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

Rhea-AI Summary

Agios Pharmaceuticals (Nasdaq: AGIO) announced the grant of inducement equity awards to newly appointed Chief Commercial Officer, Tsveta Milanova, effective January 3, 2023. The awards include a nonstatutory stock option for 135,682 shares at an exercise price of $27.53, restricted stock units for 25,426 shares, and performance stock units for 10,897 shares. The option vests over four years, while restricted stock units vest annually for three years. These grants comply with Nasdaq Listing Rule 5635(c)(4), indicating their significance in Milanova's employment.

Positive

• Inducement equity awards demonstrate company commitment to attracting key talent.
• Stock option exercise price matches the market closing price, aligning interests with shareholders.

Negative

• None

CAMBRIDGE, Mass., Jan. 03, 2023 (GLOBE NEWSWIRE) -- Agios Pharmaceuticals, Inc. (Nasdaq: AGIO), a leader in the field of cellular metabolism pioneering therapies for rare diseases, today announced the grant of inducement equity awards outside of the Company’s 2013 Stock Incentive Plan to its newly appointed Chief Commercial Officer, Tsveta Milanova. The grants were approved by the Board of Directors effective as of January 3, 2023 as inducements material to Ms. Milanova 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 135,682 shares of common stock, (ii) restricted stock units for 25,426 shares of common stock and (iii) performance stock units for 10,897 shares of common stock. The option has an exercise price of $27.53 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on January 3, 2023. 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. Milanova’s 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. Milanova 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. Milanova’s 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 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 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 deep scientific expertise in classical hematology. For more information, please visit the company’s website at www.agios.com.

Contact

Investors:
Adam Bero, Ph.D.
Kendall Investor Relations
abero@kendallir.com

Media:
Jessica Rennekamp
Senior Director, Corporate Communications
Jessica.Rennekamp@agios.com

FAQ

What inducement grants were given to Agios Chief Commercial Officer Tsveta Milanova?

Tsveta Milanova received a stock option for 135,682 shares, restricted stock units for 25,426 shares, and performance stock units for 10,897 shares.

When were the equity awards for Tsveta Milanova approved?

The inducement equity awards were approved on January 3, 2023.

What is the exercise price for the stock options granted to Tsveta Milanova?

The exercise price for the stock options is $27.53 per share.

How is the vesting schedule structured for the stock options?

The options vest over four years, with 25% vesting on the first anniversary of the start date and monthly vesting thereafter.

Does the grant of inducement equity awards affect Agios' stock performance?

While the grants aim to attract talent, the actual impact on Agios' stock performance will depend on executive performance and company results.