Form 4: MindMed CEO Sells Shares to Cover Tax Obligations Under Pre-Planned Arrangement

Mind Medicine (MindMed) Inc. CEO Robert Barrow sold 26,491 common shares on June 25, 2025, at a weighted average price of $6.80 per share, primarily to cover tax obligations related to vested restricted stock units.

Summary

• Robert Barrow, the Chief Executive Officer and a Director of Mind Medicine (MindMed) Inc. (MNMD), executed a sale of common shares.
• On June 25, 2025, a total of 26,491 common shares were sold.
• The shares were sold at a weighted average price of $6.80 per share, with individual transaction prices ranging from $6.67 to $7.03.
• The purpose of the sale was to satisfy withholding tax obligations in connection with the settlement of vested restricted stock units.
• This transaction was conducted pursuant to sell-to-cover elections under a Rule 10b5-1 plan, which was adopted on June 15, 2022.
• Following this transaction, Robert Barrow beneficially owns 830,065 common shares.

Sentiment

Score: 5

Explanation: The transaction is a routine sell-to-cover for tax purposes, not indicative of a change in sentiment towards the company's prospects or a discretionary sale.

Future Outlook

The document, an SEC Form 4, reports a completed insider transaction and does not provide any forward-looking statements or guidance regarding the company's future performance or strategic outlook.

Management Comments

• The sale of shares was executed to satisfy withholding tax obligations in connection with the settlement of vested restricted stock units, pursuant to sell-to-cover elections under a Rule 10b5-1 plan adopted on June 15, 2022.

Industry Context

This transaction is a routine insider share sale, specifically a 'sell-to-cover' for tax purposes, which is a common occurrence across all industries for executives receiving equity-based compensation. It does not reflect specific industry trends or competitive dynamics within the biopharmaceutical or psychedelic medicine sector.

Comparison to Industry Standards

• Sell-to-cover transactions are standard practice for executives across various industries who receive equity compensation, such as restricted stock units (RSUs), to manage tax liabilities upon vesting.
• The use of a Rule 10b5-1 plan, adopted well in advance of the transaction (June 15, 2022), aligns with best practices for insider trading compliance, demonstrating a pre-planned and non-discretionary sale.

Stakeholder Impact

• Shareholders: The sale represents a minor dilution of outstanding shares and is a routine event, unlikely to have a significant impact on share price or ownership structure.

Key Dates

Recommendation

Keywords

Mind Medicine, MindMed, MNMD, Robert Barrow, CEO, Director, SEC Form 4, insider transaction, share sale, stock transaction, Rule 10b5-1, restricted stock units, RSU, tax obligations