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

Rhea-AI Summary

Ultragenyx Pharmaceutical (NASDAQ: RARE) announced the grant of non-qualified stock options totaling 13,000 shares and 6,500 restricted stock units to a newly hired non-executive officer. Approved by the compensation committee, these awards are part of the Employment Inducement Plan under Nasdaq Listing Rule 5635(c)(4). The options have a ten-year term with an exercise price of $41.41 per share. The stock options and restricted stock units vest over four years, contingent on continuous employment.

Positive

• Grant of stock options and restricted stock units as part of an employee inducement strategy.
• Vesting schedule incentivizes employee retention over four years.

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• None.

NOVATO, Calif., Oct. 04, 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 13,000 shares of common stock of the company and 6,500 restricted stock units of the company’s common stock to one newly hired non-executive officer 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 October 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 $41.41 per share, equal to the per share closing price of Ultragenyx’s common stock on September 30, 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 was announced by Ultragenyx Pharmaceutical on October 4, 2022?

Ultragenyx announced the grant of stock options and restricted stock units to a newly hired non-executive officer.

How many shares are included in the stock option grant from Ultragenyx?

The stock option grant includes a total of 13,000 shares of common stock.

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

The exercise price of the stock options is $41.41 per share.

What vesting period is associated with the restricted stock units granted by Ultragenyx?

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

What is Ultragenyx's strategy regarding drug development?

Ultragenyx's strategy focuses on time- and cost-efficient drug development for rare and ultra-rare diseases.