Madrigal Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
14 Setembro 2023 - 5:30PM
Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a clinical-stage
biopharmaceutical company pursuing novel therapeutics for
nonalcoholic steatohepatitis (NASH), today announced that it made
an inducement grant to Bill Sibold on September 11, 2023 in
connection with his appointment as Madrigal’s new President and
Chief Executive Officer. The award was granted outside of the
company’s Amended 2015 Stock Plan under the terms of the company's
2023 Inducement Plan (which was approved and adopted by the Board
of Directors on September 8, 2023) and was approved by the
company’s Compensation Committee in accordance with Nasdaq Listing
Rule 5635(c)(4).
In connection with the appointment of Mr. Sibold as CEO, and as
a material inducement to his employment, Madrigal granted Mr.
Sibold, on September 11, 2023, a one-time sign-on equity award of
50,000 time-based restricted stock units, which will vest ratably
over four years, subject to his continued employment as of the
vesting date, and a one-time sign-on award of performance-based
restricted stock units (PSUs) with a target award of 50,000 PSUs
that can be earned on achievement of significant sustained stock
price appreciation hurdles over a five-year period (which can be
earned at 0-300% of target based on actual stock price performance
and which settle on an extended basis via the issuance of common
stock after the vesting of PSUs and following the 4th to 6th
anniversaries of the hiring date, as applicable).
In addition, on September 14, 2023, Madrigal granted equity
awards under the 2023 Inducement Plan to eight other new employees
as a material inducement to their employment, all of which were
approved in accordance with Nasdaq Listing Rule 5635(c)(4). These
employees received, in the aggregate, 12,989 time-based restricted
stock units, which vest ratably over four years, 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 once daily, oral, thyroid hormone receptor (THR)-β
selective agonist designed to target key underlying causes of NASH
in the liver. For more information, visit
www.madrigalpharma.com.
Investor Contact Alex Howarth, Madrigal
Pharmaceuticals, Inc., IR@madrigalpharma.com
Media ContactChristopher Frates, Madrigal
Pharmaceuticals, Inc., media@madrigalpharma.com
Madrigal Pharmaceuticals (NASDAQ:MDGL)
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