Ghaffarian Kamal Seyed 4

What Happened

• Kamal Ghaffarian, a reported 10% owner of Intuitive Machines (LUNR), effected the conversion/exercise of 141,909 derivative/common-unit interests and disposed of the resulting shares. On June 15, 2026 he sold 141,909 shares in open-market transactions for aggregate proceeds of approximately $3,711,464. The sales were executed under a Rule 10b5-1 plan.

Key Details

• Transaction date: June 15, 2026; Form 4 filed June 17, 2026 (timely).
• Open-market sales (total 141,909 shares / $3,711,464):
  • 121,809 shares at a weighted average $26.03 (range $25.58–$26.57) — proceeds ~$3,170,956 (F5)
  • 19,334 shares at a weighted average $26.86 (range $26.58–$27.50) — proceeds ~$519,253 (F6)
  • 766 shares at a weighted average $27.75 (range $27.59–$27.85) — proceeds ~$21,255 (F7)
• Derivative activity: filing shows exercise/conversion (code M) of 141,909 units and a disposition to the issuer (code D); no exercise price listed in the filing (N/A). (See F1 for redemption/conversion mechanics.)
• Sales executed pursuant to a Rule 10b5-1 plan adopted by Ghaffarian Enterprises, LLC on December 4, 2025 (F4).
• Shares held after the transactions (held of record by related entities) per the filing (F2):
  • GM Enterprises, LLC: 2,241,121 Common Units and shares of Class C
  • Ghaffarian Enterprises, LLC: 32,688,964 Common Units and shares of Class C, and 3,494,768 shares of Class A
• Beneficial ownership note: Dr. Ghaffarian is sole managing member or trustee of the reporting entities and may be deemed to share beneficial ownership but disclaims ownership except to his pecuniary interest (F3).

Context

• This filing reflects a sale by a 10% non-employee owner under a pre-established 10b5-1 plan; such sales are often scheduled and do not necessarily signal management sentiment.
• The filing shows derivative conversion/exercise followed by disposition; the record does not specify a cashless exercise or cash paid for the derivative exercise in the Form 4 (amounts listed as N/A).