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

Rhea-AI Summary

On August 17, 2022, Ultragenyx Pharmaceutical (NASDAQ: RARE) announced the granting of stock options and restricted stock units to two new non-executive officers. A total of 19,020 stock options and 12,910 restricted stock units were awarded under the Ultragenyx Employment Inducement Plan, following Nasdaq Listing Rule 5635(c)(4). The options have a ten-year term with an exercise price of $49.31, matching the closing price on the grant date. The vesting schedule includes a four-year period with certain conditions based on continued employment.

Positive

• The grant of stock options and restricted stock units may attract and retain talent, essential for business growth.
• The compensation awards indicate the company's commitment to aligning employee interests with shareholder value.

Negative

• None.

NOVATO, Calif., Aug. 17, 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 19,020 shares of common stock of the company and 12,910 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 16, 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 $49.31 per share, equal to the per share closing price of Ultragenyx’s common stock on August 16, 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 stock options did Ultragenyx grant on August 17, 2022?

Ultragenyx granted 19,020 stock options at an exercise price of $49.31.

How many restricted stock units were granted by Ultragenyx?

Ultragenyx granted 12,910 restricted stock units to two new non-executive officers.

What is the vesting period for the stock options granted by Ultragenyx?

The stock options vest over four years, with 25% vesting on the first anniversary and the rest monthly thereafter.

What plan was used for the stock grants at Ultragenyx?

The stock grants were approved under the Ultragenyx Employment Inducement Plan.