Aurinia Reports New Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
VICTORIA, British Columbia — Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH) (Aurinia or the Company), a biopharmaceutical company committed to delivering therapeutics that change the course of autoimmune disease, announced that the Company’s Compensation Committee granted, in connection with the previously announced appointments of Volker Knappertz, M.D. as Executive Vice President of Research and Development and Scott Habig as Chief Commercial Officer, an aggregate of 488,095 inducement stock options and an aggregate of 290,343 inducement restricted stock units (RSUs). Additionally, the Company’s Compensation Committee granted 10 new employees an aggregate of 123,100 inducement stock options and an aggregate of 73,700 inducement RSUs. The options have a per share exercise price of $8.18, the closing price of Aurinia’s common stock on July 29, 2022. The inducement stock options and RSUs have a grant date of August 1, 2022. The stock options and RSUs were granted as inducements material to the new employees entering employment with Aurinia in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement stock options have a ten-year term and vest over three years with one-third of the shares subject to the option vesting twelve months from the grant date, and the remainder vesting in twenty-four equal monthly installments thereafter.
The inducement RSUs shall vest in three equal annual installments beginning August 1, 2023.
Aurinia Pharmaceuticals is a fully integrated biopharmaceutical company focused on delivering therapies to treat targeted patient populations that are impacted by serious diseases with a high unmet medical need. In January 2021, the Company introduced LUPKYNIS® (voclosporin), the first FDA-approved oral therapy dedicated for the treatment of adult patients with active lupus nephritis. The Company’s head office is in Victoria, British Columbia, its U.S. commercial office is in Rockville, Maryland. The Company focuses its development efforts globally.
Vice President Investor Relations, Aurinia