Maduck Sean 4

What Happened
Sean Maduck, President of Corcept Endocrinology, exercised 75,000 stock options on May 27, 2026 at $8.27 per share (cost $620,250) and sold a total of 75,000 shares in two open‑market transactions that day for aggregate proceeds of about $4,918,944 (54,575 shares at a weighted $65.37 and 20,425 shares at a weighted $66.16). The filing also reports a disposition of 75,000 derivative shares at $0.00 (reported as a derivative conversion/settlement related item).

Key Details

• Transaction date: May 27, 2026; Form 4 filed May 29, 2026 (filed two days after the transactions).
• Option exercise: 75,000 shares exercised at $8.27/share; total cash paid ≈ $620,250. (Footnote F10: fully exercisable.)
• Open‑market sales: 54,575 shares at a weighted $65.37 ($3,567,628) and 20,425 shares at a weighted $66.16 ($1,351,316). Weighted prices ranges: $65.00–$65.99 and $66.00–$66.50 (see F3, F4).
• Total shares sold: 75,000; total sale proceeds ≈ $4.92M.
• Sales made pursuant to a 10b5‑1 trading plan adopted Dec 8, 2025 (Footnote F2).
• Shares owned after the transactions: not specified in the provided excerpt.
• Footnote re restricted awards (F1): reports several unvested restricted stock awards (totaling small hundreds of shares) that vest on 1‑year anniversaries of grant dates. Other footnotes describe family/entity holdings (F5–F9).
• No indication in the excerpt that the filing was late.

Context

• This sequence (exercise then sale) is a common pattern where an insider exercises options and immediately sells shares to cover exercise costs or diversify; the filing shows both the exercise (a purchase) and the open‑market sales (dispositions).
• The presence of a 10b5‑1 plan means the sales were executed under a pre‑arranged plan, which is generally used to avoid timing issues and insider trading concerns.
• The reported $0.00 derivative disposition likely reflects conversion or settlement of a derivative instrument tied to the exercise; the filing does not provide further detail on that line.