Smith Michael Alexander 4

What Happened Michael Smith, Chief Legal Officer of INSMED (INSM), exercised a total of 19,638 stock options and sold 19,638 shares in an open-market transaction on March 30, 2026. He exercised 5,649 options at $17.07 (cost $96,428) and 13,989 options at $27.89 (cost $390,153), and sold 19,638 shares at $150.98 for gross proceeds of $2,964,945. The Form 4 shows corresponding derivative entries at $0, reflecting the conversion/exercise of the options into common shares.

Key Details

• Transaction date: 2026-03-30 (reported on Form 4 filed 2026-03-31).
• Options exercised: 5,649 shares @ $17.07 (acquired for $96,428); 13,989 shares @ $27.89 (acquired for $390,153).
• Shares sold: 19,638 shares @ $150.98 — proceeds $2,964,945.
• Net effect: Exercised 19,638 options and sold 19,638 shares the same day (no net change from these transactions alone).
• Footnotes: Transaction was effected under a Rule 10b5-1 trading plan adopted Nov 7, 2025 (F1). Vesting schedules for the option grants are noted (F2, F3).
• Filing timeliness: Reported the next calendar day (filed 2026-03-31 for 2026-03-30 trades), consistent with standard Form 4 timing requirements.

Context

• The same-day exercise and sale is effectively a cashless outcome: options were exercised and the resulting shares were sold in the open market. This is common for executives converting option value to cash and does not by itself indicate a change in long-term view.
• The 10b5-1 plan disclosure means the sale followed a pre-established trading plan adopted in November 2025, which can limit claims the sale was based on non-public information.
• The filing lists vesting schedules for the option grants; these entries reflect exercised, vested options rather than new grants or gifts.