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

Rhea-AI Summary

Prothena Corporation plc (NASDAQ:PRTA) announced the hiring of two new employees, granting them options to purchase a total of 140,000 ordinary shares at an exercise price of $70.74. This price reflects the closing trading price on October 1, 2021. The options will vest over four years, with 25% vesting after one year and the remaining vesting monthly over the following three years. This grant is part of Prothena's 2020 Employment Inducement Incentive Plan, approved by the board under Nasdaq guidelines.

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• Company granted options for 140,000 shares to new employees, promoting talent acquisition and retention.

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• None.

DUBLIN, Ireland, Oct. 01, 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 140,000 ordinary shares of the Company. The options have an exercise price per share equal to $70.74, which was the closing trading price on October 1, 2021, the date of the grants. The options 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 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.

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

 

FAQ

What is the stock symbol for Prothena Corporation?

The stock symbol for Prothena Corporation is PRTA.

What compensation did Prothena grant its new employees?

Prothena granted options to purchase 140,000 ordinary shares at an exercise price of $70.74.

How will the stock options vest for Prothena's new employees?

The stock options will vest over four years, with 25% vesting after one year and the rest vesting monthly over the next three years.

What was the closing trading price of Prothena shares on October 1, 2021?

The closing trading price of Prothena shares on October 1, 2021, was $70.74.

Under what plan were the stock options for Prothena's new hires granted?

The stock options were granted under Prothena's 2020 Employment Inducement Incentive Plan.