Prothena Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Dublin, Ireland—May 7, 2021—Prothena Corporation plc (NASDAQ:PRTA) announced the hiring of two new employees, accompanied by the grant of options to purchase 155,000 ordinary shares at an exercise price of $27.04, based on the closing price on May 3. The options, part of the 2020 Employment Inducement Incentive Plan, will vest over four years, with a quarter vesting after one year and the rest monthly thereafter. Prothena focuses on developing therapeutics for rare peripheral amyloid and neurodegenerative diseases, leveraging extensive scientific expertise.

Positive

• Prothena is expanding its workforce, indicating growth and development.
• The grant of stock options aligns employee incentives with shareholder interests.

Negative

• None.

DUBLIN, Ireland, May 07, 2021 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical company with a robust pipeline of novel investigational therapeutics built on protein dysregulation expertise, today announced that in connection with hiring two new employees, the compensation committee of the Company’s board of directors granted the individuals hired by the Company, in the aggregate, options to purchase 155,000 ordinary shares of the Company. The options have an exercise price per share equal to $27.04, which was the closing trading price on May 3, 2021, the date of the grants. The inducement awards will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the date of grants and 1/48th of the underlying shares vesting monthly thereafter over 36 months. The options were granted pursuant to the Company’s 2020 Employment Inducement Incentive Plan, which was approved by the Company’s board of directors under Rule 5635(c)(4) of The Nasdaq Global Market for equity grants to induce new employees to enter into employment with the Company.

About Prothena

Prothena Corporation plc is a late-stage clinical company with a robust pipeline of novel investigational therapeutics built on protein dysregulation expertise with the potential to change the course of devastating rare peripheral amyloid and neurodegenerative diseases. Fueled by its deep scientific expertise built over decades of research, Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. Prothena’s pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including AL amyloidosis, ATTR amyloidosis, Alzheimer’s disease, Parkinson’s disease and a number of other neurodegenerative diseases. For more information, please visit the Company’s website at www.prothena.com and follow the Company on Twitter @ProthenaCorp.

Contacts:

Media & Investors
Jennifer Zibuda, Director, Investor Relations & Communications
650-837-8535, jennifer.zibuda@prothena.com

FAQ

What was announced in Prothena's May 2021 press release?

Prothena announced the hiring of two new employees and granted options to purchase 155,000 shares at $27.04.

What is the exercise price of the stock options granted by Prothena?

The exercise price is $27.04, based on the closing price on May 3, 2021.

How long will it take for Prothena's stock options to vest?

The options will vest over four years, with 25% vesting after one year and the remainder vesting monthly over 36 months.

What is Prothena Corporation's focus area?

Prothena focuses on developing therapeutics for rare peripheral amyloid and neurodegenerative diseases.