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

Rhea-AI Summary

Ultragenyx Pharmaceutical, a biopharmaceutical company focused on therapies for rare diseases, announced the inducement grant of 17,180 restricted stock units (RSUs) to ten newly hired non-executive officers. The awards, approved by the board's compensation committee under the Ultragenyx Employment Inducement Plan, were granted on May 16, 2024. These RSUs vest over four years, with 25% vesting annually, conditional on continuous employment. This grant aligns with Nasdaq Listing Rule 5635(c)(4), serving as a key employment incentive.

Positive

• Grant of 17,180 restricted stock units to attract new talent.
• Awards approved by the compensation committee, underlining corporate governance.
• Employment inducement grants align with Nasdaq Listing Rule 5635(c)(4).
• RSUs vest over four years, promoting long-term employee retention.

Negative

• Potential shareholder dilution due to the issuance of 17,180 restricted stock units.
• The grants are restricted to non-executive officers, possibly causing discontent among other employees.

NOVATO, Calif., May 17, 2024 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the development and commercialization of novel therapies for rare and ultrarare diseases, today reported the grant of 17,180 restricted stock units of the company’s common stock to ten 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 May 16, 2024, 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.

About Ultragenyx Pharmaceutical Inc.
Ultragenyx is a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultrarare 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 the purpose of Ultragenyx's recent stock grant?

The grant aimed to induce new employees to join Ultragenyx, offering 17,180 restricted stock units as a key incentive.

When did Ultragenyx grant the restricted stock units?

The restricted stock units were granted on May 16, 2024.

How many restricted stock units did Ultragenyx grant?

Ultragenyx granted 17,180 restricted stock units.

Who received the restricted stock units from Ultragenyx?

Ten newly hired non-executive officers received the restricted stock units.

What is the vesting schedule for the restricted stock units granted by Ultragenyx?

The restricted stock units vest over four years, with 25% vesting annually.

What Nasdaq rule does the Ultragenyx stock grant comply with?

The stock grant complies with Nasdaq Listing Rule 5635(c)(4).

Why did Ultragenyx grant restricted stock units to new hires?

Ultragenyx granted the units to incentivize new hires to join and stay with the company long-term.