Castagna Michael 4

What Happened

• Michael Castagna, CEO of MannKind Corporation (MNKD), received two grants of restricted stock units (RSUs) on March 23, 2026: 796,000 RSUs and 782,000 RSUs, for a total of 1,578,000 RSUs. Both grants are recorded as derivative awards with an acquisition price of $0.00 (no immediate cash paid).
• These RSUs are not immediately tradeable shares; they represent contingent rights to receive common stock if and when vesting conditions are met.

Key Details

• Transaction date: 2026-03-23; Form 4 filed 2026-03-25 (appears to be within the standard two-business-day filing window).
• Grant amounts and prices: 796,000 RSUs @ $0.00 and 782,000 RSUs @ $0.00 (total 1,578,000 RSUs).
• Shares owned after transaction: Not specified in this Form 4.
• Footnotes of note:
  • F1: Each RSU equals a contingent right to one share of MNKD common stock upon vesting/delivery.
  • F2: The performance-based RSU vests on Jan 15, 2029 and pays 0%–300% of target depending on MannKind’s total shareholder return (TSR) vs. the Russell 3000 Pharmaceutical & Biotechnology Index (payout interpolated between percentiles).
  • F3: The time-based RSU schedule provides 25% vesting on Mar 23, 2027, then 1/16th of the grant vesting each subsequent quarter (completing the remaining 75% over the following quarters).
• Transaction code: A = Award/Grant (derivative award).

Context

• RSU grants are compensation awards and do not involve an open-market purchase or sale; they become shares only if vesting conditions are met, so they are less directly informative about immediate insider sentiment than purchases or sales.
• Performance RSUs include multi-year TSR targets, so potential share delivery (and value) depends on relative performance over the measurement period. Tax withholding or share withholding upon delivery is common but not specified in this filing.