Corcept (CORT) officer sells 25K shares after option exercise under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Corcept Therapeutics (CORT) officer Sean Maduck reported a series of equity transactions involving company common stock. He exercised stock options for 25,000 shares at $8.27 per share and on the same date sold 25,000 shares in open-market transactions at weighted average prices of about $70–71 per share under a pre-arranged Rule 10b5-1 trading plan. The company also withheld 452 shares valued at $70.44 per share to cover tax obligations on vesting of restricted stock units, which is not an open-market sale. Following these transactions, Maduck holds 9,755 shares directly, plus indirect interests including 10,000 shares in a living trust, 34,000 in MMM 2025, LLC, 40,000 and 20,570 shares in two Grantor Retained Annuity Trusts, and 5,147 shares in Duckhill Capital, LLC, where he disclaims beneficial ownership beyond his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 25,000 shares ($1,755,183)
Net Sell
12 txns
Insider
Maduck Sean
Role
See Remarks
Sold
25,000 shs ($1.76M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Tax Withholding | Common Stock | 452 | $70.44 | $32K |
| Exercise | Stock option (right to buy) | 25,000 | $0.00 | -- |
| Exercise | Common Stock | 25,000 | $8.27 | $207K |
| Sale | Common Stock | 21,069 | $70.1068 | $1.48M |
| Sale | Common Stock | 3,931 | $70.7462 | $278K |
| Grant/Award | Common Stock | 615 | $70.44 | $43K |
| Grant/Award | Common Stock | 615 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 9,755 shares (Direct, null);
Stock option (right to buy) — 141,986 shares (Direct, null);
Common Stock — 5,147 shares (Indirect, See Footnote)
Footnotes (1)
- Includes 888 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on June 2, 2025, 228 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on September 2, 2025, 205 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on December 1, 2025 and 454 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer March 2, 2026. 100% of the shares underlying the restricted stock awards will vest on the one-year anniversary of the grant date provided the Reporting Person satisfies certain requirements. This transaction was made pursuant to a 10b5-1 plan adopted by the Reporting Person on December 8, 2025 in effect at the time of this transaction. Represents the weighted average sale price for the entire number of shares sold. The actual sale prices range from $69.49 to $70.48 per share. Information on the exact number of shares sold at each sale price can be obtained from the Issuer upon request. Represents the weighted average sale price for the entire number of shares sold. The actual sale prices range from $70.49 to $70.95 per share. Information on the exact number of shares sold at each sale price can be obtained from the Issuer upon request. The Reporting Person purchased shares ("Purchase Plan Shares") of the Issuer's common stock pursuant to a purchase plan ("Purchase Plan") established under the Corcept Therapeutics Incorporated 2024 Incentive Award Plan on June 1, 2026. In accordance with the Purchase Plan, the price was established based on the closing price on the day of the purchase. Shares underlie unvested restricted stock awards granted to the Reporting Person by the Issuer under the Purchase Plan. 100% of the shares underlying the restricted stock awards will vest on the one-year anniversary of the grant date provided the Reporting Person remains the beneficial owner of the Purchase Plan Shares through such one-year anniversary. These shares were withheld by the Issuer in order to satisfy certain tax withholding obligations in connection with the issuance of shares upon the vesting of restricted stock units. The closing price on June 1, 2026 was used to calculate the withholding obligation. Includes 228 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on September 2, 2025, 205 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on December 1, 2025 and 454 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer March 2, 2026. 100% of the shares underlying the restricted stock awards will vest on the one-year anniversary of the grant date provided the Reporting Person satisfies certain requirements. Represents the shares held by Sean and Molly Maduck Living Trust of which the Reporting Person is a co-trustee. Represents the shares held by MMM 2025, LLC of which the Reporting Person is a member and manager. Represents the shares held by SNM 2025 Grantor Retained Annuity Trust of which the Reporting Person is the trustee. Represents the shares held by SNM 2026 Grantor Retained Annuity Trust of which the Reporting Person is the trustee. Represents the shares held by Duckhill Capital, LLC of which the Reporting Person is President and disclaims beneficial ownership of the shares except to the extent of his pecuniary interest therein. Fully exercisable.
Key Figures
Options exercised: 25,000 shares
Exercise price: $8.27/share
Shares sold: 25,000 shares
+5 more
8 metrics
Options exercised
25,000 shares
Common stock acquired via option exercise at $8.27 on June 1, 2026
Exercise price
$8.27/share
Stock option (right to buy) conversion price
Shares sold
25,000 shares
Open-market sales on June 1, 2026 at weighted average prices near $70–71
Tax withholding shares
452 shares
Shares withheld by issuer at $70.44 to cover tax obligations
Direct holdings after
9,755 shares
Direct Corcept common stock owned following the reported transactions
Living trust holdings
10,000 shares
Sean and Molly Maduck Living Trust indirect ownership
MMM 2025, LLC holdings
34,000 shares
Indirect ownership through MMM 2025, LLC
Duckhill Capital, LLC holdings
5,147 shares
Indirect holdings where Maduck disclaims beneficial ownership beyond pecuniary interest
Key Terms
Rule 10b5-1 trading plan, restricted stock awards, Grantor Retained Annuity Trust, pecuniary interest, +2 more
6 terms
Rule 10b5-1 trading plan financial
"This transaction was made pursuant to a 10b5-1 plan adopted by the Reporting Person on December 8, 2025"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
restricted stock awards financial
"Includes 888 shares underlying unvested restricted stock awards granted to the Reporting Person"
Restricted stock awards are company shares given to employees or executives that cannot be sold or transferred until certain conditions — like staying with the company for a set time or meeting performance targets — are met, like a gift that is locked in a safe until rules are satisfied. Investors care because these awards tie management’s pay to company performance, can increase the number of shares outstanding when they become tradable (dilution), and may signal expected future selling pressure or commitment to long-term growth.
Grantor Retained Annuity Trust financial
"Represents the shares held by SNM 2025 Grantor Retained Annuity Trust of which the Reporting Person is the trustee"
A grantor retained annuity trust (GRAT) is an estate-planning tool where the person who creates the trust transfers assets into it but receives fixed cash payments (an annuity) from the trust for a set number of years; whatever remains after that term passes to designated beneficiaries. It matters to investors because it can shift future appreciation of assets out of the creator’s taxable estate—like putting an asset into a timed vending machine that pays you fixed amounts while any extra value that grows inside the machine goes to heirs with reduced gift or estate tax consequences.
pecuniary interest financial
"disclaims beneficial ownership of the shares except to the extent of his pecuniary interest therein"
stock option (right to buy) financial
"Stock option (right to buy) with 25,000 shares underlying common stock"
tax withholding obligations financial
"These shares were withheld by the Issuer in order to satisfy certain tax withholding obligations"
FAQ
What did Corcept Therapeutics (CORT) officer Sean Maduck do in this Form 4?
Sean Maduck exercised stock options for 25,000 Corcept shares and sold 25,000 shares in open-market trades. He also had 452 shares withheld by the company to cover tax obligations tied to restricted stock unit vesting.
What were the terms of Sean Maduck’s Corcept (CORT) stock option exercise?
Maduck exercised options covering 25,000 Corcept common shares at an exercise price of $8.27 per share. These options were fully exercisable, and the underlying derivative entry shows remaining stock options outstanding after this exercise.