PTC Therapeutics awards stock options to 13 new employees under Nasdaq Listing Rule 5635(c)(4).
M2 PHARMA-September 22, 2017-PTC Therapeutics awards stock options to 13 new employees under Nasdaq Listing Rule 5635(c)(4)
(C)2017 M2 COMMUNICATIONS
Biopharmaceutical company PTC Therapeutics Inc (NASDAQ:PTCT) on Thursday authorised non-statutory stock options to purchase an aggregate of 32,500 shares of its common stock to 13 new employees in accordance with NASDAQ Listing Rule 5635(c)(4).
The inducement grants are being made as an inducement material to each employee's acceptance of employment with the company. The awards were made pursuant to the NASDAQ inducement grant exception as a component of the new hires' employment compensation.
In conjunction 11 of the stock option awards have an exercise price of USD20.41 per share, the closing price of the company's common stock on 18 September 2017, the date of the grant.
Additionally, the two remaining stock option awards will have an exercise price equal to the closing stock price of its common stock on the applicable employees' new hire date, or the first trading day thereafter, which will be the date of grant as of 18 September 2017.
According to the company, the stock options each have a ten 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 an additional 6.25% of the original number of shares vesting at the end of each subsequent three-month period thereafter, subject to the employee's continued service through the applicable vesting dates.
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|Article Type:||Awards list|
|Date:||Sep 22, 2017|
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