Madrigal Pharmaceuticals Grants Equity Awards to New Chief Commercial Officer and Twelve Other Employees

Madrigal Pharmaceuticals

CONSHOHOCKEN, PA — Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL), a leading biopharmaceutical company based in Montgomery County, Pennsylvania, recently announced the granting of equity awards to its new Chief Commercial Officer and Senior Vice President, Carole Huntsman, and twelve other newly hired employees. These awards were granted on November 20, 2023, as part of the company’s 2023 Inducement Plan.

The equity incentives were approved according to Nasdaq Listing Rule 5635(c)(4) and serve as inducements for Ms. Huntsman and the other employees to accept employment with Madrigal. This strategic move is expected to motivate and retain high-performing talent, which is crucial for the company’s continued growth and success.

Ms. Huntsman, who brings extensive industry experience to her role at Madrigal, received options to purchase 10,077 shares of Madrigal’s common stock, and 7,834 time-based restricted stock units (RSUs). The twelve other new employees were collectively granted options to buy 5,441 shares of Madrigal’s common stock and 11,397 time-based RSUs.

The options come with an exercise price of $190.05 per share. In terms of vesting, 25% of the option shares will vest on the first anniversary of the grant date, with a further 6.25% vesting on each quarterly anniversary thereafter. The RSUs follow a vesting schedule that sees a 25% increment vested on each of the first four anniversaries of the grant date. Vesting of all awards is contingent upon each employee’s continued employment with Madrigal.

As Madrigal continues to advance its therapeutic programs, the addition of Ms. Huntsman and the twelve other new employees, along with the incentive of the equity awards, is expected to inject new energy into the company’s drive toward achieving its strategic objectives.

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