Aurinia Reports New Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) announced the grant of inducement stock options and restricted stock units (RSUs) to four new employees. A total of 111,620 stock options, exercisable at $10.96 per share, and 68,170 RSUs were awarded, effective April 3, 2023. The options have a ten-year term and vest over three years, while the RSUs vest in three equal annual installments. This grant follows Nasdaq Listing Rule 5635(c)(4) and aims to incentivize new talent as the company continues to develop therapies for autoimmune and rare diseases, including LUPKYNIS®, the first FDA-approved oral therapy for lupus nephritis.

Positive

• Inducement stock options and RSUs granted to new employees may enhance talent acquisition.
• The exercise price of options is aligned with recent stock performance, indicating potential investor confidence.

Negative

• None.

EDMONTON, Alberta--(BUSINESS WIRE)-- Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) (Aurinia or the Company), a biopharmaceutical company committed to delivering therapeutics that change the course of autoimmune, kidney and rare diseases, announced that the Company’s Compensation Committee granted 4 new employees inducement stock options to purchase an aggregate of 111,620 common shares, at a per share exercise price of $10.96, the closing price of Aurinia's common stock on March 31, 2023, and an aggregate of 68,170 inducement restricted stock units (RSUs). The inducement stock options and RSUs have a grant date of April 3, 2023. The stock options and RSUs were granted as inducements material to the new employees entering employment with Aurinia in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement stock options have a ten-year term and vest over three years with one-third of the shares vesting on the twelve month anniversary from the grant date, and the remaining options vesting in twenty-four equal monthly installments thereafter.

The inducement RSUs shall vest in three equal annual installments on the first, second and third anniversary of the grant date.

About Aurinia

Aurinia is a fully integrated biopharmaceutical company focused on delivering therapies to treat targeted patient populations that are impacted by autoimmune, kidney and rare diseases with a high unmet medical need. In January 2021, the Company introduced LUPKYNIS^® (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis. The Company’s head office is in Edmonton, Alberta, its U.S. commercial office is in Rockville, Maryland. The Company focuses its development efforts globally.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005725/en/

Investor/Media:

Aurinia@westwicke.com

Source: Aurinia Pharmaceuticals Inc.

FAQ

What did Aurinia Pharmaceuticals announce on April 3, 2023?

Aurinia Pharmaceuticals announced the grant of inducement stock options and restricted stock units (RSUs) to four new employees.

How many stock options were granted by Aurinia Pharmaceuticals?

Aurinia Pharmaceuticals granted a total of 111,620 stock options.

What is the exercise price for the stock options granted by Aurinia Pharmaceuticals?

The exercise price for the stock options is $10.96 per share.

What is the vesting schedule for the stock options granted by Aurinia Pharmaceuticals?

The stock options vest over three years, with one-third vesting after one year and the remainder vesting in monthly installments over the following two years.

What does the RSU vesting schedule look like for new employees at Aurinia Pharmaceuticals?

The RSUs vest in three equal installments on the first, second, and third anniversaries of the grant date.