Blueprint Medicines Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Blueprint Medicines Corporation (NASDAQ: BPMC) announced the granting of stock options and restricted stock units (RSUs) to thirteen new employees under its 2020 Inducement Plan, effective December 1, 2021. The grants included 39,862 stock options with an exercise price of $96.03 per share and 19,930 RSUs. These awards are to incentivize new hires as outlined by NASDAQ Listing Rule 5635(c)(4). The options will vest over four years, while the RSUs will vest over four years as well, contingent upon continued employment.

Positive

• Inducement grants attract talent, enhancing workforce capabilities.
• Incentives tied to employment may boost employee retention.

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• None.

CAMBRIDGE, Mass., Dec. 7, 2021 /PRNewswire/ -- Blueprint Medicines Corporation (NASDAQ: BPMC), a precision therapy company focused on genomically defined cancers, rare diseases and cancer immunotherapy, today announced that, effective on December 1, 2021, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 39,862 shares of its common stock and an aggregate of 19,930 restricted stock units (RSUs) to thirteen new employees under Blueprint Medicines' 2020 Inducement Plan.

The 2020 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Blueprint Medicines, as an inducement material to such individual's entering into employment with Blueprint Medicines, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.

The options have an exercise price of $96.03 per share, which is equal to the closing price of Blueprint Medicines' common stock on December 1, 2021. Each option will vest as to 25% of the shares underlying such option on the first anniversary of the grant date and as to an additional 1/48th of the shares underlying the option monthly thereafter, in each case, subject to each such employee's continued employment on each vesting date. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to each such employee's continued employment on each vesting date. The options and RSUs are subject to the terms and conditions of Blueprint Medicines' 2020 Inducement Plan, and the terms and conditions of the stock option and RSU agreement covering the grant.

About Blueprint Medicines

Blueprint Medicines is a global precision therapy company that invents life-changing therapies for people with cancer and hematologic disorders. Applying an approach that is both precise and agile, we create medicines that selectively target genetic drivers, with the goal of staying one step ahead across stages of disease. Since 2011, we have leveraged our research platform, including expertise in molecular targeting and world-class drug design capabilities, to rapidly and reproducibly translate science into a broad pipeline of precision therapies. Today, we are delivering approved medicines directly to patients in the United States and Europe, and we are globally advancing multiple programs for genomically defined cancers, systemic mastocytosis, and cancer immunotherapy. For more information, visit www.BlueprintMedicines.com and follow us on Twitter (@BlueprintMeds) and LinkedIn.

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SOURCE Blueprint Medicines Corporation

FAQ

What stock options did Blueprint Medicines grant?

Blueprint Medicines granted 39,862 stock options at an exercise price of $96.03 per share.

How many RSUs were granted by Blueprint Medicines?

Blueprint Medicines granted 19,930 restricted stock units (RSUs) to thirteen new employees.

What is the purpose of the 2020 Inducement Plan?

The 2020 Inducement Plan is designed to grant equity awards to new employees as a hiring incentive.

When do the stock options and RSUs vest?

The options and RSUs vest over four years, contingent on continued employment.

What is the significance of NASDAQ Listing Rule 5635(c)(4)?

NASDAQ Listing Rule 5635(c)(4) permits companies to grant inducement awards to new employees.