UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Adoption of 2023 Inducement Plan
On September 8, 2023, the Board of Directors (the “Board”) of Madrigal Pharmaceuticals, Inc. (the “Company”) adopted the Company’s 2023 Inducement Plan (the “Inducement Plan”), pursuant to which the Company may from time to time make equity grants to new employees as a material inducement to their employment. The Inducement Plan was adopted without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4) and will be administered by the Compensation Committee of the Board. The Inducement Plan was approved in light of projected substantial increases in new hires and headcount that is planned as the Company begins preparations for a commercial launch.
The Board reserved 500,000 shares of the Company’s common stock for issuance under the Inducement Plan. The only persons eligible to receive grants of Inducement Awards (as defined below) under the Inducement Plan are individuals who satisfy the standards for inducement grants under Nasdaq Listing Rule 5635(c)(4). Inducement Awards may only be granted by: (i) the Compensation Committee or (ii) a majority of the Company’s “independent directors.” An “Inducement Award” means any right to receive the Company’s common stock, cash or other property granted under the Inducement Plan (including nonqualified stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards, performance cash awards or other stock-based awards).
The foregoing description of the Inducement Plan does not purport to be a complete description and is qualified in its entirety by reference to the full text of the Inducement Plan, which was filed as Exhibit 99.1 to the Company’s Registration Statement on Form S-8 filed with the SEC on September 11, 2023 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | 2023 Inducement Plan (incorporated herein by reference to Exhibit 99.1 to the registrant’s Registration Statement on Form S-8 filed with the SEC on September 11, 2023) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL file) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Madrigal Pharmaceuticals, Inc. | ||||||
| Date: September 14, 2023 | By: | /s/ Brian J. Lynch | ||||
| Name: | Brian J. Lynch | |||||
| Title: | Senior Vice President and General Counsel | |||||
Document and Entity Information |
Sep. 08, 2023 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001157601 |
| Document Type | 8-K |
| Document Period End Date | Sep. 08, 2023 |
| Entity Registrant Name | MADRIGAL PHARMACEUTICALS, INC. |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 001-33277 |
| Entity Tax Identification Number | 04-3508648 |
| Entity Address, Address Line One | Four Tower Bridge |
| Entity Address, Address Line Two | 200 Barr Harbor Drive |
| Entity Address, Address Line Three | Suite 200 |
| Entity Address, City or Town | West Conshohocken |
| Entity Address, State or Province | PA |
| Entity Address, Postal Zip Code | 19428 |
| City Area Code | (267) |
| Local Phone Number | 824-2827 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Entity Emerging Growth Company | false |
| Security 12b Title | Common Stock, $0.0001 Par Value Per Share |
| Trading Symbol | MDGL |
| Security Exchange Name | NASDAQ |