LEE LEO 4

What Happened

• Lee Leo, a member of the Board of Directors of INSMED Inc. (INSM), was granted 3,305 Restricted Stock Units (RSUs) on May 13, 2026. The award was granted for no consideration (price N/A). Each RSU represents a contingent right to one share of common stock upon vesting.

Key Details

• Transaction date: May 13, 2026; Filing date: May 15, 2026 (Form 4 accession 0001740789-26-000002) — filing appears timely.
• Grant: 3,305 RSUs; price: N/A (granted for no cash consideration).
• Vesting: RSUs vest in full on the first anniversary of the grant (May 13, 2027), provided Leo remains a director until the earlier of that vesting date or the Company's annual meeting in that year, and attends at least 75% of board meetings in the period.
• Ownership adjustment: a clerical error reduced previously reported beneficial ownership by 11 shares; this filing reflects that correction.
• Shares owned after the transaction: not specified in the filing.

Context

• RSUs are a form of equity compensation and are different from open-market purchases or sales; they indicate compensation rather than a direct personal buy or sell decision.
• Because these RSUs vest based on continued service and attendance, they may never convert to shares if vesting conditions are not met. The grant does not by itself indicate insider sentiment about the stock’s short-term outlook.