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

Rhea-AI Summary

Dublin-based Prothena Corporation plc (NASDAQ:PRTA) announced the granting of a stock option to a new employee, allowing the purchase of 35,000 ordinary shares at an exercise price of $29.70 per share, equivalent to the closing price on August 1, 2022. The option will vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter. This grant is part of the Company’s 2020 Employment Inducement Incentive Plan aimed at attracting new talent.

Positive

• Granting 35,000 share options incentivizes new talent.
• Compensation aligns new employee interests with shareholder value.

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• None.

DUBLIN, Ireland, Aug. 02, 2022 (GLOBE NEWSWIRE) -- 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 35,000 ordinary shares of the Company. The option has an exercise price per share equal to $29.70, which was the closing trading price on August 1, 2022, 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.

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

Media
Eric Endicott, Senior Vice President, Corporate Affairs
650-448-3670, media@prothena.com

FAQ

What is the stock symbol for Prothena Corporation?

The stock symbol for Prothena Corporation is PRTA.

When was the stock option grant made by Prothena?

The stock option grant was made on August 2, 2022.

How many shares were granted in the stock option by Prothena?

Prothena granted a stock option to purchase 35,000 ordinary shares.

What is the exercise price for the Prothena stock option?

The exercise price for the Prothena stock option is $29.70 per share.

What is the vesting schedule for the Prothena stock option?

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