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

Rhea-AI Summary

On July 8, 2022, Insmed Incorporated (Nasdaq: INSM) announced inducement awards to 18 employees, a move approved by the Compensation Committee under NASDAQ Listing Rule 5635(c)(4). These new hires received options to purchase 146,070 shares of common stock at $20.89 each, the closing price on July 1, 2022. The options have a 10-year term with a four-year vesting schedule, promoting employee retention. Insmed, based in Bridgewater, New Jersey, focuses on therapies for serious and rare diseases and has a growing pipeline of investigational treatments.

Positive

• Inducement awards to 18 new employees reflect company growth and investment in talent.
• Options granted total 146,070 shares at a favorable exercise price of $20.89.
• Encourages long-term employee retention with a structured four-year vesting schedule.

Negative

• None.

BRIDGEWATER, N.J., July 8, 2022 /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 18 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 July 1, 2022 to purchase an aggregate 146,070 shares of Insmed common stock at an exercise price of $20.89 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 is the purpose of the inducement awards announced by Insmed on July 8, 2022?

The inducement awards are aimed at attracting and retaining new employees as part of Insmed's growth strategy.

How many shares of common stock were issued as options to new employees of Insmed?

A total of 146,070 shares of common stock were issued as options to the new employees.

What was the exercise price for the stock options granted by Insmed?

The exercise price for the stock options granted was $20.89 per share.

How long is the term for the stock options granted to new employees at Insmed?

The stock options have a 10-year term.