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

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PTC Therapeutics, Inc. (NASDAQ: PTCT) approved non-statutory stock options and restricted stock units for two new employees on Dec. 10, 2023. The stock options have an exercise price of $26.39 per share, with a 10-year term and vesting over four years. The RSUs will also vest over four years, with 25% of the original shares vesting on each annual anniversary of the employee's new hire date.

SOUTH PLAINFIELD, N.J., Dec. 14, 2023 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on Dec. 10, 2023, the company approved non-statutory stock options to purchase an aggregate of 3,575 shares of its common stock and 3,035 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to two 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 Dec. 10, 2023, 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 $26.39 per share, the closing price of PTC's common stock on Dec. 8, 2023, the immediately preceding trading day from 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 innovate to identify new therapies and to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines. PTC's mission is to provide access to best-in-class treatments for patients who have little to no treatment options. PTC's strategy is to leverage its strong scientific and clinical expertise and global commercial infrastructure to bring therapies to patients. PTC believes this allows it to maximize value for all its stakeholders. To learn more about PTC, please visit us at www.ptcbio.com and follow us on Instagram, Facebook, Twitter, and LinkedIn. 

For more information please contact:

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

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SOURCE PTC Therapeutics, Inc.

FAQ

What did PTC Therapeutics, Inc. (PTCT) announce on Dec. 10, 2023?

PTC Therapeutics, Inc. (PTCT) approved non-statutory stock options and restricted stock units for two new employees on Dec. 10, 2023.

What is the exercise price of the stock options approved by PTC Therapeutics, Inc. (PTCT)?

The exercise price of the stock options approved by PTC Therapeutics, Inc. (PTCT) is $26.39 per share.

How long is the term for the stock options approved by PTC Therapeutics, Inc. (PTCT)?

The stock options approved by PTC Therapeutics, Inc. (PTCT) have a 10-year term.

How will the restricted stock units (RSUs) vest for the new employees at PTC Therapeutics, Inc. (PTCT)?

The RSUs will vest over four years, with 25% of the original shares vesting on each annual anniversary of the employee's new hire date.

What is the Nasdaq inducement grant exception mentioned in the announcement by PTC Therapeutics, Inc. (PTCT)?

The Nasdaq inducement grant exception was mentioned as a component of the new hires' employment compensation in the announcement by PTC Therapeutics, Inc. (PTCT).