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

Rhea-AI Summary

PTC Therapeutics announced on August 17, 2021, the approval of inducement grants for 48 new employees, comprising 51,670 stock options and 19,755 restricted stock units (RSUs). The stock options have an exercise price of $39.23 per share, the closing price on the grant date, with a 10-year term and a vesting schedule over four years. RSUs will vest similarly over four years, contingent upon continued service. These grants comply with NASDAQ's inducement grant exception, enhancing PTC's capacity to attract talent critical for its growth.

Positive

• Inducement grants of 51,670 stock options and 19,755 RSUs to attract 48 new employees.
• Stock options have a favorable exercise price of $39.23, aligning with company's stock performance.
• Long-term vesting schedule (4 years) promotes employee retention.

Negative

• None.

SOUTH PLAINFIELD, N.J., Aug. 20, 2021 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on Aug. 17, 2021, it approved non-statutory stock options to purchase an aggregate of 51,670 shares of its common stock and 19,755 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to 48 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 Aug. 17, 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 $39.23 per share, the closing price of PTC's common stock on Aug. 17, 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 please contact:

Media:             
Jane Baj
+1 (908) 912-9167
jbaj@ptcbio.com

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SOURCE PTC Therapeutics, Inc.

FAQ

What stock options were approved by PTC Therapeutics on August 17, 2021?

PTC Therapeutics approved non-statutory stock options for 51,670 shares on August 17, 2021.

How many employees are receiving inducement grants at PTC Therapeutics?

48 new employees are receiving inducement grants as part of their employment compensation.

What is the exercise price of the stock options granted by PTC Therapeutics?

The exercise price for the stock options is set at $39.23 per share.

What is the vesting schedule for the RSUs granted to PTC employees?

The RSUs vest over four years, with 25% vesting annually on each anniversary of the employee's hire date.