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

Rhea-AI Summary

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) announced the grant of stock options for 26,100 shares and 18,000 restricted stock units (RSUs) to eight new employees, effective July 29, 2022. The stock options have an exercise price of $4.25 and will vest over four years. RSUs will similarly vest over four years, contingent upon the employees’ continued service. This grant is part of Karyopharm's 2022 Inducement Stock Incentive Plan, complying with Nasdaq Listing Rule 5635(c)(4). Karyopharm focuses on innovative cancer therapies, including its leading product, XPOVIO®.

Positive

• Grant of stock options and RSUs can incentivize employee retention and enhance productivity.
• The exercise price of $4.25 aligns with the stock's closing price, potentially benefiting the company financially.

Negative

• None.

NEWTON, Mass., Aug. 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 26,100 shares of Karyopharm's common stock and an aggregate of 18,000 restricted stock units (RSUs) to eight newly-hired employees. These equity awards were granted as of July 29, 2022 (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 of the stock options has an exercise price of $4.25 per share, the closing price of Karyopharm's common stock on July 29, 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, Singapore, Canada, Israel, South Korea and Australia. 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 were granted by Karyopharm Therapeutics on August 1, 2022?

Karyopharm Therapeutics granted stock options to purchase 26,100 shares of common stock and 18,000 restricted stock units (RSUs) to eight newly-hired employees.

What is the exercise price for the stock options granted by Karyopharm?

The exercise price for the stock options is $4.25 per share, the closing price on July 29, 2022.

What are the vesting terms for the stock options and RSUs provided by Karyopharm?

The stock options will vest over four years, with 25% vesting on the one-year anniversary and the remainder vesting monthly. The RSUs will vest 25% annually over four years.

Why did Karyopharm grant stock options under Nasdaq Listing Rule 5635(c)(4)?

The inducement grants were made to encourage new employees to join Karyopharm as part of its 2022 Inducement Stock Incentive Plan.

What is Karyopharm Therapeutics known for?

Karyopharm Therapeutics is known for pioneering oral cancer therapies, particularly its lead compound, XPOVIO®, an oral exportin 1 (XPO1) inhibitor.