Hunt Hazel 4

What Happened

• Hunt Hazel, Chief Scientific Officer of Corcept Therapeutics (CORT), exercised 150,000 stock options on 2026-02-09. The exercise was reported as acquiring 150,000 shares at $3.88 per share (total cost $582,000).
• To satisfy the exercise price and tax withholding in a net (cashless) exercise, 77,968 shares were withheld/disposed at $41.31 each (value $3,220,858). After withholding, the net shares retained from the exercise are approximately 72,032 shares.
• The filing reflects the option-to-stock conversion and the withholding used to cover obligations; this is a routine cashless exercise rather than an open-market purchase or discretionary sale.

Key Details

• Transaction date: 2026-02-09. Exercise price recorded: $3.88/share for 150,000 shares (acquired) = $582,000.
• Withholding/disposition: 77,968 shares at $41.31/share = $3,220,858 used to cover exercise price and taxes (cashless/net exercise).
• The Form 4 shows the derivative conversion (options exercised) and the share withholding; options were fully exercisable and were set to expire Feb 26, 2026 (per footnote).
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Filing timeliness: Report filed 2026-02-11 for transactions on 2026-02-09 — appears to be a timely Section 16 filing (within the usual two-business-day window).

Context

• This was a cashless exercise of stock options: the insider exercised options and instead of paying cash, a portion of the newly issued shares were withheld to cover the exercise price and withholding taxes.
• Such net/cashless exercises are common for insiders converting options near expiration and do not necessarily signal a buy or sell decision in the open market.