The inducement grants were approved by PTC's Compensation Committee on January 22, 2019 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-one stock option awards have an exercise price of $33.02 per share, the closing price of PTC's common stock on January 22, 2019, the date of the grant. The three 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.
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. PTC's ability to globally commercialize products 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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