Steven B. Binder - May 22, 2023 Form 4 Insider Report for MANNKIND CORP (MNKD)

Signature
/s/ Steven B. Binder
Stock symbol
MNKD
Transactions as of
May 22, 2023
Transactions value $
$603,218
Form type
4
Date filed
5/24/2023, 09:00 PM
Previous filing
May 19, 2023
Next filing
May 26, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MNKD Common Stock, $.01 Par Value Award $1.92M +400K +56.06% $4.79 1.11M May 22, 2023 Direct F1
transaction MNKD Common Stock, $.01 Par Value Tax liability -$1.09M -227K -20.42% $4.79 886K May 22, 2023 Direct F2
transaction MNKD Common Stock, $.01 Par Value Sale -$224K -47.8K -5.4% $4.68 838K May 24, 2023 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 A previously reported restricted stock unit award granted on August 27, 2020 vested on May 22, 2023 upon the achievement of performance objectives established by MannKind's compensation committee at the time of the approval of the award. Specifically, (i) the closing price of MannKind's common stock on May 22, 2023 was not less than the closing price on August 27, 2020 and (ii) the percentile ranking of MannKind's total shareholder return (TSR) over the period from August 27, 2020 to May 22, 2023 relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same period was greater than the 90th percentile. As a result, the performance objective was achieved at 300% of target, resulting in a total share delivery of 600,000 shares. The acquisition of 200,000 shares pursuant to the restricted stock award was reported in Table I of the Form 4 filed by the Reporting Person on August 31, 2020.
F2 Shares withheld to satisfy the tax liability incident to the vesting of previously reported restricted stock units.
F3 Transaction occurred pursuant to Rule 10B5-1 Plan.