Insmed Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Insmed announced on November 6, 2020, that it granted inducement awards to 10 new employees as per NASDAQ Listing Rule 5635(c)(4). The awards included options to purchase a total of 50,660 shares of common stock at an exercise price of $31.45 per share, the closing price on November 2, 2020. These options have a ten-year term and a four-year vesting schedule, with partial vesting occurring annually and semi-annually.

Positive

• Inducement awards granted to 10 new employees, suggesting company growth and investment in talent.
• Options were priced at the market closing price, aligning employee incentives with shareholder value.

Negative

• None.

BRIDGEWATER, N.J., Nov. 6, 2020 /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM), a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases, today announced the granting of inducement awards to 10 new employees. In accordance with NASDAQ Listing Rule 5635(c)(4), the awards were approved by Insmed's Compensation Committee and made as a material inducement to each employee's entry into employment with the Company.

In connection with the commencement of their employment, the employees received options on November 2, 2020 to purchase an aggregate 50,660 shares of Insmed common stock at an exercise price of $31.45 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant.

The options have a ten-year term and a four-year vesting schedule, with 25% of the shares subject to the option vesting on the first anniversary of the relevant grant date and 12.5% of the shares subject to the option vesting every six months thereafter through the fourth anniversary of the relevant grant date, subject to the relevant employee's continued service with Insmed on the applicable vesting date.

About Insmed

Insmed Incorporated is a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases. Insmed's first commercial product is a first-in-disease therapy approved in the United States and the European Union to treat a chronic, debilitating lung disease. The Company is also progressing a robust pipeline of investigational therapies targeting areas of serious unmet need, including neutrophil-mediated inflammatory diseases and rare pulmonary disorders. Insmed is headquartered in Bridgewater, New Jersey, with a growing footprint across Europe and in Japan. For more information, visit www.insmed.com.

Contact:

Investors:

Argot Partners
Laura Perry or Heather Savelle
(212) 600-1902
insmed@argotpartners.com 

Media:

Mandy Fahey
Senior Director, Corporate Communications
Insmed
(732) 718-3621
amanda.fahey@insmed.com

 

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SOURCE Insmed Incorporated

FAQ

What has Insmed announced on November 6, 2020?

Insmed announced inducement awards to 10 new employees, providing options to purchase 50,660 shares at $31.45 per share.

What is the exercise price for the options granted by Insmed?

The exercise price for the options is $31.45 per share.

What is the vesting schedule for the options granted by Insmed?

The options have a four-year vesting schedule with 25% vesting after the first year and 12.5% every six months thereafter.