Jack Khattar (SUPN) exercises options and reports insider sales on 10/09/2025
Rhea-AI Filing Summary
Insider transactions by the CEO/President and director Jack A. Khattar are reported on this Form 4. On 10/09/2025 Mr. Khattar exercised 81,250 employee stock options with an exercise price of $25.30 and immediately sold a total of 59,900 common shares in multiple transactions at weighted average prices of $50.55 and $51.46. After these transactions he directly beneficially owns 1,206,578 shares and indirectly holds 1,005,600 shares through the KBT Trust. The option grant vests in four equal installments that began on 02/24/2018.
Positive
- Sales executed under a 10b5-1 plan (adopted 11/14/2024) which indicates pre-planned trading
- Substantial retained ownership after transactions: 1,206,578 direct shares and 1,005,600 indirect via the KBT Trust
Negative
- Significant insider selling on 10/09/2025 totaling 59,900 shares, which may be viewed as liquidity-taking
- Concentration of indirect holdings (1,005,600 shares) which maintains insider influence but concentrates voting power
Insights
TL;DR: CEO exercised vested options and sold a portion of shares under a 10b5-1 plan.
The reporting shows an exercise of 81,250 employee stock options at an exercise price of $25.30, followed by multiple open-market sales totaling 59,900 shares executed at weighted average prices of $50.55 and $51.46. The filer notes the sales were made pursuant to a 10b5-1 trading plan adopted on 11/14/2024, which provides pre-structured execution timing for insiders.
Key dependencies include the plan's terms and vesting schedule for the options (vesting began on 02/24/2018). Monitor future Form 4s for additional scheduled sales under the plan or any changes in indirect holdings through the KBT Trust. Near-term visibility is limited to disclosed transactions on 10/09/2025.
TL;DR: Transaction is routine option exercise plus partial disposition, with material cash proceeds.
The exercise of 81,250 options at $25.30 and subsequent sales at ~$50–51 imply a pre-tax spread per share near $25, generating material gross proceeds for the reporting person. The Form discloses weighted average sale price ranges and offers to provide detailed breakdowns on request.
Risks include tax withholding or planned liquidity needs that the document does not specify. Investors can track realized insider liquidity and future option expirations; the option expiration date listed is 02/24/2027 for the series disclosed.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (Right to Buy) | 81,250 | $0.00 | -- |
| Exercise | Common Stock | 81,250 | $25.30 | $2.06M |
| Sale | Common Stock | 58,371 | $50.55 | $2.95M |
| Sale | Common Stock | 1,529 | $51.46 | $79K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Transaction made pursuant to a 10b5-1 trading plan adopted November 14, 2024. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $50.11 to $51.09. The Reporting Person undertakes to provide to Supernus Pharmaceuticals, Inc. ("Supernus"), any security holder of Supernus, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $51.14 to $51.76. The Reporting Person undertakes to provide to Supernus, any security holder of Supernus, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4. The option vests in four equal installments beginning on February 24, 2018
