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

Rhea-AI Summary

Protara Therapeutics, Inc. (Nasdaq: TARA) announced the grant of inducement non-qualified stock options totaling 41,500 shares to two new employees. The options have an exercise price of $22.45, which reflects the company's closing trading price on December 1, 2020, the grant date. Vested shares will occur over four years, with an initial 25% vesting on the one-year anniversary of each employee's start date, followed by monthly vesting. This award was approved by the Compensation Committee in accordance with NASDAQ Listing Rule 5635(c)(4).

Positive

• Inducement stock options granted to new employees could enhance talent acquisition efforts.
• The exercise price aligns with the recent trading price, indicating strategic compensation planning.

Negative

• None.

NEW YORK, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Protara Therapeutics, Inc. (Nasdaq: TARA), a clinical stage company developing transformative therapies for the treatment of cancer and rare diseases with significant unmet needs, today announced the grants of inducement non-qualified stock options to purchase an aggregate of 41,500 shares of common stock to two new employees.

Each stock option has an exercise price per share equal to $22.45 per share, Protara’s closing trading price on December 1, 2020, the grant date, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the individual’s start date and 1/36th of the underlying shares vesting monthly thereafter over 36 months subject to the new employee's continued service relationship with Protara through the applicable vesting dates.

The Compensation Committee of Protara’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with NASDAQ Listing Rule 5635(c)(4).

About Protara Therapeutics

Protara is committed to identifying and advancing transformative therapies for people with cancer and rare diseases with limited treatment options. Protara’s portfolio includes its lead program, TARA-002, an investigational cell-based therapy being developed for the treatment of non-muscle invasive bladder cancer and lymphatic malformations, and IV Choline Chloride, an investigational phospholipid substrate replacement therapy for the treatment of intestinal failure-associated liver disease. For more information, visit www.protaratx.com

Company Contact:

Blaine Davis
Protara Therapeutics
Blaine.Davis@protaratx.com
646-844-0337

FAQ

What recent stock options were granted by Protara Therapeutics (TARA)?

Protara Therapeutics granted 41,500 inducement non-qualified stock options to new employees at an exercise price of $22.45.

How will the stock options vest for Protara's new employees?

The stock options will vest over four years, with 25% vesting on the one-year anniversary of the start date and the remainder vesting monthly.

What is the significance of NASDAQ Listing Rule 5635(c)(4) for TARA?

The rule allows Protara to grant stock options as an inducement for new employees, which is part of their employment agreement.

When was the stock option grant date for Protara (TARA)?

The grant date for the stock options was December 1, 2020.