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Insider Trading Arrangements | 9 Months Ended
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Sep. 30, 2023 shares
Trading Arrangements, by Individual |
Material Terms of Trading Arrangement | During the three months ended September 30, 2023, three of our executive officers adopted written trading plans for the orderly disposition of the Company’s securities as set forth in the table below:
|  |  |  |  |  | Type of Trading Arrangement |  |  |  |  |  |
Name and Position |  | Action |  | Date |  | Rule 10b5-1(1) |  | Non-Rule 10b5-1(2) |  |  | Total Shares of Common Stock to be Sold |  |  | Expiration Date
Michael Castagna Chief Executive Officer |  | Adoption |  | September 1, 2023 |  | X |  |  | — |  |  |  | 190,482 |  |  | December 29, 2023
Steven Binder Chief Financial Officer |  | Adoption |  | August 18, 2023 |  | X |  |  | — |  |  |  | 31,000 |  | (3) | September 10, 2024
David Thomson EVP, General Counsel |  | Adoption |  | September 5, 2023 |  | X |  |  | — |  |  |  | 37,000 |  | (3) | September 5, 2024
_________________________ (1) Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. (2) "Non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K under the Exchange Act. (3) These trading plans are designed to sell a specified percentage of the net shares delivered after tax withholding on five separate awards. The actual number of shares to be sold will depend on state and federal tax rates applicable on the relevant vesting dates (currently assumed to be a combined 32.3%) as well as the payout, if any, of a market RSU award that will deliver the number of shares (currently assumed to be 100% of target) determined by the percentile ranking of MannKind total shareholder return (TSR) over a three-year measurement period relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same period. Based on these assumptions, the total shares of common stock to be sold by Steven Binder and David Thomson approximate 31,000 and 37,000, respectively. See Note 12 – Stock Award Plans in the Company's Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 24, 2022.
Michael Castagna |
Trading Arrangements, by Individual |
Name | Michael Castagna
Title | Chief Executive Officer
Rule 10b5-1 Arrangement Adopted | true
Non-Rule 10b5-1 Arrangement Adopted | false
Adoption Date | September 1, 2023
Aggregate Available | 190,482
Steven Binder |
Trading Arrangements, by Individual |
Name | Steven Binder
Title | Chief Financial Officer
Rule 10b5-1 Arrangement Adopted | true
Non-Rule 10b5-1 Arrangement Adopted | false
Adoption Date | August 18, 2023
Aggregate Available | 31,000
David Thomson |
Trading Arrangements, by Individual |
Name | David Thomson
Title | EVP, General Counsel
Rule 10b5-1 Arrangement Adopted | true
Non-Rule 10b5-1 Arrangement Adopted | false
Adoption Date | September 5, 2023
Aggregate Available | 37,000

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