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

Rhea-AI Summary

Aurinia Pharmaceuticals announced the grant of inducement stock options and restricted stock units (RSUs) to 7 new employees. The options allow the purchase of 70,070 common shares at $9.05 each, the closing price on February 3, 2023. These inducements are in accordance with Nasdaq Listing Rule 5635(c)(4) and mark a strategic move to attract talent. The stock options have a 10-year term, vesting over three years, while the RSUs will vest in three equal annual installments. Aurinia continues to focus on therapies for diseases with high unmet medical needs, including its FDA-approved treatment for lupus nephritis.

Positive

• The grant of inducement stock options and RSUs may enhance employee retention and attract talent.
• Aurinia's commitment to addressing serious autoimmune diseases positions it strategically in the biopharmaceutical market.

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, announced that the Company’s Compensation Committee granted 7 new employees inducement stock options to purchase an aggregate of 70,070 common shares, at a per share exercise price of $9.05, the closing price of Aurinia's common stock on February 3, 2023, and an aggregate of 43,160 inducement restricted stock units (RSUs). The inducement stock options and RSUs have a grant date of February 6, 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 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/20230206005538/en/

Investor/Media Contact:

Aurinia@westwicke.com

Source: Aurinia Pharmaceuticals Inc.

FAQ

What is the significance of the stock options granted by AUPH?

The stock options and RSUs granted to new employees are critical for attracting talent and ensuring retention, which can enhance company performance.

When were the stock options and RSUs granted to AUPH employees?

The inducement stock options and RSUs were granted on February 6, 2023.

What is the exercise price of the stock options granted by AUPH?

The exercise price for the stock options is set at $9.05 per share.

How long do the stock options granted by AUPH last?

The inducement stock options have a term of 10 years.

What is LUPKYNIS, and how does it relate to AUPH?

LUPKYNIS (voclosporin) is AUPH's FDA-approved oral therapy for adult patients with active lupus nephritis.