Supernus CEO Jack Khattar Ends Up With 3,413,555 Shares After Merger Swap
Khattar's old Supernus shares converted at 1.5401 Indivior shares each, and Indivior took the Supernus name, his filing shows.
Supernus CEO Jack Khattar holds 3,413,555 shares of the renamed Supernus, Inc. after the Indivior merger took effect Monday, according to a Form 4, the report insiders file after trading. He received no cash beyond payment for a fractional share.
How the exchange worked
Under the merger agreement, each outstanding Supernus Pharmaceuticals share was cancelled and converted into 1.5401 shares of Indivior common stock. Indivior, which survived as the parent, then changed its name to Supernus, Inc.
Khattar's stake is split between 1,937,986 shares held directly and 1,475,569 held indirectly through the KBT Trust. Both lines are coded J, the filing's marker for a non-market transaction, and both are dated Monday. The filing itself came Wednesday.
The filing puts the stake at an estimated $96.3 million at Wednesday's close, when SUPN finished at $28.21. The stock stood down about 43% this year as of Tuesday's close.
Options and stock units carried over
Equity awards were assumed by the new Supernus, Inc. and converted at the same 1.5401 ratio, with share counts rounded down and exercise prices divided by the ratio. Vesting schedules largely carried over; the one change is that performance-based units turned into restricted stock units that vest with time.
Khattar reports 3,937,295 options across nine grants, with exercise prices from $15.58 to $32.6 as listed. He also holds 1,221,960 restricted stock units.
One grant vests in four steps: 50% on the merger's closing, 15% at one year, 15% at two years and 20% at three years. The remaining unit grants vest between December 31, 2026 and December 31, 2030.
The next scheduled vesting dates in the filing are December 31, 2026 for one restricted stock unit grant and the one-year anniversary of the merger closing for another.
Sources
- Form 4 — Jack A. Khattar (SUPN) — SEC EDGAR
