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

Rhea-AI Summary

On August 18, 2020, PTC Therapeutics (NASDAQ: PTCT) approved non-statutory stock options for 49,165 shares and 14,175 restricted stock units (RSUs) to five new employees as part of their compensation. The stock options have an exercise price of $49.13 and vest over four years, rewarding 25% after the first year, with additional vesting every three months. The RSUs will vest similarly over four years. These inducement grants comply with NASDAQ Listing Rule 5635(c)(4) and are aimed at enhancing the company's talent acquisition strategy.

Positive

• Inducement grants may enhance talent acquisition and retention.
• Potential for increased employee motivation due to stock options and RSUs.

Negative

• None.

SOUTH PLAINFIELD, N.J., Aug. 21, 2020 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on August 18, 2020 it approved non-statutory stock options to purchase an aggregate of 49,165 shares of its common stock and 14,175 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to five 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 August 18, 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 $49.13 per share, the closing price of PTC's common stock on August 18, 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-led, 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 investors and media:
Jane Baj
+1 (908) 912-9167    
jbaj@ptcbio.com

 

View original content:http://www.prnewswire.com/news-releases/ptc-therapeutics-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-301116494.html

SOURCE PTC Therapeutics, Inc.

FAQ

What new employee compensation was approved by PTCT on August 18, 2020?

PTCT approved non-statutory stock options for 49,165 shares and 14,175 RSUs for new employees.

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

The exercise price for the stock options is $49.13 per share.

Over what period do the stock options and RSUs vest?

Both the stock options and RSUs vest over four years.

What NASDAQ rule governs the inducement grants by PTCT?

The inducement grants are made under NASDAQ Listing Rule 5635(c)(4).