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

Rhea-AI Summary

Prothena Corporation plc (NASDAQ:PRTA) announced the approval of a stock option grant to a new employee, allowing the purchase of 75,000 ordinary shares at an exercise price of $69.88. This is based on the closing trading price from September 1, 2021. The option will vest over four years, with 25% vesting after one year and the remainder vesting monthly over the following three years. This grant aligns with Prothena's 2020 Employment Inducement Incentive Plan.

Positive

• Approval of stock option grant for new employee enhances company talent acquisition efforts.

Negative

• None.

DUBLIN, Ireland, Sept. 03, 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 a new employee, the compensation committee of the Company’s board of directors granted the individual hired by the Company an option to purchase 75,000 ordinary shares of the Company. The option has an exercise price per share equal to $69.88, which was the closing trading price on September 1, 2021, the date of the grant. The option will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the date of grant and 1/48th of the underlying shares vesting monthly thereafter over 36 months. The option was 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.

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

FAQ

What is the stock option grant announced by Prothena Corporation on September 3, 2021?

Prothena announced a stock option grant for a new employee, allowing the purchase of 75,000 ordinary shares at an exercise price of $69.88.

How will the stock options vest for the new employee at Prothena Corporation?

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

What is the significance of the stock option grant for Prothena Corporation?

The grant aims to attract and retain talent as part of Prothena's employment strategy under its 2020 Employment Inducement Incentive Plan.

What was the closing trading price for Prothena Corporation's stock at the time of the option grant?

The closing trading price was $69.88 on September 1, 2021.

What kind of company is Prothena Corporation?

Prothena Corporation is a late-stage clinical company focusing on developing novel therapeutics for rare peripheral amyloid and neurodegenerative diseases.