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 11 new employees. The stock options total 93,200 shares, with an exercise price of $11.38, vesting over three years. An additional 54,300 RSUs were also granted, vesting in three equal annual installments starting June 6, 2023. These grants adhere to Nasdaq Listing Rule 5635(c)(4) and aim to attract talent to support the company’s mission in treating autoimmune diseases.

Positive

• Inducement stock options of 93,200 shares granted to new employees, supporting talent acquisition.
• Stock options have a ten-year term, incentivizing long-term commitment from employees.

Negative

• None.

VICTORIA, British Columbia--(BUSINESS WIRE)-- Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) (Aurinia or the Company), a biopharmaceutical company committed to delivering therapeutics that change the course of autoimmune disease, today announced that the Company’s Compensation Committee granted 11 new employees inducement stock options to purchase an aggregate of 93,200 common shares, at a per share exercise price of $11.38, the closing price of Aurinia's common stock on June 3, 2022, and an aggregate of 54,300 inducement restricted stock units (RSUs). The inducement RSUs have a grant date and vesting commencement date of June 6, 2022. 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 subject to the option vesting twelve months from the grant date, and the remainder vesting in twenty-four equal monthly installments thereafter.

The inducement RSUs shall vest in three equal annual installments beginning June 6, 2023.

About Aurinia

Aurinia Pharmaceuticals is a fully integrated biopharmaceutical company focused on delivering therapies to treat targeted patient populations that are impacted by serious diseases with a high unmet medical need. In January 2021, the Company introduced LUPKYNIS^® (voclosporin), the first FDA-approved oral therapy dedicated for the treatment of adult patients with active lupus nephritis. The Company’s head office is in Victoria, British Columbia, 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/20220606005915/en/

Investors/Media:

Dana Lynch

Corporate Communications, Aurinia

dlynch@auriniapharma.com

Source: Aurinia Pharmaceuticals Inc.

FAQ

What stock options were granted by Aurinia Pharmaceuticals on June 6, 2022?

Aurinia Pharmaceuticals granted 93,200 inducement stock options at an exercise price of $11.38 to new employees.

What are the vesting terms for the new RSUs at Aurinia?

The 54,300 inducement RSUs vest in three equal annual installments starting June 6, 2023.

What is the purpose of the stock options and RSUs granted by AUPH?

The stock options and RSUs were granted as inducements to attract and retain new employees.

What rule allows Aurinia to grant inducement stock options?

The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4).