Protara Therapeutics, Inc. Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Protara Therapeutics (Nasdaq: TARA) announced the grant of inducement non-qualified stock options to Lisa Schlesinger, the new VP, Head of New Product Development and Market Access. She was awarded options to purchase 118,400 shares at $2.23 per share, Protara's closing price on June 24, 2024. The options vest over four years with 25% vesting after one year, and the remaining 75% vesting monthly over the following three years, contingent on continued service. The grant was approved by Protara's independent Board members under NASDAQ Listing Rule 5635(c)(4).

Positive

• Grant of 118,400 shares of inducement stock options to newly appointed VP Lisa Schlesinger.
• Stock options vest over four years providing long-term incentives.

Negative

• None.

NEW YORK, June 24, 2024 (GLOBE NEWSWIRE) -- Protara Therapeutics, Inc. (Nasdaq: TARA), a clinical stage company developing transformative therapies for the treatment of cancer and rare diseases, today announced the grant of inducement non-qualified stock options to purchase an aggregate of 118,400 shares of common stock to Lisa Schlesinger, Protara’s newly appointed Vice President, Head of New Product Development and Market Access.

Each stock option has an exercise price per share equal to $2.23 per share, Protara’s closing trading price on June 24, 2024, the grant date, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the grant date and 1/36th of the underlying shares vesting monthly thereafter over 36 months subject to Ms. Schlesinger's continued service relationship with Protara through the applicable vesting dates.

The independent members of Protara’s Board of Directors approved the award as an inducement material to Ms. Schlesinger's employment in accordance with NASDAQ Listing Rule 5635(c)(4).

About Protara Therapeutics, Inc.

Protara is a clinical-stage biotechnology company committed to advancing transformative therapies for people with cancer and rare diseases. Protara’s portfolio includes its lead candidate, TARA-002, an investigational cell-based therapy in development for the treatment of non-muscle invasive bladder cancer (NMIBC) and lymphatic malformations (LMs). The Company is evaluating TARA-002 in an ongoing Phase 2 trial in NMIBC patients with carcinoma in situ (CIS) who are unresponsive or naïve to treatment with Bacillus Calmette-Guérin (BCG), as well as a Phase 2 trial in pediatric patients with LMs. Additionally, Protara is developing IV Choline Chloride, an investigational phospholipid substrate replacement for patients on parenteral nutrition who are otherwise unable to meet their choline needs via oral or enteral routes. For more information, visit www.protaratx.com.

Company Contact:

Justine O'Malley
Protara Therapeutics
Justine.OMalley@protaratx.com
646-817-2836

FAQ

What did Protara Therapeutics announce on June 24, 2024?

Protara Therapeutics announced the grant of inducement non-qualified stock options to Lisa Schlesinger, their new VP, Head of New Product Development and Market Access.

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

The exercise price for the stock options is $2.23 per share.

When do the stock options granted by Protara Therapeutics begin to vest?

The stock options begin to vest one year from the grant date, June 24, 2024, with 25% vesting initially and the remainder vesting monthly over the next three years.

Who received the inducement stock options granted by Protara Therapeutics under NASDAQ Listing Rule 5635(c)(4)?

Lisa Schlesinger, the newly appointed VP, Head of New Product Development and Market Access, received the stock options.

How many shares are covered by the stock options granted to Lisa Schlesinger by Protara Therapeutics?

The stock options cover an aggregate of 118,400 shares.