Ceo currently has? if under 400,000, is it safe to say nothing earth shattering will be said until either he gets 400,000 shares or we reach the end of the year? these where the 2 things i saw posted yesterday that he is allowed to buy shares until one of these is reached.
quick answer: Lewis owns 46,672 shares (directly purchased) plus the obscene quantity of options handed out to this 45-year-old former part-time banker (with a massaged resume and no clinical background)...
All the Lewis Form4's are filed/available.
This latest one (November 1, 2013) completes his 10b5-1 stock purchase plan: he's done /totalled out
03-Dec-12 13,568 $7.36 $99,860.48
09-Jan-13 10,770 $6.90 $74,313.00
01-Apr-13 9,816 $7.58 $74,405.28
01-Jul-13 7,585 $9.86 $74,547.40 (averaged)
01-Nov-13 5,233 $14.28 $74,727.24
total spend: $397,853.40
total shares acquired 46,972 (worth today $681k)
Lewis job here is the same as it was with Aegerion ( where he was let go before any of their clinical success) ,the former hedge fund manager has done well with Insmed - lining up backers while padding his wallet....I suspect his fate with Insmed will be the same if the company succeeds in the clinical area.
If NTM fails Lewis and his cronies will already have made a secure ton of cash,using instruments that are not seen on Form 4s. They rigged the books and gave you the bag.No one should be surprised.
$400,000 worth of shares.
Item 7.01. Regulation FD Disclosure.
On November 7, 2012, William Lewis, Chief Executive Officer of the Company announced his intention to implement a stock purchase plan (the "10b5-1 Plan") before December 15, 2012. Rule 10b5-1 allows corporate officers, directors and other employees to adopt written, prearranged stock trading plans when not in possession of material non-public information.
Under Mr. Lewis' 10b5-1 Plan, a broker would be authorized to purchase shares of the Company's common stock up to an aggregate of $100,000 on or before December 31, 2012 and up to $75,000 in each calendar quarter in 2013, subject in each case to the terms and conditions of the 10b5-1 Plan, including purchase price thresholds. The timing within each calendar quarter and execution of all purchases would be made at the sole discretion of the broker. The 10b5-1 Plan is expected to terminate, subject to certain conditions, no later than December 31, 2013. However, the 10b5-1 Plan will terminate earlier upon the purchase of an aggregate of $400,000 of shares pursuant to the 10b5-1 Plan.
The Company expects that all purchases under the 10b5-1 Plan will be reported by Mr. Lewis through Form 4 filings with the Securities and Exchange Commission. Except as may be required by law, the Company does not undertake to report on specific Rule 10b5-1 trading plans of the Company's officers or any transactions under such plans, nor to report on the approval, implementation, modification or termination, or the specific terms and conditions of, Mr. Lewis' 10b5-1 Plan or the plan of any other individual.
Don't forget he has around 900k options with a strike price of around $4 that are exercisable right now. So in effect he is already up around $10MM on those and every dollar move adds/loses $900k for him.
Sorry, forgot to include message:
Thanks for your information, Blasé. I remember Lewis filing for that now. I just think it is a fairly regular schedule that he designed.....I could be wrong. In fact, here is what he has done since he started it: (these figures are approximations and this information can be viewed on the Insmed site under their SEC filing link)