CONSHOHOCKEN, PA — Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL) has granted equity awards to its new Senior Vice President and Chief Financial Officer, Mardi C. Dier, and 39 other new employees. The awards were granted under the company’s 2023 Inducement Plan, in accordance with Nasdaq Listing Rule 5635(c)(4).
Madrigal, a clinical-stage biopharmaceutical company focusing on novel therapeutics for nonalcoholic steatohepatitis (NASH), a liver disease with high unmet medical need, announced that these equity inducements were instrumental in securing the acceptance of employment offers by Ms. Dier and the other new hires.
Ms. Dier, who assumed her role on March 11, 2024, received options to purchase 13,353 shares of Madrigal’s common stock, along with 8,875 time-based restricted stock units and 8,875 market-based performance stock units (MSUs). The other new employees collectively received options to purchase 853 shares of Madrigal’s common stock, and an aggregate of 11,796 time-based restricted stock units.
All options granted have an exercise price of $251.63 per share. The vesting schedule is set such that 25% of the option shares will vest on the first anniversary of the date of grant, with a further 6.25% of the option shares vesting on each quarterly anniversary thereafter. The restricted stock units granted will vest in 25% increments on each of the first through fourth anniversaries of the grant date.
The MSUs awarded will vest upon verification of Madrigal’s stock price performance measured against biotechnology stock index companies for the entire performance period ending December 31, 2026. The vesting of all awards is contingent on each employee’s continued employment as of the vesting date.
This strategic move by Madrigal Pharmaceuticals not only incentivizes the new hires to contribute towards the company’s growth but also aligns their interests with those of the company’s shareholders. The decision reflects Madrigal’s commitment to its lead candidate, resmetirom, a liver-directed THR-β agonist oral therapy designed to target key underlying causes of NASH.
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