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

Rhea-AI Summary

PTC Therapeutics (NASDAQ: PTCT) announced on December 2, 2020, the approval of stock options and restricted stock units (RSUs) for 47 new employees as part of their compensation package. The grant includes 41,955 stock options at an exercise price of $63.86 and 20,735 RSUs, both vesting over four years. These inducement grants comply with NASDAQ Listing Rule 5635(c)(4) and were approved by the Compensation Committee to attract new talent.

Positive

• Attracts 47 new employees, potentially strengthening the workforce.
• Inducement grants are aligned with NASDAQ regulations, ensuring compliance.

Negative

• None.

SOUTH PLAINFIELD, N.J., Dec. 4, 2020 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on December 2, 2020 it approved non-statutory stock options to purchase an aggregate of 41,955 shares of its common stock and 20,735 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 December 2, 2020 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 $63.86 per share, the closing price of PTC's common stock on December 2, 2020, 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:	Investors:
Jane Baj	Lisa Hayes
+1 (908) 912-9167	+1 (732) 354-8687
jbaj@ptcbio.com	lhayes@ptcbio.com

 

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SOURCE PTC Therapeutics, Inc.

FAQ

What stock options did PTCT approve for new employees?

PTC approved 41,955 stock options with an exercise price of $63.86.

What are the terms of the RSUs granted by PTC?

PTC granted 20,735 RSUs that vest over four years.

When were the inducement grants approved by PTC?

The inducement grants were approved on December 2, 2020.

How many employees received stock options and RSUs from PTC?

A total of 47 new employees received the stock options and RSUs.