Supernus CEO Khattar Executes Option Exercise and Partial Sale Under 10b5-1 Plan

Rhea-AI Filing Summary

Jack A. Khattar, President, CEO and director of Supernus Pharmaceuticals (SUPN), reported transactions on 09/30/2025. He exercised an employee stock option to acquire 11,510 shares at an exercise price of $25.30 per share under a plan adopted 02/24/2018, and sold 8,588 shares in multiple trades at a weighted average price of $48.25 (individual sale prices ranged $48.00–$48.44). After these transactions Mr. Khattar beneficially owned 1,147,258 shares directly and an additional 1,005,600 shares indirectly through the KBT Trust. The option activity leaves 137,302 option shares outstanding held directly.

Positive

• Substantial continued ownership: Combined direct and indirect holdings exceed 2.15 million shares, indicating ongoing insider alignment with shareholders
• Use of 10b5-1 plan: Sales executed under a pre-established 10b5-1 trading plan adopted 11/14/2024, which provides pre-arranged selling parameters

Negative

• Insider sale: 8,588 shares were sold, which reduces direct holdings and could be interpreted as partial liquidity realization
• Limited detail on proceeds: Filing provides weighted average sale price and range but does not list gross proceeds or per-trade quantities without request

Insights

Corporate Governance Expert

TL;DR: Insider exercised options and sold a portion of shares under a 10b5-1 plan; holdings remain substantial, signaling ongoing alignment with shareholders.

Mr. Khattar executed both an option exercise and stock sales on 09/30/2025. The sale was conducted under a 10b5-1 trading plan adopted November 14, 2024, which provides an established framework for liquidity and reduces appearance of opportunistic timing. Despite the sale of 8,588 shares, his reported direct and indirect holdings remain material at over 2.15 million shares combined, preserving significant insider alignment with investors. No additional governance actions or changes in relationship were reported.

Securities Analyst

TL;DR: Option exercise at $25.30 followed by sales near $48.25 locks in gains while retaining meaningful ownership, limited market-impact detail provided.

The exercise of 11,510 options at $25.30 and subsequent sale of 8,588 shares at a weighted average of $48.25 realize intrinsic gains from previously granted compensation. The filings disclose the sale price range and state willingness to provide details on per-trade quantities. The disclosure includes remaining direct beneficial ownership of 1,147,258 shares and 1,005,600 indirect shares via KBT Trust, plus 137,302 option shares still held, supporting continuity of insider stake. The filing does not provide proceeds or tax treatment details.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Khattar Jack A.

(Last) (First) (Middle)

C/O SUPERNUS PHARMACEUTICALS INC.

9715 KEY WEST AVENUE

(Street)

ROCKVILLE MD 20850

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SUPERNUS PHARMACEUTICALS, INC. [ SUPN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		M(1)		11,510	A	$25.3	1,155,846	D
Common Stock	09/30/2025		S		8,588	D	$48.25(2)	1,147,258	D
Common Stock								1,005,600	I	By the KBT Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$25.3	09/30/2025		M			11,510	02/24/2018(3)	02/24/2027	Common Stock	11,510	$0	137,302	D

Explanation of Responses:

1. Transaction made pursuant to a 10b5-1 trading plan adopted November 14, 2024.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $48.00 to $48.44. 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.

3. The option vests in four equal installments beginning on February 24, 2018

Remarks:

	/s/ Timothy C. Dec, as attorney-in-fact	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did SUPN insider Jack Khattar report on 09/30/2025?

He exercised 11,510 employee stock options at $25.30 and sold 8,588 shares at a weighted average price of $48.25.

How many Supernus (SUPN) shares does Jack Khattar beneficially own after these transactions?

He reports 1,147,258 shares directly and 1,005,600 shares indirectly via the KBT Trust, totaling over 2.15 million shares.

Were the sales part of a trading plan for SUPN insider stock sales?

Yes. The sale was made pursuant to a 10b5-1 trading plan adopted on November 14, 2024.

What was the price range for the SUPN shares sold by the insider?

The filing states the shares were sold in multiple transactions at prices ranging from $48.00 to $48.44.

How many option shares remain after the reported transactions?

The filing shows 137,302 option shares held directly following the transactions.