CONSHOHOCKEN, PA — Madrigal Pharmaceuticals, Inc. has granted equity awards to seven new employees as part of the company’s 2023 Inducement Plan. The grants, dated February 1, 2024, were approved in accordance with Nasdaq Listing Rule 5635(c)(4).
As an inducement for accepting employment with the company, the new employees collectively received options to purchase 24,538 shares of Madrigal’s common stock. They also received 17,418 time-based restricted stock units and 8,025 market-based performance stock units (MSUs).
All options granted have an exercise price of $222.23 per share, with a vesting schedule set over several years. Specifically, 25% of the option shares will vest on the first anniversary of the grant date, with 6.25% of the option shares vesting on each quarterly anniversary thereafter.
The time-based restricted stock units follow a similar vesting schedule, with 25% incrementally vesting on each anniversary of the grant date over a four-year period.
The MSUs present a unique incentive. These will vest upon certification of Madrigal’s stock price performance, measured against other biotechnology stock index companies, for the entire performance period ending December 31, 2026.
The vesting of all these awards is contingent on each employee’s continued employment as of the vesting date.
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