UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 16, 2006
MannKind Corporation
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction of
incorporation or organization)
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000-50865
(Commission File Number)
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13-3607736
(IRS Employer
Identification No.) |
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28903 North Avenue Paine
Valencia, California
(Address of principal executive offices)
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91355
(Zip Code) |
Registrant’s telephone number, including area code: (661) 775-5300
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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1.
Item 1.01 Entry into a Material Definitive Agreement.
On February 16, 2006, the Board of Directors of MannKind Corporation approved 2006 annual salaries
for our executive officers, including the following: Alfred E. Mann, MannKind’s Chairman and Chief
Executive Officer, $410,000; Hakan S. Edstrom, MannKind’s President and Chief Operating Officer,
$410,000; Dan R. Burns, MannKind’s President of Commercial Operations and Business Development,
$315,675; and Richard L. Anderson, MannKind’s Corporate Vice President and Chief Financial Officer,
$312,300.
On February 16, 2006, the Board of Directors also approved a Non-Employee Director Compensation
Program, which provides for an annual retainer of $25,000 to each of the non-employee directors for
service on the Board of Directors. Each non-employee director who serves as a committee chairman
receives an additional retainer of $3,000 per year for his or her service as committee chairman and
committee members receive an additional retainer of $2,000 per year; provided, however, the Audit
Committee chairman’s additional retainer is $8,000 per year and
each Audit Committee members’
additional retainer is $4,000 per year. Each non-employee director also receives $2,000 for each
meeting of the Board of Directors attended, and $750 for attending each meeting of any committee of
the Board of Directors on which he or she serves. In addition, the Board of Directors approved a
change to MannKind’s Non-Employee Director Stock Option Plan to require that annual option grants
to non-employee directors vest monthly over a period of three years instead of immediately upon
date of grant.
2.