James R. Sulat - Jun 16, 2023 Form 4 Insider Report for Mallinckrodt plc (MNKTQ)

Role
Director
Signature
/s/ Mark Tyndall, Attorney-in-Fact
Stock symbol
MNKTQ
Transactions as of
Jun 16, 2023
Transactions value $
-$4,037
Form type
4
Date filed
6/29/2023, 06:50 PM
Previous filing
Mar 16, 2023
Next filing
Nov 16, 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MNKTQ Ordinary Shares Tax liability -$4.04K -3.15K -3.82% $1.28* 79.4K Jun 16, 2023 Direct
transaction MNKTQ Ordinary Shares Disposed to Issuer -26.3K -33.09% 53.1K Jun 16, 2023 Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The restricted stock units (the "RSUs") granted to the reporting person on January 3, 2023 were canceled by mutual agreement of the reporting person and Mallinckrodt plc ("Mallinckrodt") in connection with the Board of Directors (the "Board") of Mallinckrodt's approval of changes to the compensation of non-employee members of the Board (such changes, the "Compensation Changes"). In connection with the Compensation Changes, and in consideration of the cancelation of the RSUs, the reporting person will receive (i) in the event of a bankruptcy filing, additional cash compensation for 2023 of $210,000 or (ii) in the absence of a bankruptcy filing, additional cash compensation for 2023 of $245,000. In either event, the amounts are to be prepaid pro rata on a quarterly basis and paid in arrears for the prior quarters of fiscal year 2023.

Remarks:

This Form 4 constitutes a notice to the Issuer for purposes of Part V of the Companies Act 2014