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

Rhea-AI Summary

Protara Therapeutics (Nasdaq: TARA) announced the grant of inducement stock options for 44,000 shares to Mary Grendell, the new General Counsel. Each option has an exercise price of $6.81, equal to the closing price on October 25, 2021. The options will vest over four years, with 25% vesting after one year and the remainder monthly over 36 months, contingent on Ms. Grendell's continued employment. The awards were approved by the Compensation Committee following Nasdaq Listing Rule 5635(c)(4).

Positive

• Inducement stock options align executive interests with shareholder value.
• Stock options granted at current market price of $6.81.

Negative

• None.

NEW YORK, Oct. 25, 2021 (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 grants of inducement non-qualified stock options to purchase an aggregate of 44,000 shares of common stock to Mary Grendell, Protara’s new General Counsel.

Each stock option has an exercise price per share equal to $6.81 per share, Protara’s closing trading price on October 25, 2021, 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. Grendell’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 Ms. Grendell’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 are the stock options granted to Mary Grendell at Protara Therapeutics (TARA)?

Mary Grendell was granted stock options for 44,000 shares at an exercise price of $6.81, vesting over four years.

When do the stock options for Mary Grendell at TARA vest?

The stock options vest 25% after one year and the remaining shares vest monthly over 36 months.

What is the purpose of the stock options granted to the new General Counsel at Protara (TARA)?

The stock options were granted as an inducement material to her employment, aligning her interests with company performance.

What was the closing stock price of Protara Therapeutics (TARA) on the grant date?

The closing stock price on the grant date, October 25, 2021, was $6.81.