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

Rhea-AI Summary

Ultragenyx Pharmaceutical (NASDAQ: RARE) has approved stock options and restricted stock units for a newly hired non-executive officer. The grant, dated November 16, 2022, includes 5,380 stock options and 5,000 restricted stock units. The stock options have a ten-year term with an exercise price of $35.22. Both the stock options and restricted stock units vest over four years, contingent on continuous employment. This decision aligns with Nasdaq Listing Rule 5635(c)(4) and reflects the company’s commitment to attracting talent in the biopharmaceutical sector focused on rare diseases.

Positive

• Granting stock options and restricted units signals commitment to attracting qualified talent.
• Stock options and restricted stock units vesting schedule can incentivize long-term employment.

Negative

• None.

NOVATO, Calif., Nov. 18, 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 5,380 shares of common stock of the company and 5,000 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 November 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 $35.22 per share, equal to the per share closing price of Ultragenyx’s common stock on November 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 did Ultragenyx Pharmaceutical announce on November 18, 2022 for stock symbol RARE?

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

How many stock options were granted by Ultragenyx on November 16, 2022?

Ultragenyx granted a total of 5,380 stock options.

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

The exercise price of the stock options is $35.22 per share.

What is the vesting schedule for 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 does the grant of stock options signify for Ultragenyx Pharmaceutical?

It signifies Ultragenyx's commitment to attracting and retaining talent in the biopharmaceutical industry.