Full Press Release Details
WARREN, N.J. , June 21, 2024 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT ) today announced that on June 17, 2024 , the company approved non-statutory stock options to purchase an aggregate of 1,380 shares of its common stock and 6,260 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to nine new employees. The awards were made pursuant to the Nasdaq inducement grant exception as a component of the new hires' employment compensation.
The inducement grants were approved by PTC's Compensation Committee on June 17, 2024, and are being made as an inducement material to each employee's acceptance of employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4).
All stock option awards have an exercise price of $35.40 per share, the closing price of PTC's common stock on June 17, 2024, the date of the grant. The stock options each have a 10-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 6.25% of the original number of shares vesting at the end of each subsequent three-month period thereafter until fully vested, subject to the employee's continued service with the company through the applicable vesting dates. The RSUs each will vest over four years with 25% of the original number of shares vesting on each annual anniversary of the applicable employee's new hire date until fully vested, subject to the employee's continued service with the company through the applicable vesting dates.
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