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

Rhea-AI Summary

Karyopharm Therapeutics (Nasdaq: KPTI) announced the grant of stock options for 136,700 shares and 90,700 restricted stock units (RSUs) to 18 newly hired employees as of May 31, 2022. This is part of the Company's 2022 Inducement Stock Incentive Plan, aligning with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $6.28 per share and will vest over four years. The RSUs will also vest over four years, with 25% vesting annually. These awards incentivize talent acquisition in the competitive pharmaceutical industry.

Positive

• Grant of stock options and RSUs to attract new talent, potentially enhancing company growth.
• Stock options priced at $6.28, aligning with closing price, indicating sound financial planning.

Negative

• None.

NEWTON, Mass., June 1, 2022 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that the Company approved the grant of stock options to purchase an aggregate of 136,700 shares of Karyopharm's common stock and an aggregate of 90,700 restricted stock units (RSUs) to 18 newly-hired employees. These equity awards were granted as of May 31, 2022 (the Grant Date) pursuant to the Company's 2022 Inducement Stock Incentive Plan, as inducements material to the new employees entering into employment with Karyopharm in accordance with Nasdaq Listing Rule 5635(c)(4).

Each of the stock options has an exercise price of $6.28 per share, the closing price of Karyopharm's common stock on May 31, 2022. Each stock option will vest over four years, with 25% of the total number of shares underlying the stock option vesting on the one-year anniversary of the applicable employee's employment commencement date and 1/48th of the total number of shares vesting monthly thereafter. Each RSU award will vest over four years, with 25% percent of the shares underlying the RSU award vesting on each of the four consecutive anniversaries of the applicable employee's employment commencement date. The vesting of each inducement 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 stock option and 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 stock option or 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 the 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 syndromes 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 stock options and RSUs did Karyopharm grant on June 1, 2022?

Karyopharm granted stock options for 136,700 shares and 90,700 RSUs to 18 new employees.

What is the exercise price of Karyopharm's stock options?

The exercise price of Karyopharm's stock options is $6.28 per share.

What is the vesting schedule for Karyopharm's stock options and RSUs?

Both stock options and RSUs vest over four years, with 25% vesting annually.

Under what plan were Karyopharm's stock options and RSUs granted?

The stock options and RSUs were granted under the Company's 2022 Inducement Stock Incentive Plan.

What rule did Karyopharm follow for the stock option grant?

Karyopharm's stock option grant complied with Nasdaq Listing Rule 5635(c)(4).