Lewis William 4

What Happened

• William Lewis, Chair and CEO of Insmed (INSM), exercised stock options to acquire 10,699 shares (6,259 @ $30.46 and 4,440 @ $17.16) on Jan 20, 2026, and sold the same 10,699 shares that day in open-market transactions for total gross proceeds of about $1.70 million.
• Exercise cash paid was $266,839 (190,649 + 76,190). Gross sale proceeds were approximately $1,700,412, implying approximate net cash proceeds of ~$1.43M after exercise costs. The filing also reports two derivative entries at $0 that reflect the option-to-share conversion.

Key Details

• Transaction date: January 20, 2026; Form 4 filed Jan 22, 2026 (timely within the usual two-business-day window).
• Options exercised: 6,259 shares at $30.46 and 4,440 shares at $17.16 (code M = exercise/conversion).
• Shares sold (open-market): 1,006 @ weighted avg ~$156.80; 1,243 @ weighted avg ~$158.37; 5,967 @ weighted avg ~$158.99; 2,229 @ weighted avg ~$159.85; 254 @ weighted avg ~$160.70. Footnotes F2–F6 state these are weighted-average prices with price ranges and that the reporter will provide per-price breakdown on request.
• Footnote F1: Sales were effected pursuant to a 10b5-1 trading plan adopted Sept 4, 2025.
• Footnote F7: The options vested on a time-based schedule (25% at 1 year, then 12.5% every six months thereafter).
• Shares owned after the transactions: not specified in the provided filing details.

Context

• The filing shows a same-day exercise-and-sale (the number of shares exercised equals the number sold), consistent with a cashless-style outcome where exercised shares were sold rather than held.
• Sales were made under a pre-established 10b5-1 plan, which is commonly used by insiders to schedule sales to avoid questions about timing; this is a routine disposition and not an explicit signal of company prospects.
• No indication of gifts or awards here; the primary actions are option exercises (M) and open-market sales (S).