SCHAFER CAROL 4

What Happened
Carol Schafer, a member of the Board of Directors of INSMED Inc. (INSM), was granted 3,305 restricted stock units (RSUs) on May 13, 2026. The grant is reported as an "Award/Grant" (code A); no purchase price or aggregate dollar value is listed in the filing (price reported as N/A). This is a compensation award to a director rather than an open‑market purchase or sale.

Key Details

• Transaction date: May 13, 2026 (Period of Report: 2026-05-13). Form 4 filed May 15, 2026 (timely filing).
• Grant size: 3,305 RSUs; grant price/consideration: no consideration (per footnote F2).
• Vesting terms (footnote F1): RSUs vest in full on the first anniversary of the grant date if the director (a) remains a board member until the earlier of that anniversary or the Company's annual shareholder meeting in that year, and (b) attends at least 75% of board meetings between the grant date and the first anniversary. Each RSU represents a contingent right to receive one share of common stock.
• Shares owned following the transaction: not specified in the reported data.
• Exhibit: Exhibit 24 — Power of Attorney noted on filing.

Context
RSU grants to directors are common compensation and do not by themselves indicate buying or selling sentiment. These RSUs are restricted/contingent awards that convert to shares only if vesting conditions are met; they are different from immediate purchases or from exercised-and-sold options.