MannKind Corporation Board of Directors Compensation Program for Non-Employee Directors (Adopted November 17, 2017)
This document outlines the compensation program for non-employee directors of MannKind Corporation. Non-employee directors receive an annual cash retainer of $50,000 and an annual equity grant valued at $150,000 in restricted stock units, which vest immediately but are distributed upon leaving the board. Additional cash compensation is provided for serving as Independent Chairman or as members or chairs of board committees. There is no initial equity grant for new directors. The program specifies the amounts for each role and committee position.
Exhibit 10.16
MannKind Corporation
Board of Directors Compensation Program for Non-employee Directors
Adopted November 17, 2017
| Type of Compensation |
| Amount |
| Annual Cash Retainer |
| $50,000 (cash) |
| Equity Vehicle |
| 100% restricted stock unit (Restricted stock units vest immediately, but shares will not be distributed until the director leaves the board.) |
| Annual Equity Grant |
| Intended equity value: $150,000 (The number of shares will be determined using the then-current guideline price for employee equity awards.) |
| Initial Equity Grant |
| None. |
| Independent Chairman Annual Premium |
| $32,500 (cash) |
| Committee Member Annual Compensation |
| Audit: $10,000 Compensation: $7,500 Nominating and Corporate Governance: $5,000 (cash) |
| Committee Chair Annual Premiums |
| Audit: $15,000 Compensation: $12,500 Nominating and Corporate Governance: $5,000 (cash) |
