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

Rhea-AI Summary

Prothena Corporation plc (NASDAQ:PRTA) announced the grant of an option to purchase 85,000 ordinary shares to a newly hired employee. This option has an exercise price of $53.67, reflecting the closing trading price on February 1, 2023. The shares will vest over four years, with 25% vesting after one year and the remainder vesting monthly over 36 months. This grant is part of the Company’s 2020 Employment Inducement Incentive Plan, approved for attracting new talent. Prothena specializes in developing therapeutics targeting neurodegenerative and rare diseases, leveraging its expertise in protein dysregulation.

Positive

• Granting stock options may attract skilled talent, enhancing the company's workforce.
• The option provides a competitive compensation package, which could improve employee retention.

Negative

• None.

DUBLIN--(BUSINESS WIRE)-- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical biotechnology 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 85,000 ordinary shares of the Company. The option has an exercise price per share equal to $53.67, which was the closing trading price on February 1, 2023, 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 biotechnology company with expertise in protein dysregulation and a pipeline of 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230203005287/en/

Media

Michael Bachner, Senior Director, Corporate Communications

609-664-7308, michael.bachner@prothena.com

Investors

IR@prothena.com

Source: Prothena Corporation plc

FAQ

What is the stock option grant for Prothena Corporation plc on February 1, 2023?

Prothena Corporation plc granted an option to purchase 85,000 ordinary shares at an exercise price of $53.67.

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

The options vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly over the next 36 months.

Why did Prothena Corporation grant stock options to a new employee?

The stock options were granted as part of the Company’s 2020 Employment Inducement Incentive Plan to attract new talent.