Karyopharm Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Karyopharm Therapeutics has granted 171,400 restricted stock units (RSUs) to 11 new employees. The RSU awards will vest over three years, with 33 1/3% of the shares vesting on each anniversary of the employee's employment. The awards are subject to continued service and can be exercised in full in the event of a change in control or termination.

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• Karyopharm Therapeutics granted 171,400 restricted stock units (RSUs) to new employees, which could incentivize and retain talent.

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• None.

NEWTON, Mass., July 5, 2023 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that the Company granted an aggregate of 171,400 restricted stock units (RSUs) to 11 newly-hired employees. These RSU awards were granted as of June 30, 2023 pursuant to the Company's 2022 Inducement Stock Incentive Plan, as amended, as inducements material to the new employees entering into employment with Karyopharm in accordance with Nasdaq Listing Rule 5635(c)(4).

Each RSU award will vest over three years, with 33 1/3% of the shares underlying the RSU award vesting on each of the three consecutive anniversaries of the applicable employee's employment commencement date or June 30, 2023, as applicable. The vesting of each RSU award is subject to the employee's continued service as an employee of, or other service provider to, Karyopharm through the applicable vesting dates. In addition, each RSU award will be immediately exercisable in full if, on or prior to the first anniversary of the consummation of a "change in control event," the employee's employment is terminated for "good reason" by the employee or terminated without "cause" by Karyopharm (as such terms are defined in the applicable RSU agreement).

About Karyopharm Therapeutics

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) is a commercial-stage pharmaceutical company pioneering novel cancer therapies. Since its founding, Karyopharm has been an industry leader in oral Selective Inhibitor of Nuclear Export (SINE) compound technology, which was developed to address a fundamental mechanism of oncogenesis: nuclear export dysregulation. Karyopharm's lead SINE compound and first-in-class, oral exportin 1 (XPO1) inhibitor, XPOVIO® (selinexor), is approved in the U.S. and marketed by the Company in three oncology indications and has received regulatory approvals in various indications in a growing number of ex-U.S. territories and countries, including Europe and the United Kingdom (as NEXPOVIO®) and China. Karyopharm has a focused pipeline targeting multiple high unmet need cancer indications, including in multiple myeloma, endometrial cancer, myelodysplastic neoplasms and myelofibrosis. For more information about our people, science and pipeline, please visit www.karyopharm.com, and follow us on Twitter at @Karyopharm and LinkedIn.

XPOVIO^® and NEXPOVIO^® are registered trademarks of Karyopharm Therapeutics Inc.

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SOURCE Karyopharm Therapeutics Inc.

FAQ

What is Karyopharm Therapeutics' recent announcement?

Karyopharm Therapeutics granted 171,400 restricted stock units (RSUs) to 11 newly-hired employees.

How will the RSU awards vest?

The RSU awards will vest over three years, with 33 1/3% of the shares vesting on each anniversary of the employee's employment.

What conditions are required for the RSU awards to be exercisable in full?

The RSU awards can be exercised in full if a change in control event occurs or if the employee's employment is terminated for 'good reason' by the employee or without 'cause' by Karyopharm.

What is the purpose of the RSU awards?

The RSU awards are intended to incentivize and retain new employees.