Ahuja Ajay 4

What Happened

• Ajay Ahuja, Chief Medical Officer of MannKind Corp (MNKD), received two restricted stock unit (RSU) awards on March 23, 2026: 221,000 RSUs and 217,000 RSUs. Both awards are recorded at $0.00 (derivative awards) for a total of 438,000 RSUs. These are grants of contingent rights to receive shares in the future rather than open‑market purchases or sales.

Key Details

• Transaction date: March 23, 2026. Form 4 filed March 25, 2026 (appears timely).
• Transaction code: A (award/grant). Price reported: $0.00 (derivative).
• Award breakdown: 221,000 RSUs (time‑based) and 217,000 RSUs (performance‑based).
• Vesting: Time‑based RSUs vest 25% on March 23, 2027, then 1/16th quarterly thereafter (i.e., remaining 75% vests over the next 12 quarters). Performance RSUs vest on January 15, 2029, with payout determined by MannKind’s total shareholder return (TSR) vs. the Russell 3000 Pharmaceutical & Biotechnology Index over Apr 1, 2026–Dec 31, 2028.
• Performance payout scale: <25th percentile = 0% of target; 25th = 50%; 50th = 100%; 75th = 200%; ≥90th = 300% of target, with interpolation between levels.
• Shares beneficially owned after the transaction: not disclosed in the provided excerpt.

Context

• RSUs are derivative awards that convert into actual shares only if and when they vest (and any conditions are met). The performance RSUs are contingent on relative TSR versus an industry index, so final share delivery could be anywhere from 0% to 300% of target depending on results.
• These grants represent executive compensation rather than an open‑market purchase by the insider; they do not by themselves indicate insider buying or selling sentiment.