Insmed (INSM) director Carol Schafer awarded 3,305 RSUs in equity grant

Rhea-AI Filing Summary

SCHAFER CAROL reported acquisition or exercise transactions in this Form 4 filing.

INSMED Inc director Carol Schafer received an equity award of 3,305 Restricted Stock Units (RSUs) on May 13, 2026. Each RSU represents a contingent right to receive one share of common stock, granted for no cash consideration as part of director compensation.

The RSUs vest in full on the first anniversary of the grant date if she remains on the Board through the earlier of that date or the company’s annual shareholder meeting in that year, and attends at least 75% of Board meetings during the period. After this grant, she holds 66,622 shares of common stock directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SCHAFER CAROL

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	3,305	$0.00	--

Holdings After Transaction: Common Stock — 66,622 shares (Direct, null)

Footnotes (1)

1. Represents Restricted Stock Units (RSUs), each representing a contingent right to receive one share of Common Stock. The RSUs vest in full on the first anniversary of the grant date (the Vesting Date), provided that the director (a) remains a member of the Board of Directors of the issuer until the earlier of (i) such Vesting Date and (ii) the Company's Annual Shareholder Meeting in the year of such Vesting Date, and (b) attends at least 75% of the meetings of the Board of Directors which take place between the grant date and the first anniversary of the grant date. Each RSU was granted on May 13, 2026, for no consideration.

Key Figures

RSU grant size: 3,305 RSUs Shares held after transaction: 66,622 shares Grant price per share: $0.0000 per share

3 metrics

RSU grant size 3,305 RSUs Director equity award granted May 13, 2026

Shares held after transaction 66,622 shares Direct common stock holdings following RSU grant

Grant price per share $0.0000 per share RSUs granted for no cash consideration

Key Terms

Restricted Stock Units (RSUs), Vesting Date, Annual Shareholder Meeting, Board of Directors

4 terms

Restricted Stock Units (RSUs) financial

"Represents Restricted Stock Units (RSUs), each representing a contingent right to receive one share of Common Stock."

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

Vesting Date financial

"The RSUs vest in full on the first anniversary of the grant date (the Vesting Date),"

Annual Shareholder Meeting financial

"until the earlier of (i) such Vesting Date and (ii) the Company's Annual Shareholder Meeting in the year of such Vesting Date,"

A yearly gathering where a company’s owners (shareholders) and its leaders meet to review performance, approve key decisions like electing directors, and vote on issues such as executive pay or major policy changes. Think of it as an annual town hall for people who own part of the business: investors use it to ask questions, influence direction through votes, and gauge management’s plans and transparency, all of which can affect the stock’s outlook.

Board of Directors financial

"provided that the director (a) remains a member of the Board of Directors of the issuer"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SCHAFER CAROL

(Last) (First) (Middle)

700 US HIGHWAY 202/206

(Street)

BRIDGEWATER NEW JERSEY 08807

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
INSMED Inc [ INSM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/13/2026		A		3,305(1)	A	(2)	66,622	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents Restricted Stock Units (RSUs), each representing a contingent right to receive one share of Common Stock. The RSUs vest in full on the first anniversary of the grant date (the Vesting Date), provided that the director (a) remains a member of the Board of Directors of the issuer until the earlier of (i) such Vesting Date and (ii) the Company's Annual Shareholder Meeting in the year of such Vesting Date, and (b) attends at least 75% of the meetings of the Board of Directors which take place between the grant date and the first anniversary of the grant date.

2. Each RSU was granted on May 13, 2026, for no consideration.

Remarks:

Exhibit List - Exhibit 24 - Power of Attorney

	/s/ Carol Schafer, by Michael A. Smith as Attorney-in-fact	05/15/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did INSMED (INSM) report for director Carol Schafer?

INSMED reported that director Carol Schafer received 3,305 Restricted Stock Units as a stock-based compensation grant. These RSUs were awarded for no cash consideration and each unit represents a contingent right to receive one share of INSMED common stock upon vesting.

When do Carol Schafer’s INSMED (INSM) RSUs vest and what are the conditions?

The RSUs vest in full on the first anniversary of the May 13, 2026 grant date. Vesting requires Schafer to remain on the Board through that time and attend at least 75% of Board meetings held between the grant date and the first anniversary.

How many INSMED (INSM) shares does Carol Schafer hold after this Form 4 transaction?

Following the RSU grant, Carol Schafer is reported as directly holding 66,622 shares of INSMED common stock. This figure reflects her position after the 3,305-unit equity award recorded in the Form 4 insider filing dated May 13, 2026.

Did Carol Schafer buy or sell INSMED (INSM) shares in this Form 4 filing?

The filing shows an acquisition through a stock award, not a market trade. Schafer received 3,305 Restricted Stock Units as a director compensation grant, for no cash consideration, rather than buying or selling shares on the open market.

What are Restricted Stock Units (RSUs) in the context of INSMED (INSM) director pay?

For INSMED, each RSU granted to the director represents a contingent right to receive one share of common stock. These units vest after specific service and attendance conditions are met, aligning director compensation with shareholder interests over time.