Protagonist Therapeutics Reports Granting of Inducement Award
NEWARK, Calif: Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today announced that on May 31, 2018, it issued an inducement award to Samuel Saks, M.D., the Company's recently appointed Chief Development Officer, in accordance with the terms of Dr. Saks' employment offer letter.
The inducement award consists of an option to purchase 50,000 shares of Protagonist Therapeutics common stock and has a ten-year term. The exercise price of the option was $7.28, which was the per-share closing price of Protagonist Therapeutics common stock on the Nasdaq Capital Market on May 31, 2018.
The option vests over a four-year period, with 25 percent vesting on the first anniversary of the employee's date of hire and the remainder vesting in equal monthly installments over the three years thereafter.
The award was approved by the Protagonist Therapeutics board of directors and was granted as an inducement material to the new employee entering into employment with Protagonist Therapeutics in accordance with Nasdaq Marketplace Rule 5635(c)(4).