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

Rhea-AI Summary

Ultragenyx Pharmaceutical announced the grant of 45,525 restricted stock units (RSUs) to 26 newly hired non-executive employees.

The awards, approved by the compensation committee, were granted under the company's Employment Inducement Plan on June 16, 2024, as per Nasdaq Listing Rule 5635(c)(4).

The RSUs will vest over four years, with 25% vesting each year on the anniversary of the grant date, contingent on the employees' continued employment.

Positive

• None.

Negative

• Potential dilution from the issuance of 45,525 restricted stock units.
• Vesting period of four years may lead to long-term obligations for the company.

NOVATO, Calif., June 20, 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 45,525 restricted stock units of the company’s common stock to 26 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 June 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 did Ultragenyx announce on June 20, 2024?

Ultragenyx announced the grant of 45,525 restricted stock units to 26 newly hired non-executive employees.

What is the significance of the RSUs granted by Ultragenyx?

The RSUs are part of the Ultragenyx Employment Inducement Plan, granted as an inducement for new employees, and they vest over four years.

How do the RSUs granted by Ultragenyx vest?

The RSUs vest over four years, with 25% of the shares vesting on each anniversary of the grant date, contingent on continuous employment.

Under which Nasdaq rule were the RSUs granted by Ultragenyx?

The RSUs were granted under Nasdaq Listing Rule 5635(c)(4).

How might the grant of 45,525 RSUs affect Ultragenyx's stock performance?

The issuance of 45,525 RSUs could potentially lead to stock dilution and long-term obligations for the company.