Epizyme Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Epizyme (NASDAQ: EPZM) announced equity awards for COO Jerald Korn, effective April 1, 2022, as part of his employment agreement. Korn received options for 800,000 shares at an exercise price of $1.14 per share, matching the stock's closing price on the grant date. The options will vest incrementally, with 25% vesting on the first anniversary and the remainder monthly over the next three years, contingent on continued employment. These awards are approved under Nasdaq Listing Rule 5635(c)(4).

Positive

• Equity awards align management's interests with shareholders.
• Potential for employee retention and motivation through vested stock options.

Negative

• None.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Epizyme (Nasdaq: EPZM), a fully integrated, commercial-stage biopharmaceutical company developing and delivering transformative therapies for cancer patients against novel epigenetic targets, today announced that the Company has granted equity awards to Jerald Korn, the Company’s Chief Operating Officer, with a grant date of April 1, 2022, as equity inducement awards outside of the Company’s 2013 Stock Incentive Plan and material to Mr. Korn’s acceptance of employment with the Company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

Mr. Korn received options to purchase an aggregate of 800,000 shares of Epizyme common stock. The options have an exercise price of $1.14 per share, which is equal to the closing price of Epizyme common stock on April 1, 2022, the grant date of the options. The options will vest as to 25% of the underlying shares on the first anniversary of the grant date and as to an additional 2.0833% of the shares at the end of each successive month following the first anniversary of the grant date, such that the shares underlying the options granted to Mr. Korn will be fully vested on the fourth anniversary of the grant date, subject to Mr. Korn’s continued employment with Epizyme on such vesting dates.

About Epizyme, Inc.

Epizyme, Inc. is a fully integrated, commercial-stage biopharmaceutical company committed to its mission of rewriting treatment for cancer through novel epigenetic medicines. The Company is focused on creating medicines that are targeted at specific causes of diseases, that are orally administered, tolerable, easy to take and based on a deep understanding of the patients that may benefit from them. The Company aspires to change the standard-of-care for patients and physicians by developing medicines with fundamentally new mechanisms of action. For more information, visit www.epizyme.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220406005019/en/

Media:

Erin Graves

media@epizyme.com

(617) 500-0615

Investors:

Caitlin Stern

cstern@realchemistry.com

Source: Epizyme, Inc.

FAQ

What equity awards were granted to Jerald Korn at Epizyme?

Jerald Korn received options to purchase 800,000 shares at an exercise price of $1.14.

When will Jerald Korn's equity awards vest?

The options vest 25% on the first anniversary and then monthly over the next three years.

What is the significance of Nasdaq Listing Rule 5635(c)(4) for Epizyme?

It allows Epizyme to grant equity inducement awards outside of their stock incentive plan.

What is Epizyme's focus as a biopharmaceutical company?

Epizyme develops cancer therapies targeting novel epigenetic mechanisms.

How does the equity grant impact Epizyme's stock performance?

The equity grants may help align management incentives with shareholder interests, potentially supporting stock value.