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

Rhea-AI Summary

Prothena Corporation (NASDAQ:PRTA) announced the grant of options to purchase 90,000 ordinary shares to two new employees. The options have an exercise price of $11.00, reflecting the closing price as of December 1, 2020. These options will vest over four years, with 25% vesting after one year and the remaining shares vesting monthly thereafter. This incentive aims to encourage new talent to join Prothena, a company specializing in therapeutics for neurodegenerative diseases and amyloid-related conditions.

Positive

• The grant of 90,000 options signals Prothena's commitment to attract key talent.
• Options are aligned with the market price, indicating competitive compensation.

Negative

• None.

DUBLIN, Ireland, Dec. 04, 2020 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical company with expertise in protein dysregulation and a diverse pipeline of investigational therapeutics for neurodegenerative and rare peripheral amyloid diseases, 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 90,000 ordinary shares of the Company. The options have an exercise price per share equal to $11.00, which was the closing trading price on December 1, 2020, 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 expertise in protein dysregulation and a diverse pipeline of novel investigational therapeutics with the potential to change the course of devastating neurodegenerative and rare peripheral amyloid 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 partnered programs include prasinezumab (PRX002/RG7935), in collaboration with Roche for the potential treatment of Parkinson’s disease and other related synucleinopathies, and programs that target tau (PRX005), TDP-43 and an undisclosed target in collaboration with Bristol-Myers Squibb for the potential treatment of Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), frontotemporal dementia (FTD) or other neurodegenerative diseases. Prothena’s wholly-owned programs include PRX004 for the potential treatment of ATTR amyloidosis, and a portfolio of programs for the potential treatment of Alzheimer’s disease including PRX012 that targets Aβ (Amyloid beta). For more information, please visit the Company’s website at www.prothena.com and follow the Company on Twitter @ProthenaCorp.

Contacts:

Media
Ellen Rose, Head of Communications
650-922-2405, ellen.rose@prothena.com

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

FAQ

What new compensation was announced for Prothena employees?

Prothena announced the grant of options to purchase 90,000 ordinary shares as an inducement for two new employees.

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

The options have an exercise price of $11.00 per share.

What is the vesting schedule for the options granted by Prothena?

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

What is the purpose of the options granted by Prothena?

The options are part of the Company’s Employment Inducement Incentive Plan to attract new employees.