significant remaining stake of 3,494,768 shares of Class A Common Stock and 35,497,721 Common Units/Class C shares.

Negatives

• The sale represents a reduction in the direct equity holdings of a major insider and 10% owner.

Risks

• Future sales by major shareholders could exert downward pressure on the stock price.
• The reliance on Rule 10b5-1 plans means further scheduled sales may occur regardless of market conditions.

Future Outlook

The filing does not provide forward-looking guidance on company operations, but confirms the existence of a pre-established trading plan that may result in further sales.

Industry Context

StockSavvy.ai notes that insider selling in the aerospace and space technology sector is common among founders and early investors as they diversify holdings, though such activity is closely monitored by retail investors for signals regarding long-term valuation confidence.

Comparison to Industry Standards

• The use of Rule 10b5-1 plans is the industry standard for corporate insiders to sell shares while avoiding allegations of insider trading.
• The scale of the sale relative to the total holdings (approx. 0.4% of the reported Class A holdings) is considered minor and typical for portfolio rebalancing.

Related Party Transactions

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

Stakeholder Impact

• Shareholders may experience minor volatility due to the disclosure of insider selling activity.

Next Steps

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

Key Dates

Keywords

LUNR, Intuitive Machines, Insider Trading, Kamal Ghaffarian, Form 4, Space Exploration