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

Rhea-AI Summary

Insmed Incorporated (Nasdaq:INSM), a biopharmaceutical company, announced on February 3, 2023, the granting of inducement awards to 18 new employees under NASDAQ Listing Rule 5635(c)(4). The awards consist of options to purchase a total of 240,010 shares at an exercise price of $21.62 per share, which reflects the closing price on the grant date. These options have a 10-year term and a four-year vesting schedule. Insmed's mission focuses on transforming the lives of patients suffering from serious and rare diseases, supported by a robust pipeline of investigational therapies.

Positive

• Granting of inducement awards to 18 new employees may enhance talent acquisition and retention.
• Options to purchase 240,010 shares can align employee interests with shareholder value.

Negative

• None.

BRIDGEWATER, N.J., Feb. 3, 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 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 February 1, 2023 to purchase an aggregate 240,010 shares of Insmed common stock at an exercise price of $21.62 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 significance of the inducement awards granted by Insmed on February 3, 2023?

The inducement awards were granted to attract and retain 18 new employees, supporting the company's growth and talent acquisition strategies.

How many shares were granted in the inducement awards by Insmed?

Insmed granted options to purchase an aggregate of 240,010 shares.

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

The exercise price for the options is $21.62 per share.

What is the vesting schedule for the inducement awards at Insmed?

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