Agios Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) to Newly Appointed Chief Financial Officer

Rhea-AI Summary

Agios Pharmaceuticals has announced inducement equity awards for its new Chief Financial Officer, Cecilia Jones, effective September 26, 2022. The Board of Directors approved grants including a nonstatutory option to purchase 118,390 shares at an exercise price of $27.88, along with restricted stock units for 22,417 shares and performance stock units for 10,760 shares. Vesting is contingent on continued service, with a structured timeline over four years for the options and annually for the restricted stocks. This move aligns with Nasdaq Listing Rule 5635(c)(4).

Positive

• Inducement equity awards valued to attract experienced CFO.
• Structured vesting schedule to incentivize long-term performance.

Negative

• None.

CAMBRIDGE, Mass., Sept. 26, 2022 (GLOBE NEWSWIRE) -- Agios Pharmaceuticals, Inc. (Nasdaq: AGIO), a leader in the field of cellular metabolism pioneering therapies for rare and genetically defined diseases, today announced the grant of inducement equity awards outside of the Company’s 2013 Stock Incentive Plan to its newly appointed Chief Financial Officer, Cecilia Jones. The grants were approved by the Board of Directors effective as of September 26, 2022 as inducements material to Ms. Jones entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement grants consisted of (i) a nonstatutory option to purchase up to 118,390 shares of common stock, (ii) restricted stock units for 22,417 shares of common stock and (iii) performance stock units for 10,760 shares of common stock. The option has an exercise price of $27.88 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on September 26, 2022. The option has a ten-year term and vests over four years, with 25% of the original number of shares vesting on the first anniversary of Ms. Jones’ start date and 2.0833% of the shares underlying the options vesting monthly thereafter, subject to her continued service with the Company through the applicable vesting dates. Each restricted stock unit will entitle Ms. Jones to receive one share of the Company’s common stock for each restricted stock unit that vests. The restricted stock units will vest in equal annual installments on each anniversary of Ms. Jones’ start date, until the third anniversary of such date, subject to her continued service with the Company through the applicable vesting dates. Each performance stock unit represents a contingent right to receive one share of the Company’s common stock upon the achievement of specified performance milestones.

About Agios
Agios is a biopharmaceutical company that is fueled by connections. The Agios team cultivates strong bonds with patient communities, healthcare professionals, partners and colleagues to discover, develop and deliver therapies for rare and genetically defined diseases. In the U.S., Agios markets a first-in-class pyruvate kinase (PK) activator for adults with PK deficiency, the first disease-modifying therapy for this rare, lifelong, debilitating hemolytic anemia. Building on the company's leadership in the field of cellular metabolism, Agios is advancing a robust clinical pipeline of investigational medicines with active and planned programs in alpha- and beta-thalassemia, sickle cell disease, pediatric PK deficiency and MDS-associated anemia. In addition to its clinical pipeline, Agios has multiple investigational therapies in preclinical development and an industry-leading research team with unmatched expertise in cellular metabolism and genetics. For more information, please visit the company’s website at www.agios.com.

Contact

Investors:
Holly Manning, 617-844-6630
Senior Director, Investor Relations
Holly.Manning@agios.com

Media:
Jessica Rennekamp, 857-209-3286
Senior Director, Corporate Communications
Jessica.Rennekamp@agios.com

FAQ

What equity awards were granted to Agios CFO Cecilia Jones?

Cecilia Jones received a nonstatutory option for 118,390 shares, restricted stock units for 22,417 shares, and performance stock units for 10,760 shares.

What is the exercise price for the stock options granted to Cecilia Jones?

The exercise price for the stock options is $27.88 per share.

When did Agios announce the inducement equity awards for Cecilia Jones?

Agios announced the inducement equity awards on September 26, 2022.

How are the equity awards for Agios CFO structured?

The options vest over four years, with 25% vesting on the first anniversary and 2.0833% monthly thereafter, while restricted stock units vest annually for three years.

Is the inducement award for Cecilia Jones a standard practice for Agios?

Yes, the awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4) as inducements for her employment.