Form 4: Kamal Ghaffarian Executes LUNR Stock Sale via 10b5-1 Plan

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

Summary

• Kamal Ghaffarian, through Ghaffarian Enterprises, LLC, converted 141,909 Common Units into Class A Common Stock.
• Simultaneously, 141,909 shares of Class C Common Stock were cancelled as part of the conversion process.
• A total of 141,909 shares of Class A Common Stock were sold in multiple transactions on June 15, 2026.
• The sales were executed at weighted average prices ranging from $26.03 to $27.75 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, as the sale was conducted via a pre-planned 10b5-1 arrangement and represents a small fraction of the insider's total ownership.

Positives

• The sale was 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

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

Risks

• Continued selling by major shareholders could exert downward pressure on the stock price.
• The reliance on Rule 10b5-1 plans does not eliminate the potential for negative market perception regarding insider sentiment.

Future Outlook

The filing does not provide forward-looking guidance regarding company operations, but confirms the ongoing execution of a pre-planned divestment strategy by the reporting person.

Management Comments

• The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Industry Context

StockSavvy.ai notes that insider selling in the aerospace and space technology sector is common as executives and founders diversify their portfolios, particularly following 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 compliance with SEC regulations.
• The scale of the sale is relatively minor compared to the total holdings of the Ghaffarian entities, which retain over 34 million units.

Related Party Transactions

• The reporting person is the managing member of GM Enterprises, LLC and trustee of the trust that owns Ghaffarian Enterprises, LLC.

Stakeholder Impact

• Shareholders should note the ongoing divestment activity by a major insider, though the structured nature of the sales mitigates immediate volatility concerns.

Next Steps

• Continued monitoring of future Form 4 filings to track further sales under the established 10b5-1 plan.

Key Dates

Keywords

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