PTC Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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PTC Therapeutics, Inc. (NASDAQ: PTCT) announced the approval of non-statutory stock options for 51,400 shares and 18,790 restricted stock units (RSUs) on Sept. 22, 2021, for 47 new employees. The stock options have an exercise price of $39.29, equal to the closing stock price on Sept. 24, 2021. The options vest over four years, with 25% vesting on the first anniversary. The RSUs also vest over four years with annual vesting. This is part of the company's strategy to attract talent in alignment with NASDAQ Listing Rule 5635(c)(4).

SOUTH PLAINFIELD, N.J., Sept. 29, 2021 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on Sept. 22, 2021, the company approved non-statutory stock options to purchase an aggregate of 51,400 shares of its common stock and 18,790 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to 47 new employees. The awards were made pursuant to the NASDAQ inducement grant exception as a component of the new hires' employment compensation.

The inducement grants were approved by PTC's Compensation Committee on Sept. 22, 2021, and are being made as an inducement material to each employee's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).

All stock option awards have an exercise price of $39.29 per share, the closing price of PTC's common stock on Sept. 24, 2021, the date of the grant. The stock options each have a 10-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee's new hire date and 6.25% of the original number of shares vesting at the end of each subsequent three-month period thereafter until fully vested, subject to the employee's continued service with the company through the applicable vesting dates. The RSUs each will vest over four years with 25% of the original number of shares vesting on each annual anniversary of the applicable employee's new hire date until fully vested, subject to the employee's continued service with the company through the applicable vesting dates.

ABOUT PTC THERAPEUTICS, INC.
PTC is a science-driven, global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to globally commercialize products is the foundation that drives investment in a robust pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. 

For more information please contact:

Media: 
Jeanine Clemente
+1 (908) 912-9406
jclemente@ptcbio.com

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SOURCE PTC Therapeutics, Inc.

FAQ

What inducement grants did PTCT approve on September 22, 2021?

PTC Therapeutics approved stock options for 51,400 shares and 18,790 restricted stock units for 47 new employees.

What is the exercise price for the stock options approved by PTCT?

The exercise price for the stock options is $39.29 per share.

How long do the stock options and RSUs vest at PTCT?

The stock options vest over four years, while the RSUs vest annually over four years.

Under which NASDAQ rule were the inducement grants made?

The inducement grants were made in accordance with NASDAQ Listing Rule 5635(c)(4).