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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/insmed-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-301263181.html
SOURCE Insmed Incorporated