Ultragenyx Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) announced the grant of non-qualified stock options for 27,500 shares and 14,500 restricted stock units to two newly hired non-executive officers. This award follows the Ultragenyx Employment Inducement Plan and was approved by the compensation committee on August 1, 2022. The stock options have a ten-year term with an exercise price of $50.63 per share. The restricted stock units vest over four years, promoting employee retention and aligning interests with shareholders.

Positive

• Granting stock options and restricted stock units may enhance employee retention.
• Inducement awards signal confidence in new hires and future business growth.

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• None.

NOVATO, Calif., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the development and commercialization of novel therapies for rare and ultra-rare diseases, today reported the grant of non-qualified stock options to purchase an aggregate of 27,500 shares of common stock of the company and 14,500 restricted stock units of the company’s common stock to two newly hired non-executive officers of the company. The awards were approved by the compensation committee of the company’s board of directors and granted under the Ultragenyx Employment Inducement Plan, with a grant date of August 1, 2022, as an inducement material to the new employees entering into employment with Ultragenyx in accordance with Nasdaq Listing Rule 5635(c)(4).

The restricted stock units vest over four years, with 25% of the underlying shares vesting on each anniversary of the grant date, subject to the employee being continuously employed by the company as of such vesting dates. The stock options vest over four years, with 25% of the shares underlying the option vesting on the first anniversary of the grant date and the remainder vesting with respect to 1/48th of the shares underlying the options on each monthly anniversary thereafter, subject to the employee being continuously employed by the company as of such vesting dates. The stock options have a ten-year term and an exercise price of $50.63 per share, equal to the per share closing price of Ultragenyx’s common stock on August 1, 2022.

About Ultragenyx Pharmaceutical Inc.
Ultragenyx is a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultra-rare genetic diseases. The company has built a diverse portfolio of approved therapies and product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are typically no approved therapies treating the underlying disease.

The company is led by a management team experienced in the development and commercialization of rare disease therapeutics. Ultragenyx’s strategy is predicated upon time- and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency.

For more information on Ultragenyx, please visit the company's website at: www.ultragenyx.com.

Contact Ultragenyx
Investors & Media
Joshua Higa
(415) 475-6370

FAQ

What is the significance of Ultragenyx's stock option grant on August 1, 2022?

The grant of stock options and restricted stock units aims to incentivize and retain newly hired non-executive officers, reflecting the company's growth strategy.

How many shares were involved in Ultragenyx's recent stock option grant?

Ultragenyx granted non-qualified stock options for an aggregate of 27,500 shares and 14,500 restricted stock units.

What is the exercise price for the stock options granted by Ultragenyx?

The stock options have an exercise price of $50.63 per share, matching the closing price on the grant date of August 1, 2022.

How long is the vesting period for Ultragenyx's restricted stock units?

The restricted stock units vest over four years, with 25% vesting on each anniversary of the grant date.