CONSHOHOCKEN, PA — Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL) announced it has extended equity awards to seven newly hired employees as part of its 2023 Inducement Plan, a move aimed at attracting top talent by offering them a stake in the company’s future. The awards, granted on April 15, 2024, consist of options to purchase 1,979 shares and 4,078 time-based restricted stock units of Madrigal’s common stock, underscoring the company’s commitment to integrating new employees into its growth journey.
The inducement awards, approved under Nasdaq Listing Rule 5635(c)(4), are designed to be a key factor in the employees’ decision to join Madrigal Pharmaceuticals. Each option comes with an exercise price of $231.37 per share. The options will vest over a four-year period, with 25% vesting on the first anniversary of the grant date and an additional 6.25% vesting quarterly thereafter. Similarly, the restricted stock units will vest in 25% increments annually over four years, aligning employees’ interests with the company’s long-term success.
This strategic approach to employee compensation reflects Madrigal Pharmaceuticals’ investment in human capital as a fundamental component of its growth strategy. By offering equity awards, the company not only incentivizes performance but also fosters a culture of ownership among its team members. The vesting of these awards is contingent upon each employee’s continued service, ensuring their contributions to the company’s ongoing success.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.