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

Rhea-AI Summary

PTC Therapeutics, Inc. (PTCT) has announced the approval of stock options for 49 new employees, totaling 83,750 shares, and 21,550 restricted stock units (RSUs). The awards, effective as of November 29, 2021, serve as an employment inducement under NASDAQ Listing Rule 5635(c)(4). Each stock option has an exercise price of $36.89 and a 10-year term, with vesting occurring over four years. The RSUs will also vest over four years. These grants reflect PTC's commitment to attract talent in the biopharmaceutical sector.

Positive

• Approval of stock options for 49 new employees, promoting talent acquisition.
• Stock options priced at $36.89, aligning with the closing price on the grant date.

Negative

• None.

SOUTH PLAINFIELD, N.J., Dec. 2, 2021 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on Nov. 29, 2021, the company approved non-statutory stock options to purchase an aggregate of 83,750 shares of its common stock and 21,550 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to 49 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 Nov. 29, 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 $36.89 per share, the closing price of PTC's common stock on Nov. 29, 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
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 and diversified pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. The company's strategy is to leverage its strong scientific expertise and global commercial infrastructure to maximize value for its patients and other 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:

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

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SOURCE PTC Therapeutics, Inc.

FAQ

What is the purpose of the stock options approved by PTC Therapeutics on November 29, 2021?

The stock options are intended as an employment inducement for 49 new employees.

How many shares were granted as stock options by PTC Therapeutics?

PTC Therapeutics granted a total of 83,750 stock options.

What is the exercise price of the stock options granted by PTCT?

The exercise price for the stock options is $36.89 per share.

What is the vesting schedule for the stock options at PTC Therapeutics?

The stock options vest over four years, with 25% vesting on the first anniversary and 6.25% every three months thereafter.