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

Rhea-AI Summary

On January 20, 2023, Insmed Incorporated (NASDAQ: INSM) announced the granting of inducement awards to 10 new employees as a material inducement for their employment. The awards, approved by the Compensation Committee, comprise options to purchase 107,580 shares at an exercise price of $19.18 per share, which aligns with the Nasdaq closing price on the grant date of January 3, 2023. The options have a 10-year term with a four-year vesting schedule, incentivizing long-term employment. Insmed focuses on therapies for serious diseases and has a pipeline targeting unmet medical needs, enhancing its market position.

Positive

• Awarding of options to 10 new employees could enhance company talent and retention.
• Inducement awards signal company growth and hiring activity, which may positively impact operational capabilities.

Negative

• None.

BRIDGEWATER, N.J., Jan. 20, 2023 /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 January 3, 2023 to purchase an aggregate 107,580 shares of Insmed common stock at an exercise price of $19.18 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant.

The options have a 10-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, Europe, and Japan 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 footprint across Europe and in Japan. For more information, visit www.insmed.com.

Contact:

Investors:

Eleanor Barisser
Associate Director, Investor Relations 
Insmed
(718) 594-5332
eleanor.barisser@insmed.com 

Media:

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

 

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SOURCE Insmed Incorporated

FAQ

What was announced by Insmed on January 20, 2023?

Insmed announced the granting of inducement awards to 10 new employees.

What are the details of the inducement awards given by Insmed?

The awards consist of options to purchase 107,580 shares at an exercise price of $19.18, with a 10-year term and a four-year vesting schedule.

How many shares were granted as inducement awards by Insmed?

A total of 107,580 shares were granted as inducement awards.

What is the exercise price for the options awarded to new employees at Insmed?

The exercise price for the options is $19.18 per share.

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

This rule allows Insmed to grant inducement awards to attract new employees.