Biopharmaceutical company Protagonist Therapeutics Inc (Nasdaq:PTGX) on Tuesday announced as inducement award to its newly appointed vice president Sarita Khanna PhD.

The company added the inducement award consists of an option to purchase 50,000 shares of its common stock with a ten-year term.

Additionally, the exercise price of the option was USD13.15, which was the per-share closing price of the company's common stock on the Nasdaq Capital Market on 15 July 2019.

These option grant vest over a four-year period, with 25% of the shares subject to the option vesting on the first anniversary of Dr Khanna's date of hire and the remainder vesting in equal monthly installments over the three years thereafter, subject to her continued service with the company.