SOUTH PLAINFIELD, N.J., April 27, 2018 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on April 24, 2018 it approved non-statutory stock options to purchase an aggregate of 172,150 shares of its common stock to 25 new employees and a restricted stock unit for 4,000 shares of its common stock to one of the 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 April 24, 2018 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).
Twenty of the stock option awards have an exercise price of $26.41 per share, the closing price of PTC's common stock on April 24, 2018, the date of the grant. The five remaining stock option awards will have an exercise price equal to the closing stock price of PTC's common stock on the applicable employees' new hire date, or the first trading day thereafter, which will be the date of 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.
In connection with the hiring of Gabriel Holdsman as Senior Vice President, Legal and General Counsel – Americas, the Company granted Mr. Holdsman a restricted stock unit for 4,000 shares of its common stock in addition to stock options to purchase 50,000 shares of its common stock. The restricted stock unit award vests equally over two years, commencing on the first anniversary of Mr. Holdsman's new hire date.
ABOUT PTC THERAPEUTICS, INC.
PTC is a science-led, global biopharmaceutical company focused on the discovery, development and commercialization of clinically-differentiated medicines that provide benefits to patients with rare disorders. Founded 20 years ago, PTC Therapeutics has successfully launched two rare disorder products and has a global commercial footprint. This success is the foundation that drives investment in a robust pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need.
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SOURCE PTC Therapeutics, Inc.