On October 12, 2023 Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the development and commercialization of novel therapies for rare and ultrarare diseases, reported the grant of 80,366 restricted stock units of the company’s common stock and the grant of non-qualified stock options to purchase an aggregate of 140,469 shares of common stock of the company to Howard Horn, its newly appointed Chief Financial Officer and Executive Vice President, Corporate Strategy (Press release, Ultragenyx Pharmaceutical, OCT 12, 2023, View Source [SID1234635893]). The awards were approved by the compensation committee of the company’s board of directors and granted under the Ultragenyx Employment Inducement Plan, as amended, with a grant date of October 9, 2023, as an inducement material to the new employees entering into employment with Ultragenyx in accordance with Nasdaq Listing Rule 5635(c)(4).
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The restricted stock units vest over four years, with 25% of the underlying shares vesting on each anniversary of the grant date, subject to Mr. Horn 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 Mr. Horn being continuously employed by the company as of such vesting dates. The stock options have a ten-year term and an exercise price of $35.68 per share, equal to the per share closing price of Ultragenyx’s common stock on October 9, 2023.