Maduck Sean 4

What Happened
Sean Maduck, President of Corcept Endocrinology, exercised 25,000 stock options (exercise price $8.27) on June 1, 2026 (cost $206,750) and sold the resulting shares in open-market transactions the same day for total gross proceeds of about $1.76 million. He also acquired 615 shares under the company Purchase Plan (recorded at $70.44, $43,321) and was recorded as acquiring an additional 615 unvested Purchase Plan-related shares (recorded at $0). On June 2, 2026, 452 shares were surrendered/withheld to cover tax withholding obligations (value $31,839).

Key Details

• Dates/prices: 25,000 options exercised 2026-06-01 @ $8.27 (cost $206,750). Open-market sales on 2026-06-01: 21,069 shares at weighted $70.11 (range $69.49–$70.48) for $1,477,080; 3,931 shares at weighted $70.75 (range $70.49–$70.95) for $278,103. Tax withholding: 452 shares on 2026-06-02 @ $70.44 ($31,839). Purchase Plan: 615 shares @ $70.44 ($43,321) plus 615 unvested shares recorded at $0.
• Sales proceeded under a pre-arranged 10b5-1 trading plan adopted Dec 8, 2025 (per filing).
• Several granted shares are unvested restricted awards that vest 1 year after grant (see footnotes for grant dates). Some shares were withheld to satisfy tax withholding on vesting.
• Filing timing: Reported on 2026-06-03 for transactions on 2026-06-01/06-02 — filed within the standard 2-business-day window (timely).

Context

• This was effectively an exercise-and-sell sequence (exercise of options followed by immediate open-market sales), a common way for insiders to convert option holdings to cash. The sales were executed under a 10b5-1 plan, which can indicate pre-planned transactions rather than opportunistic timing.
• The Purchase Plan acquisition and the unvested restricted stock awards are longer-term holdings and will vest per the conditions described in the footnotes; tax-withheld shares reduce the net increase in beneficial ownership.