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

Rhea-AI Summary

PTC Therapeutics, Inc. (NASDAQ: PTCT) announced on June 11, 2021, the approval of non-statutory stock options for 118,350 shares and 30,835 restricted stock units (RSUs) to 66 new employees. These grants are part of the employment compensation to attract talent under NASDAQ's inducement grant exception. The stock options have an exercise price of $42.95 and vest over four years, while RSUs vest annually. This initiative aims to enhance PTC's workforce as it focuses on developing innovative treatments for rare disorders, supporting its growth strategy and commitment to patient care.

Positive

• Approval of stock options and RSUs for 66 new employees to attract talent.
• Stock options priced at $42.95, aligning with the market value at the time of the grant.
• Vesting of grants over four years encourages employee retention.

Negative

• None.

SOUTH PLAINFIELD, N.J., June 15, 2021 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on June 11, 2021 it approved non-statutory stock options to purchase an aggregate of 118,350 shares of its common stock and 30,835 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to 66 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 June 11, 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 $42.95 per share, the closing price of PTC's common stock on June 11, 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 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. The Company's strategy is to leverage its strong scientific expertise and global commercial infrastructure to maximize value for its patients and other stakeholders.

For More Information please contact:

Investors:
Kylie O'Keefe
+1 (908) 300-0691
kokeefe@ptcbio.com

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

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SOURCE PTC Therapeutics, Inc.

FAQ

What are the stock options and RSUs approved by PTC Therapeutics on June 11, 2021?

PTC Therapeutics approved non-statutory stock options for 118,350 shares and 30,835 restricted stock units for 66 new employees on June 11, 2021.

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

The exercise price for the stock options is set at $42.95 per share.

How long do the stock options granted by PTC Therapeutics last?

The stock options have a term of 10 years and vest over four years.

Why did PTC Therapeutics issue stock options and RSUs to new employees?

The inducement grants were made to attract and retain talent as part of the employment compensation package.