Lewis William 4

What Happened

• William (Bill) Lewis, Chair and CEO of INSMED Inc. (INSM), exercised stock options for a total of 10,699 shares on March 19, 2026 and sold the same 10,699 shares that day.
• Exercises: 6,259 shares at $30.46 (cost $190,649) and 4,440 shares at $17.16 (cost $76,190) — total exercise cost $266,839. These are coded as derivative exercises (M).
• Open-market sales: 1,629 shares at a weighted average $142.17 ($231,595), 4,537 shares at $143.42 ($650,697), and 4,533 shares at $144.11 ($653,251) — gross proceeds about $1,535,543. Net proceeds after exercise cost (approximate) ≈ $1,268,704 before fees/taxes.
• This pattern (exercise + same‑day sale) is effectively a cashless exercise and sale of the acquired shares.

Key Details

• Transaction date: March 19, 2026; Form 4 filed March 20, 2026 (timely).
• Option exercise details: total 10,699 shares exercised (two strike prices: $30.46 and $17.16). Vesting per footnote: 25% at year one then 12.5% every six months through year four.
• Sales executed under a Rule 10b5-1 trading plan adopted Sept 4, 2025 (footnote F1).
• Weighted-average sale prices reported; sale ranges: 1,629 shares at $141.80–$142.74 (F2), 4,537 shares at $142.80–$143.77 (F3), 4,533 shares at $143.80–$144.72 (F4). The filing offers to provide per-price breakdown on request.
• Shares owned after the transactions are not disclosed in the provided filing data.

Context

• Derivative code M = option exercise; the matching S (sale) entries show the exercised shares were sold the same day (common for covering exercise cost/taxes or liquidity).
• The sales were made pursuant to a pre-established 10b5-1 plan, meaning the trades were pre-planned and not ad hoc decisions made the day of the transaction.
• This is a routine executive liquidity event (exercise + sell); it is factual reporting and does not itself indicate the insider’s view of the company’s future prospects.