BRIDGEWATER, N.J., March 5, 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 seven 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 March 1,
2021 to purchase an aggregate 27,770 shares of Insmed common
stock at an exercise price of $37.73
per share, the closing trading price on the Nasdaq Global Select
Market on the date of grant.
The 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.
On February 5, 2021, the Company
reported the granting of options to purchase an aggregate of 65,980
shares of Insmed common stock at an exercise price of $37.44 per share, as inducement awards to 14 new
employees. The aggregate number of shares of common stock
underlying the options granted to the 14 employees and reported on
such date was incorrectly reported and, as such, the number of
shares of common stock underlying such options will be reduced to
60,020. These options will be exercisable at a price of
$37.44 per share.
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.barriser@insmed.com
Media:
Mandy Fahey
Senior Director, Corporate Communications
Insmed
(732) 718-3621
amanda.fahey@insmed.com
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SOURCE Insmed Incorporated