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

Rhea-AI Summary

Protara Therapeutics (Nasdaq: TARA) has granted inducement non-qualified stock options for 120,000 shares to Dr. Martín Sebastian Olivo, the new Chief Medical Officer. The options have an exercise price of $15.30 per share, aligning with Protara's closing price as of April 19, 2021. Vesting occurs over four years, with 25% vesting after one year and the remainder vesting monthly. This award, approved by the Compensation Committee, aligns with NASDAQ Listing Rule 5635(c)(4). Protara is focused on developing therapies for cancer and rare diseases.

Positive

• Inducement stock options granted to new Chief Medical Officer.
• Stock options provide incentive alignment with company performance.

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• None.

NEW YORK, April 19, 2021 (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 120,000 shares of common stock to Martín Sebastian Olivo, M.D., Protara’s newly appointed Chief Medical Officer.

Each stock option has an exercise price per share equal to $15.30 per share, Protara’s closing trading price on April 19, 2021, 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 applicable vesting commencement 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 employee’s 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:

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

 

FAQ

What is the latest news about Protara Therapeutics (TARA)?

Protara Therapeutics has announced the granting of stock options to Dr. Martín Sebastian Olivo, its new Chief Medical Officer, totaling 120,000 shares.

What is the exercise price of the stock options granted by Protara (TARA)?

The exercise price for the stock options is $15.30 per share.

When do the stock options for Protara (TARA) vest?

The stock options will vest over four years, with 25% vesting after one year and the rest vesting monthly thereafter.

Who is receiving stock options from Protara (TARA)?

Dr. Martín Sebastian Olivo is the new Chief Medical Officer receiving the stock options.

What is Protara Therapeutics (TARA) focused on?

Protara is focused on developing transformative therapies for cancer and rare diseases.