CONSHOHOCKEN, PA — Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL) has granted equity awards to 30 new hires under its 2023 Inducement Plan, as a key part of the employment package designed to attract talent to the company. This move, effective April 1, 2024, complies with Nasdaq Listing Rule 5635(c)(4), which allows for such inducements to facilitate hiring.
The awards comprise options to purchase 1,813 shares of Madrigal’s common stock at $255.74 each, alongside 12,709 time-based restricted stock units (RSUs). These incentives are structured to vest over time, ensuring that new employees have a stake in the company’s future success. Specifically, 25% of the option shares vest on the one-year anniversary of the grant date, with an additional 6.25% vesting quarterly thereafter. Similarly, RSUs will vest in 25% increments annually over four years, contingent upon continued employment.
This strategic use of equity awards underscores Madrigal Pharmaceuticals’ commitment to investing in its workforce, aligning employee interests with long-term company performance. For industry watchers, this initiative highlights how biotech firms are leveraging compensation strategies to secure and retain top talent amidst a competitive landscape.
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