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

Rhea-AI Summary

Insmed Incorporated (Nasdaq: INSM) announced the granting of inducement awards to eight new employees, as per NASDAQ Listing Rule 5635(c)(4). Approved by the Compensation Committee, the awards included options for 247,850 shares at an exercise price of $35.44 per share. The options have a ten-year term with a four-year vesting schedule. Notably, two employees received additional performance-based options tied to regulatory milestones. Insmed aims to support its mission to transform lives of patients with rare diseases and has a pipeline of investigational therapies.

Positive

• Inducement awards granted to eight new employees reflect growth and expansion potential.
• Options for 247,850 shares indicate investment in employee retention and future performance.

Negative

• None.

BRIDGEWATER, N.J., April 7, 2021 /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 eight 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 April 1, 2021 to purchase an aggregate 247,850 shares of Insmed common stock at an exercise price of $35.44 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant.

Time-based options to purchase an aggregate of 18,290 shares of Insmed common stock were granted to six of the eight new employees. These 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.

Two new employees, Chris Bailey-Kellogg and Karl E. Griswold, each received options to purchase 57,390 shares of Insmed common stock that are subject to time-based vesting on the terms described above, as well as options to purchase 57,390 shares of Insmed common stock that are subject to performance-based vesting. The performance-based options will vest in two equal tranches upon the achievement of certain regulatory milestones.

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 Europe 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:

Eleanor Barisser
Associate Director, Investor Relations
Insmed
(718) 594-5332
eleanor.barisser@insmed.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 inducement awards did Insmed grant on April 1, 2021?

On April 1, 2021, Insmed granted inducement awards totaling 247,850 shares to eight new employees, with an exercise price of $35.44.

How do the vesting terms for Insmed's employee stock options work?

The stock options granted have a ten-year term and a four-year vesting schedule, with 25% vesting on the first anniversary and 12.5% every six months thereafter.

What are the performance-based options given to certain Insmed employees?

Two employees received performance-based options that will vest in two tranches upon achieving specific regulatory milestones.

How does Insmed's inducement award impact its growth strategy?

These inducement awards demonstrate Insmed's commitment to attracting talent, essential for advancing its pipeline of therapies for rare diseases.