CONSHOHOCKEN, PA — Madrigal Pharmaceuticals Inc. (Nasdaq: MDGL) said it granted equity inducement awards to 20 newly hired non-executive employees on March 1 under the company’s 2025 Inducement Plan.
The awards were approved by the company’s independent compensation committee in accordance with Nasdaq Listing Rule 5635(c)(4), Madrigal said in an announcement released March 5.
According to the company, the equity grants were issued as inducements for employees to join the company.
The awards include options to purchase a total of 789 shares of Madrigal common stock and 6,882 time-based restricted stock units.
The stock options carry an exercise price of $432.00 per share, equal to the company’s closing stock price on the grant date.
Under the vesting schedule, 25% of the option shares will vest on the first anniversary of the grant date, with an additional 6.25% vesting on each quarterly anniversary thereafter.
The restricted stock units will vest in four equal installments on each of the first four anniversaries of the grant date, according to the company.
Vesting of the awards is contingent on the employees remaining with the company through the applicable vesting dates.
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