Insider Trading - January 6, 2026
Brief
CFO Adam Spice executed a multi-tranche equity sale of 1.1M shares on Jan 5, 2026, following a Rule 10b5-1 plan adopted September 19, 2025. The sales occurred at prices between $71.49 and $78.24 per share, generating approximately $84M in gross proceeds. Spice simultaneously exercised 731,330 stock options at $1.09 per share, increasing his direct common stock ownership to 1.6M shares post-transaction.
Detailed Brief
Rocket Lab's CFO Adam Spice liquidated a significant portion of his equity position through a structured 10b5-1 trading plan, selling 1,131,368 shares across seven price tiers on January 5, 2026. The transaction reflects disciplined execution of a pre-planned disposition strategy, with sales executed in $0.99-$1.00 increments from $71.49 to $78.24, minimizing market impact while capturing value from the stock's elevated trading range.
Spice also exercised 731,330 employee stock options granted in August 2018 at a strike price of $1.09, realizing an intrinsic value of approximately $53 per share ($72.50 average sale price minus $1.09 strike). Post-transaction, his direct ownership stands at 1.6M common shares, maintaining substantial skin in the game. The 10b5-1 plan adoption date of September 19, 2025 precedes the filing date, indicating forward-looking liquidity planning by executive leadership. This level of insider monetization typically signals confidence in long-term value creation while managing personal portfolio risk.
Key Telemetry
- • Option Exercise: 731,330 shares acquired at $1.09 strike price, representing $51.4M intrinsic value captured
- • Share Disposition: 1.13M shares sold at $71-78 range, generating ~$84M gross proceeds via Rule 10b5-1 plan
- • Post-Transaction Ownership: 1.6M shares held directly by CFO after net exercise of 731K options and 1.13M share sale
- • Plan Timing: Trading plan adopted September 19, 2025, providing 2.5-month lookback before execution
- • Vesting Schedule: Original 2018 option grant with 4-year monthly vesting (1/4 at 1-year, 1/48 monthly thereafter)
Impact Vector
This substantial insider divestiture by Rocket Lab's CFO does not signal operational distress—rather, it reflects mature capital management through a pre-planned 10b5-1 structure. The $1.09 option strike indicates early-stage grant pricing, consistent with Spice's tenure from Rocket Lab's pre-revenue phase. For investors monitoring launch cadence and Neutron development, the transaction demonstrates executive confidence in maintaining operational focus while managing personal wealth. The 1.6M share retained position (60% of pre-sale holdings) aligns CFO interests with long-term shareholders. With the stock trading at $72-78 range, this represents 66x-72x the strike price, validating the early-stage investment thesis. The structured disposition may precede additional liquidity events or capital allocation by insiders, but maintains transparency through SEC compliance. No guidance changes or operational metrics were disclosed in this Type 4 filing.