May 17, 2024 · Form 4 insider transaction
Castagna Michael bought 221,480 shares of MannKind Corporation at $4.59 per share, a transaction worth $1.02M. The trade was recorded as grant or award and disclosed on an SEC Form 4, filed 4 days after the transaction.
A previously reported restricted stock unit award granted on May 18, 2021 vested on May 17, 2024 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 17, 2024 was not less than the closing price on May 17, 2021 and (ii) MannKind's total shareholder return (TSR) over the period from May 18, 2021 to May 17, 2024 was at the 74.5th percentile of the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same period. As a result, the performance objective was achieved at 198% of target, resulting in a total share delivery of 447,480 shares. The acquisition of 226,000 shares pursuant to the restricted stock award was reported in Table I of the Form 4 filed by the Reporting Person on May 18, 2021.