MannKind Corporation Non-Employee Director Compensation Policy (as of November 14, 2018)
This document outlines the compensation policy for non-employee directors of MannKind Corporation. Directors receive an annual cash retainer of $50,000, with the option to receive restricted stock units (RSUs) instead. They are also granted annual equity awards valued at $150,000 in RSUs, which vest immediately but are distributed when the director leaves the board. Additional cash compensation is provided for serving as the independent chairman, committee member, or committee chair. The policy specifies the amounts for each role and was last modified on November 14, 2018.
Exhibit 10.15
Non-employee Director Compensation
Adopted November 17, 2017
Modified November 14, 2018
| Element | Amount |
| Annual Cash Retainer | $50,000 (cash)
In lieu of cash, a director can elect to receive a RSU valued at $50,000 on the basis of the 20-day trailing average closing price as of the trading day immediately preceding the date of the annual meeting
|
| Annual Equity Grant | Intended equity value: $150,000
(The number of shares for this equity award will be determined using the then-current guideline price for employee equity awards.)
|
| Equity Vehicles | 100% RSU
(RSUs vest immediately, but shares will not be distributed until the director leaves the board.)
|
| Initial Equity Grant | None
|
| Independent Chairman Premium | $32,500 (cash)
|
| Committee Member Compensation | Audit: $10,000
Compensation: $7,500
Nominating/Governance: $5,000
(cash)
|
| Committee Chair Premiums | Audit: $15,000
Comp: $12,500
Nominating/Governance: $5,000
(cash)
|
