Sensenig Bethany 4

What Happened
Bethany Sensenig, a director of Supernus Pharmaceuticals (SUPN), had 4,475 restricted stock units (RSUs) vest on February 19, 2026. Those RSUs converted into 4,475 shares (reported as an exercise/conversion, code M, at $0.00) and the shares were sold in two open‑market transactions the same day (codes S) for total proceeds of approximately $228,265 (1,217 shares at a weighted avg $50.31 → $61,227; 3,258 shares at a weighted avg $51.27 → $167,038). These sales were executed under a pre‑existing Rule 10b5‑1 trading plan.

Key Details

• Transaction date: February 19, 2026; Form 4 filed February 23, 2026 (timely).
• Sales: 1,217 shares at weighted avg $50.31 (prices ranged $49.83–$50.71); 3,258 shares at weighted avg $51.27 (prices ranged $50.98–$51.56). Total proceeds ≈ $228,265.
• Acquisition: 4,475 RSUs settled into common stock upon vesting (reported at $0.00 per share).
• Plan/footnotes: Transactions made pursuant to a 10b5‑1 plan adopted May 15, 2025; weighted average prices reflect multiple executions (reporting person will provide per‑price breakdown upon request).
• Shares owned after the transactions: not specified in the provided filing excerpt.

Context

• This was a routine vesting and sale: RSUs vested (conversion reported as a derivative transaction) and the resulting shares were sold the same day. That pattern (vest-and-sell) is typically a liquidity event rather than an outright open‑market purchase signal.
• The use of a 10b5‑1 trading plan indicates the sales were pre‑planned and automated, reducing concerns about selective timing.