Atara Biotherapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Atara Biotherapeutics (Nasdaq: ATRA) has granted inducement awards to Cokey Nguyen, the new Senior VP and Chief Scientific Officer. The awards include 115,440 restricted stock units and stock options for 174,249 shares, part of the 2018 Inducement Plan, dated May 10, 2021. The restricted stock units will vest over four years, while stock options will have a ten-year term at an exercise price of $13.24 per share. This move adheres to Nasdaq Listing Rule 5635(c)(4), aimed at attracting key talent for the company's ongoing development in T-cell immunotherapy.

Positive

• Inducement awards may enhance talent retention and align executive incentives with company performance.
• Stock options set at $13.24 per share may motivate the new executive to drive stock performance.

Negative

• None.

Atara Biotherapeutics, Inc. (Nasdaq: ATRA), a pioneer in T-cell immunotherapy, leveraging its novel allogeneic EBV T-cell platform to develop transformative therapies for patients with serious diseases including solid tumors, hematologic cancers and autoimmune disease, today reported the grant of inducement awards to Cokey Nguyen, its Senior Vice President, Chief Scientific Officer.

The compensation committee of Atara’s board of directors granted Dr. Nguyen 115,440 restricted stock units of Atara’s common stock and stock options to purchase 174,249 shares of Atara’s common stock. These awards were granted under the Atara Biotherapeutics, Inc. 2018 Inducement Plan, with a grant date of May 10, 2021, as an inducement material to Dr. Nguyen entering into employment with Atara, in accordance with Nasdaq Listing Rule 5635(c)(4).

The restricted stock units vest over four years, with 25 percent vesting on the first quarterly vesting date after the first anniversary of the grant date and the remainder vesting in 12 approximately equal quarterly installments over the following three years, subject to Dr. Nguyen being continuously employed by Atara as of such vesting dates. The stock options vest over four years, with 25 percent vesting on the first anniversary of the vesting commencement date and the remainder vesting in 36 equal monthly installments over the following three years, subject to Dr. Nguyen being continuously employed by Atara as of such vesting dates. The stock options have a ten-year term and an exercise price of $13.24 per share, equal to the per share closing price of Atara’s common stock as reported by Nasdaq on May 10, 2021.

Atara is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Atara Biotherapeutics, Inc.

Atara Biotherapeutics, Inc. (@Atarabio) is a pioneer in T-cell immunotherapy leveraging its novel allogeneic EBV T-cell platform to develop transformative therapies for patients with serious diseases including solid tumors, hematologic cancers and autoimmune disease. With our lead program in Phase 3 clinical development, Atara is the most advanced allogeneic T-cell immunotherapy company and intends to rapidly deliver off-the-shelf treatments to patients with high unmet medical need. Our platform leverages the unique biology of EBV T cells and has the capability to treat a wide range of EBV-associated diseases, or other serious diseases through incorporation of engineered CARs (chimeric antigen receptors) or TCRs (T-cell receptors). Atara is applying this one platform to create a robust pipeline including: tab-cel^® (tabelecleucel) in Phase 3 development for Epstein-Barr virus-driven post-transplant lymphoproliferative disease (EBV+ PTLD); ATA188, a T-cell immunotherapy targeting EBV antigens as a potential treatment for multiple sclerosis; and multiple next-generation chimeric antigen receptor T-cell (CAR-T) immunotherapies for both solid tumors and hematologic malignancies. Improving patients’ lives is our mission and we will never stop working to bring transformative therapies to those in need. Atara is headquartered in South San Francisco and our leading-edge research, development and manufacturing facility is based in Thousand Oaks, California. For additional information about the company, please visit atarabio.com and follow us on Twitter and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210514005502/en/

FAQ

What stock awards were granted to Cokey Nguyen at Atara Biotherapeutics?

Cokey Nguyen was granted 115,440 restricted stock units and stock options for 174,249 shares.

What is the vesting schedule for the stock awards given to the Chief Scientific Officer of Atara?

The restricted stock units vest over four years, while stock options vest over four years with specific quarterly and monthly schedules.

What is the significance of the stock options exercise price for Atara Biotherapeutics?

The stock options have an exercise price of $13.24 per share, equal to the closing price on the grant date.

What rule governs the stock awards granted by Atara Biotherapeutics?

The awards are granted in accordance with Nasdaq Listing Rule 5635(c)(4).

How does the inducement award impact Atara Biotherapeutics' stock performance?

Inducement awards may enhance executive commitment, potentially benefiting stock performance through improved company operations.