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

Rhea-AI Summary

PTC Therapeutics (NASDAQ: PTCT) announced the approval of non-statutory stock options for 12,500 shares and 4,360 restricted stock units (RSUs) to 10 new employees as part of their employment compensation. These awards were granted under NASDAQ's inducement grant exception on December 15, 2020. The stock options have an exercise price of $66.37 and will vest over four years. The RSUs will follow a similar vesting schedule. PTC, focused on rare disorders, continues to strengthen its workforce to support its mission in biopharmaceutical development.

Positive

• Inducement grants to 10 new employees enhance talent acquisition.
• Stock options and RSUs align employee interests with shareholder growth.

Negative

• None.

SOUTH PLAINFIELD, N.J., Dec. 18, 2020 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on December 15, 2020 it approved non-statutory stock options to purchase an aggregate of 12,500 shares of its common stock and 4,360 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to 10 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 15, 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 $66.37 per share, the closing price of PTC's common stock on December 15, 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 is the recent stock option grant by PTC Therapeutics?

PTC Therapeutics approved non-statutory stock options for 12,500 shares and 4,360 RSUs to 10 new employees on December 15, 2020.

What is the exercise price for the options granted by PTCT?

The stock options granted by PTCT have an exercise price of $66.37 per share, the closing price on the grant date.

How long is the vesting period for the new employee stock options at PTCT?

The stock options vest over four years, with 25% vesting on the first anniversary and the remainder vesting quarterly.

What is the purpose of the inducement grants by PTC Therapeutics?

The inducement grants are designed to attract new employees as part of their employment compensation.