On June 7, 2024 UroGen Pharma Ltd. (Nasdaq: URGN), a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers, reported the grants of inducement restricted stock units ("RSUs") and an option ("Option") to 15 new employees in connection with their employment with UroGen (Press release, UroGen Pharma, JUN 7, 2024, View Source [SID1234644197]). These new team members will support the ongoing commercialization of Jelmyto (mitomycin) for pyelocalyceal solution, UroGen’s first approved product, and the continued development of the Company’s pipeline.
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Up to 52,500 ordinary shares of UroGen are issuable upon the vesting and settlement of RSUs granted to 14 of the 15 new employees. The RSUs will vest equally over three years, with one-third of the underlying shares vesting each year on the anniversary of the vesting date, subject in each case to the employee’s continued service relationship with UroGen.
In addition, up to 13,041 ordinary shares of UroGen are issuable upon the vesting and settlement of RSUs and up to 71,942 ordinary shares are issuable upon the vesting and exercise of an Option granted to the remaining new employee, David Lin, UroGen’s Chief Commercial Officer. The exercise price of the Option is $13.13, which was the closing price of the ordinary shares on June 3, 2024, the date of grant, as reported on The Nasdaq Stock Market. The RSUs and Option granted to Mr. Lin will vest over three years, with one-third of the underlying shares vesting each year on the anniversary of the vesting date, subject in each case to Mr. Lin’s continued service relationship with UroGen.
The RSUs and Option are subject to the terms and conditions of UroGen’s 2019 Inducement Plan, RSU grant notice and agreement thereunder and stock option grant notice and agreement thereunder. The RSUs and Option were granted as an inducement material to each employee entering into employment with UroGen in accordance with Nasdaq Listing Rule 5635(c)(4).