Madrigal Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Madrigal Pharmaceuticals, Inc. (MDGL) granted equity awards to its new Chief Commercial Officer and twelve other new employees under the 2023 Inducement Plan, in accordance with Nasdaq Listing Rule 5635(c)(4). Carole Huntsman received options to purchase 10,077 shares of Madrigal’s common stock and 7,834 time-based restricted stock units. The other new employees received options to purchase 5,441 shares of Madrigal’s common stock and 11,397 time-based restricted stock units. All options have an exercise price of $190.05 per share and vest over time, subject to continued employment.

CONSHOHOCKEN, Pa., Nov. 27, 2023 (GLOBE NEWSWIRE) -- Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a clinical-stage biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis (NASH), today announced that the company granted equity awards to (i) Carole Huntsman, the Company’s new Chief Commercial Officer and Senior Vice President and (ii) twelve other new employees, in each case with a grant date of November 20, 2023, as equity inducement awards under the terms of the company's 2023 Inducement Plan. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The equity awards were granted as inducement material to Ms. Huntsman’s and the other employees’ acceptance of employment with the company. Ms. Huntsman received options to purchase 10,077 shares of Madrigal’s common stock, and 7,834 time-based restricted stock units. The other new employees received, in the aggregate, options to purchase 5,441 shares of Madrigal’s common stock and 11,397 time-based restricted stock units. All such options have an exercise price of $190.05 per share, and vest as follows (i) 25% of the option shares will vest on the first anniversary of the date of grant and (ii) 6.25% of the option shares shall vest on each quarterly anniversary following the first anniversary of the date of grant. All such restricted stock units vest in a 25% increment on each of the first through fourth anniversaries of the grant date. The vesting of all awards described above shall be subject to each such employee’s continued employment as of the vesting date.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) is a clinical-stage biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis (NASH), a liver disease with high unmet medical need. Madrigal’s lead candidate, resmetirom, is a liver-directed THR-β agonist oral therapy that is designed to target key underlying causes of NASH. For more information, visit www.madrigalpharma.com.

Investor Contact
Alex Howarth, Madrigal Pharmaceuticals, Inc., IR@madrigalpharma.com

Media Contact
Christopher Frates, Madrigal Pharmaceuticals, Inc., media@madrigalpharma.com

FAQ

What is the 2023 Inducement Plan of Madrigal Pharmaceuticals, Inc. (MDGL)?

The 2023 Inducement Plan is a program through which the company grants equity awards to new employees as inducement material to their acceptance of employment.

Who received the equity awards from Madrigal Pharmaceuticals, Inc. (MDGL)?

Carole Huntsman, the new Chief Commercial Officer, and twelve other new employees received equity awards.

What are the details of the equity awards granted by Madrigal Pharmaceuticals, Inc. (MDGL)?

Carole Huntsman received options to purchase 10,077 shares of Madrigal’s common stock and 7,834 time-based restricted stock units. The other new employees received options to purchase 5,441 shares of Madrigal’s common stock and 11,397 time-based restricted stock units.

How do the options granted by Madrigal Pharmaceuticals, Inc. (MDGL) vest?

25% of the option shares will vest on the first anniversary of the date of grant, and 6.25% of the option shares shall vest on each quarterly anniversary following the first anniversary of the date of grant.

What is the exercise price of the options granted by Madrigal Pharmaceuticals, Inc. (MDGL)?

The options have an exercise price of $190.05 per share.

What is the condition for vesting of the equity awards granted by Madrigal Pharmaceuticals, Inc. (MDGL)?

The vesting of all awards is subject to each employee’s continued employment as of the vesting date.