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Post by robsacher on Feb 27, 2016 9:21:19 GMT -5
Matt has been with MannKind long enough to know the challenges ahead and he has the intelligence, fortitude, and heart to move forward from this place we find ourselves today.
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Post by liane on Feb 27, 2016 9:28:33 GMT -5
Thanks for your post robsacher. I sent Matt an email yesterday essentially stating the same belief. |
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Post by kball on Feb 27, 2016 9:48:20 GMT -5
Hope so. And God bless him.
But honestly it remains to be seen.
Its the challenge of a lifetime and he got the position under less than ideal circumstances at a much less than ideal time.
With almost everything that could go wrong going wrong or already gone wrong.
And the risks still substantial
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Post by centralcoastinvestor on Feb 27, 2016 10:02:24 GMT -5
Matt has been with MannKind long enough to know the challenges ahead and he has the intelligence, fortitude, and heart to move forward from this place we find ourselves today. I couldn't agree more. This is what Matt wrote as a comment to the LA times story yesterday on Al Mann's death: "Al was a truly great man who will be missed by all, but by me in particular. I am honored to have been able to call him my friend, as well as my mentor and my inspiration. His untimely passing only makes me more determined to honor his legacy by working tirelessly to make MannKind Corporation, and its revolutionary first product, Afrezza, the tremendous success he always believed it would be. Al helped so many, not only with his amazing and revolutionary advances in health care, but particularly through his many philanthropic efforts. There will never be another like him. He will never be forgotten." Matt Pfeffer Matt is a man who "studied" under Mr. Mann. He has caught the vision and passion of his mentor. |
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Post by kc on Feb 27, 2016 10:10:30 GMT -5
Hope so. And God bless him. But honestly it remains to be seen. Its the challenge of a lifetime and he got the position under less than ideal circumstances at a much less than ideal time. With almost everything that could go wrong going wrong or already gone wrong. And the risks still substantial You can bet they know what to do and how to do it. The board has some sharp folks and you know that Matt has some good outside advisors. Al I'm sure had been involved the Last six months but perhaps not as much as any of us would have thought. I'm sure since the Jan time frame he has been less involved. So the new chairman will be working with Matt to refine the direction which is being cast for moving forward. We just have to be patient and let things unfold in April and July. Things are happening behind the secene every day and Matt can't disclose any of it. So let's not beat him up over this issue. |
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Post by stevil on Feb 27, 2016 16:42:45 GMT -5
One thing is for certain, Matt is already a step up from Hakan. It seems Hakan should have been more involved in R&D and less in CEO/marketing/partnership deals. Matt seems to be much more creative and visionary than Hakan, who, if he had any value at all, may have been better suited in daily operations. My pick would have been for Hakan to be COO and Matt to be CEO long ago, as Matt essentially was playing the communicator and forecaster anyway.
The one thing that still has been irking me as I've been thinking over it is how ill-prepared MNKD has been for far too long. Which is really surprising to me considering all the experience on the board. They basically had no contingency plans for Hakan's termination/resignation, they sounded like they were going to stay with SNY and allow them to keep them by the balls- HUGE WTF moment the more we hear about the details and disagreements. Hard sell for Matt to instill confidence- if they truly believed they could go it alone without SNY, why weren't they the ones to terminate? I know it was more advantageous for them to allow SNY to terminate as it would release them from some of the contractual agreements, but even then, they looked as though they were caught off guard when SNY announced their termination.
Sometimes all people need is the opportunity to shine. Perhaps the role of CEO will suit Matt better than his previous role now that he has to step into something bigger. He has to rise to the challenge. His energy has been positive so far and I enjoy listening to him speak, although I don't buy much of what he's shoveling yet. One thing is for sure though... There was a lot of improvement to be had. Ranging from communication to shareholders, keeping the website up to date, better presentations, better marketing strategies, actually inking partnerships, etc. The needle seems to be pointing in the right direction at the moment, but I'm not ready to anoint Matt the Savior yet. I would agree with Rob in that he appears to be the best man for the job at this juncture, but if he gets us out of the rock and hard place we currently find ourselves, I hope he hands the baton off to someone else who has a more proven track record. It'd probably be awfully hard to demote him at that point, however.
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Post by therealisaching on Mar 1, 2016 8:57:16 GMT -5
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Post by Deleted on Mar 1, 2016 9:59:29 GMT -5
motivation is when they can be exercised at rate of $1 increase through time...not everything at .92 which is already in the money like .92 in 2017 $2 + in 2018 $3+ in 2019 |
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Post by mnholdem on Mar 1, 2016 10:22:59 GMT -5
Several filings were just submitted to the SEC as several MannKind executives were awarded Common Stock and Employee Stock Options (right to buy) and some Restriction Stock Options. The options awarded on 2/18/2016 are not exercisable until 2/18/2017 (they expire 2/18/2026) and per footnote 1. 25% vesting on the anniversary of the vesting determination date and 1/48th per month thereafter; being fully vested on the fourth anniversary of the vesting determination date.
Matt was awarded 604,267 options, which appear to have been previously planned, and his filing shows an additional 1,345,300 options that are likely compensatory to his new CEO job. All the options awarded on 2/18/2016 have a strike price of $0.92 and must vest before they can be exercised.
Rose, the new Principal Accounting Officer (who is now shouldering much of Pfeffer's CFO duties), also was awarded stock and stock options. Now that she's been made an Officer, the company also filed her previous history.
Type/ Issue Date / Date Excercisable / Expiration Date / Title / Number of Shares (footnote) / Exercise Price / Ownership Direct or Indirect
Employee Stock Option (right to buy) 07/02/2012 07/02/2018 Common Stock 9,000(5) 2.86 D
Employee Stock Option (right to buy) 08/19/2013 08/19/2019 Common Stock 4,500(5) 7.48 D
Employee Stock Option (right to buy) 08/19/2014 08/19/2020 Common Stock 12,000(5) 5.93 D
Employee Stock Option (right to buy) 03/03/2015 03/02/2021 Common Stock 6,400(5) 3.8 D
Employee Stock Option (right to buy) 06/02/2015 06/02/2021 Common Stock 10,600(5) 4.03 D
Employee Stock Option (right to buy) 08/18/2015 08/17/2021 Common Stock 20,000(5) 2.41 D
Employee Stock Option (right to buy) 05/17/2016 05/17/2022 Common Stock 70,000(5) 1.69 D
Employee Stock Option (right to buy) 08/16/2013 08/16/2022 Common Stock 21,000(6) 2.32 D
Employee Stock Option (right to buy) 08/23/2014 08/23/2023 Common Stock 34,200(6) 6.85 D
Employee Stock Option (right to buy) 08/22/2014 08/22/2023 Common Stock 13,200(6) 5.89 D
Employee Stock Option (right to buy) 08/21/2015 08/20/2024 Common Stock 11,600(6) 7.09 D
Employee Stock Option (right to buy) 08/27/2016 08/26/2025 Common Stock 19,300(6) 3.91 D
As everybody can plainly see, the strike prices were substantially higher in the past. You'll notice that Rose has Options to Buy that expire on July 2, 2018. If share price is not $2.86 by then, they would become essentially worthless if she could buy them in open market for less.
We can see how these options give MannKind management a certain degree of incentive to drive stock price up into the $teens or higher. 
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Post by Deleted on Mar 1, 2016 10:38:21 GMT -5
Several filings were just submitted to the SEC as several MannKind executives were awarded Common Stock and Employee Stock Options (right to buy) and some Restriction Stock Options. The options awarded on 2/18/2016 are not exercisable until 2/18/2017 (they expire 2/18/2026) and per footnote 1. 25% vesting on the anniversary of the vesting determination date and 1/48th per month thereafter; being fully vested on the fourth anniversary of the vesting determination date.
Matt was awarded 604,267 options, which appear to have been previously planned, and his filing shows an additional 1,345,300 options that are likely compensatory to his new CEO job. All the options awarded on 2/18/2016 have a strike price of $0.92 and must vest before they can be exercised.
Rose, the new Principal Accounting Officer (who is now shouldering much of Pfeffer's CFO duties), also was awarded stock and stock options. Now that she's been made an Officer, the company also filed her previous history.
Type/ Issue Date / Date Excercisable / Expiration Date / Title / Number of Shares (footnote) / Exercise Price / Ownership Direct or Indirect
Employee Stock Option (right to buy) 07/02/2012 07/02/2018 Common Stock 9,000(5) 2.86 D
Employee Stock Option (right to buy) 08/19/2013 08/19/2019 Common Stock 4,500(5) 7.48 D
Employee Stock Option (right to buy) 08/19/2014 08/19/2020 Common Stock 12,000(5) 5.93 D
Employee Stock Option (right to buy) 03/03/2015 03/02/2021 Common Stock 6,400(5) 3.8 D
Employee Stock Option (right to buy) 06/02/2015 06/02/2021 Common Stock 10,600(5) 4.03 D
Employee Stock Option (right to buy) 08/18/2015 08/17/2021 Common Stock 20,000(5) 2.41 D
Employee Stock Option (right to buy) 05/17/2016 05/17/2022 Common Stock 70,000(5) 1.69 D
Employee Stock Option (right to buy) 08/16/2013 08/16/2022 Common Stock 21,000(6) 2.32 D
Employee Stock Option (right to buy) 08/23/2014 08/23/2023 Common Stock 34,200(6) 6.85 D
Employee Stock Option (right to buy) 08/22/2014 08/22/2023 Common Stock 13,200(6) 5.89 D
Employee Stock Option (right to buy) 08/21/2015 08/20/2024 Common Stock 11,600(6) 7.09 D
Employee Stock Option (right to buy) 08/27/2016 08/26/2025 Common Stock 19,300(6) 3.91 D
As everybody can plainly see, the strike prices were substantially higher in the past. You'll notice that Rose has Options to Buy that expire on July 2, 2018. If share price is not $2.86 by then, they would become essentially worthless if she could buy them in open market for less.
We can see how these options give MannKind management a certain degree of incentive to drive stock price up into the $teens or higher.
The higher strike prices are for the ones that were previously awarded to her. DO you have the list for all the options and strike prices awarded on 02/18? |
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Post by therealisaching on Mar 1, 2016 11:18:29 GMT -5
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Post by mnholdem on Mar 1, 2016 14:00:12 GMT -5
We can see how these options give MannKind management a certain degree of incentive to drive stock price up into the $teens or higher.
The higher strike prices are for the ones that were previously awarded to her. DO you have the list for all the options and strike prices awarded on 02/18? All the awards for all officers are not located on a single list. You have to look at each filing.
When you get to this link: www.sec.gov/edgar/searchedgar/companysearch.html enter MNKD in the FAST SEARCH box and click the "Search" button.
Once you're on the Search Result page for MannKind (MNKD) you'll see a list of filings. However, to have the insider filings included, make sure you select the radio button for "include" ownership, then click the Search button on the right.
You should then see seven documents at the top of the list that were filed on 2016-02-29.
The award amounts vary by person.
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Post by Deleted on Mar 1, 2016 14:19:37 GMT -5
The higher strike prices are for the ones that were previously awarded to her. DO you have the list for all the options and strike prices awarded on 02/18? All the awards for all officers are not located on a single list. You have to look at each filing.
When you get to this link: www.sec.gov/edgar/searchedgar/companysearch.html enter MNKD in the FAST SEARCH box and click the "Search" button.
Once you're on the Search Result page for MannKind (MNKD) you'll see a list of filings. However, to have the insider filings included, make sure you select the radio button for "include" ownership, then click the Search button on the right.
You should then see seven documents at the top of the list that were filed on 2016-02-29.
The award amounts vary by person.
I had already looked at them this morning and all the present options awarded this month have a strike price of .92 which is already in the money...so not much of a motivation... can cruise along and still exercise those options.. which is not encouraging |
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Post by kc on Mar 1, 2016 16:53:17 GMT -5
Several filings were just submitted to the SEC as several MannKind executives were awarded Common Stock and Employee Stock Options (right to buy) and some Restriction Stock Options. The options awarded on 2/18/2016 are not exercisable until 2/18/2017 (they expire 2/18/2026) and per footnote 1. 25% vesting on the anniversary of the vesting determination date and 1/48th per month thereafter; being fully vested on the fourth anniversary of the vesting determination date.
Matt was awarded 604,267 options, which appear to have been previously planned, and his filing shows an additional 1,345,300 options that are likely compensatory to his new CEO job. All the options awarded on 2/18/2016 have a strike price of $0.92 and must vest before they can be exercised.
Rose, the new Principal Accounting Officer (who is now shouldering much of Pfeffer's CFO duties), also was awarded stock and stock options. Now that she's been made an Officer, the company also filed her previous history.
Type/ Issue Date / Date Excercisable / Expiration Date / Title / Number of Shares (footnote) / Exercise Price / Ownership Direct or Indirect
Employee Stock Option (right to buy) 07/02/2012 07/02/2018 Common Stock 9,000(5) 2.86 D
Employee Stock Option (right to buy) 08/19/2013 08/19/2019 Common Stock 4,500(5) 7.48 D
Employee Stock Option (right to buy) 08/19/2014 08/19/2020 Common Stock 12,000(5) 5.93 D
Employee Stock Option (right to buy) 03/03/2015 03/02/2021 Common Stock 6,400(5) 3.8 D
Employee Stock Option (right to buy) 06/02/2015 06/02/2021 Common Stock 10,600(5) 4.03 D
Employee Stock Option (right to buy) 08/18/2015 08/17/2021 Common Stock 20,000(5) 2.41 D
Employee Stock Option (right to buy) 05/17/2016 05/17/2022 Common Stock 70,000(5) 1.69 D
Employee Stock Option (right to buy) 08/16/2013 08/16/2022 Common Stock 21,000(6) 2.32 D
Employee Stock Option (right to buy) 08/23/2014 08/23/2023 Common Stock 34,200(6) 6.85 D
Employee Stock Option (right to buy) 08/22/2014 08/22/2023 Common Stock 13,200(6) 5.89 D
Employee Stock Option (right to buy) 08/21/2015 08/20/2024 Common Stock 11,600(6) 7.09 D
Employee Stock Option (right to buy) 08/27/2016 08/26/2025 Common Stock 19,300(6) 3.91 D
As everybody can plainly see, the strike prices were substantially higher in the past. You'll notice that Rose has Options to Buy that expire on July 2, 2018. If share price is not $2.86 by then, they would become essentially worthless if she could buy them in open market for less.
We can see how these options give MannKind management a certain degree of incentive to drive stock price up into the $teens or higher.
Wonder if the these options have anything to do with the late filing? They might have been in process but needed to be recorded prior to the statements being issued. Curious when the options were granted and by who ? the board? After the recent board meeting? Perhaps they couldn't file the 2015 without having them recorded? |
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Post by mnholdem on Mar 1, 2016 20:15:41 GMT -5
The timing sure seems strange. What has happened that management deserves awards? You'll note that shares were also awarded (at cost of zero) in addition to the options. Has something happened besides the deal with Receptor? Another deal? Milestones we don't know about? I wonder if there must something going on. Otherwise this seems to me (as a shareholder) to be a really poor time for MannKind to be handing out awards for anything.  |
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