Khan Salman Hassan 4

What Happened Khan Salman Hassan, Chief Financial Officer of MARA Holdings, sold 16,000 shares in an open-market/private sale on Feb 17, 2026 at $7.66 per share for proceeds of $122,560. The next day (Feb 18, 2026) he was credited with 509,119 performance-vested restricted stock units (PSUs) earned under a 2025 award; those PSUs were reported with a $0 acquisition price and remain subject to time-based vesting conditions.

Key Details

• Sale: 16,000 shares on 2026-02-17 at $7.66 — proceeds $122,560. Reported as a sale (S).
• Award: 509,119 PSUs reported on 2026-02-18 (A); acquisition price $0 because these are earned performance awards.
• PSU background: Award granted Feb 28, 2025 under the 2018 Equity Incentive Plan; PSUs were earned based on issuer performance (hashrate hours, total exahash, deployed megawatts) for the 2025 performance period and certified by the board committee on Feb 18, 2026. PSUs still subject to time-based vesting per the award agreement.
• Plan/ownership notes: The Feb 17 sale was executed under a Rule 10b5-1 trading plan adopted by Mr. Khan on Sept 11, 2025 (pre-established plan). The filer and spouse are trustees of the S & N Khan Family Trust; immediate family are trust beneficiaries.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Timeliness: Form filed Feb 19, 2026 covering transactions on Feb 17–18, 2026 (appears timely; no late-file flag noted).

Context

• The sale was executed under a 10b5-1 plan, which is a pre-arranged trading program and is typically used to establish trades that are not based on current, nonpublic information.
• The PSUs are performance-based awards that were earned for 2025 performance metrics but still must meet time-based vesting before becoming unrestricted shares; this award is not an immediate cash purchase.
• As always, insider sales do not necessarily signal negative views; purchases generally carry more direct bullish signal for retail investors.