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

Rhea-AI Summary

Ultragenyx Pharmaceutical (NASDAQ: RARE) announced the grant of stock options and restricted stock units to a new non-executive officer. The compensation committee approved 4,677 stock options and 7,100 restricted stock units under the Ultragenyx Employment Inducement Plan, effective May 16, 2021. The restricted stock units vest over four years, while stock options vest 25% after the first year and monthly thereafter. The exercise price of the stock options is set at $110.88, reflecting the closing price on May 14, 2021. Ultragenyx focuses on novel therapies for rare diseases.

Positive

• Granting of stock options and restricted stock units indicates investment in leadership.
• Long-term vesting schedule aligns interests of the new officer with shareholders.

Negative

• None.

NOVATO, Calif., May 18, 2021 (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 4,677 shares of common stock of the company and 7,100 restricted stock units of the company’s common stock to a 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 May 16, 2021, as an inducement material to the new employee 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 $110.88 per share, equal to the per share closing price of Ultragenyx’s common stock on May 14, 2021.

About Ultragenyx Pharmaceutical Inc.
Ultragenyx is a biopharmaceutical company committed to bringing novel therapies to patients for the treatment of serious rare and ultra-rare genetic diseases. The company has built a diverse portfolio of approved medicines and treatment candidates aimed at addressing diseases with high unmet medical need and clear biology, 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 were granted by Ultragenyx Pharmaceutical on May 18, 2021?

On May 18, 2021, Ultragenyx Pharmaceutical granted 4,677 stock options and 7,100 restricted stock units to a new non-executive officer.

What is the vesting schedule for the stock options granted to Ultragenyx's new officer?

The stock options vest 25% on the first anniversary and then 1/48th monthly thereafter over four years.

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

The exercise price for the stock options is $110.88 per share.

What is Ultragenyx's focus in the biopharmaceutical sector?

Ultragenyx focuses on developing therapies for rare and ultra-rare genetic diseases.