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

Rhea-AI Summary

Karyopharm Therapeutics Inc. granted 72,700 restricted stock units (RSUs) to five new employees on April 30, 2024, under the 2022 Inducement Stock Incentive Plan. These RSUs will vest over three years, with 33 1/3% vesting annually. The awards are subject to continued service and can be fully exercisable in case of a 'change in control event' within the first year.

NEWTON, Mass., May 1, 2024 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that the Company granted an aggregate of 72,700 restricted stock units (RSUs) to five newly-hired employees. These RSU awards were granted as of April 30, 2024 (the "Grant Date") 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 Grant Date. 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 whose dedication to pioneering novel cancer therapies is fueled by a belief in the extraordinary strength and courage of patients with cancer. Since its founding, Karyopharm has been an industry leader in oral compounds that address nuclear export dysregulation, a fundamental mechanism of oncogenesis. Karyopharm's lead 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. It has also 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 indications in multiple high unmet need cancers, including in multiple myeloma, endometrial cancer, myelofibrosis, and diffuse large B-cell lymphoma (DLBCL). For more information about our people, science and pipeline, please visit www.karyopharm.com, and follow us on LinkedIn and on X at @Karyopharm.

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/karyopharm-therapeutics-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-302131954.html

SOURCE Karyopharm Therapeutics Inc.

FAQ

How many restricted stock units (RSUs) were granted by Karyopharm Therapeutics Inc.?

Karyopharm granted 72,700 RSUs to five new employees.

What is the vesting period for the RSU awards?

The RSU awards will vest over three years, with 33 1/3% vesting annually.

Under what circumstances can the RSU awards be fully exercisable?

The RSU awards can be fully exercisable in case of a 'change in control event' within the first year.

What is the purpose of granting these RSU awards?

The RSU awards were granted as inducements to new employees entering into employment with Karyopharm.

What is the significance of the Nasdaq Listing Rule 5635(c)(4) in this announcement?

The RSU awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4) as inducements for new employees.