PTC Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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PTC Therapeutics announced the approval of inducement grants to ten new employees on Nov. 20, 2024. The grants include 18,815 non-statutory stock options and 17,995 restricted stock units (RSUs). The stock options have an exercise price of $41.96 per share and a 10-year term, vesting over four years with 25% vesting on the first anniversary and 6.25% quarterly thereafter. The RSUs vest over four years with 25% vesting annually. These grants were approved under Nasdaq Listing Rule 5635(c)(4) as part of new hire compensation packages.

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WARREN, N.J., Nov. 25, 2024 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on Nov. 20, 2024, the company approved non-statutory stock options to purchase an aggregate of 18,815 shares of its common stock and 17,995 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to ten 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 Nov. 20, 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 $41.96 per share, the closing price of PTC's common stock on Nov. 20, 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.

ABOUT PTC THERAPEUTICS, INC.
PTC is a global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to children and adults living with rare disorders. PTC's ability to innovate to identify new therapies and to globally commercialize products is the foundation that drives investment in a robust and diversified pipeline of transformative medicines. PTC's mission is to provide access to best-in-class treatments for patients who have little to no treatment options. PTC's strategy is to leverage its strong scientific and clinical expertise and global commercial infrastructure to bring therapies to patients. PTC believes this allows it to maximize value for all its stakeholders. To learn more about PTC, please visit us at www.ptcbio.com and follow us on Facebook, Instagram, LinkedIn and X.

For more information please contact:

Investors:
Ellen Cavaleri
+1 (615) 618-8228
ecavaleri@ptcbio.com

Media:
Jeanine Clemente
+1 (908) 912-9406
jclemente@ptcbio.com

View original content:https://www.prnewswire.com/news-releases/ptc-therapeutics-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-302315812.html

SOURCE PTC Therapeutics, Inc.

FAQ

What is the exercise price of PTC Therapeutics (PTCT) stock options granted on November 20, 2024?

The stock options were granted with an exercise price of $41.96 per share, which was the closing price of PTC's common stock on November 20, 2024.

How many stock options and RSUs did PTC Therapeutics (PTCT) grant in November 2024?

PTC Therapeutics granted 18,815 non-statutory stock options and 17,995 restricted stock units (RSUs) to ten new employees.

What is the vesting schedule for PTC Therapeutics (PTCT) November 2024 stock options?

The stock options vest over four years, with 25% vesting on the first anniversary and 6.25% vesting quarterly thereafter, subject to continued employment.