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

Rhea-AI Summary

Karyopharm Therapeutics (Nasdaq: KPTI) has granted 8,800 restricted stock units (RSUs) to three newly-hired employees as of June 30, 2024, under its 2022 Inducement Stock Incentive Plan.

The RSUs are an inducement for employment and will vest over three years, with one-third vesting on each anniversary of the grant date. These awards are subject to the employees' continued service. Additionally, full vesting will occur if employment is terminated for 'good reason' or without 'cause' within one year following a change in control event.

Positive

• Karyopharm Therapeutics has granted 8,800 RSUs to newly-hired employees, potentially enhancing employee retention and morale.
• The RSUs vest over three years, aligning employee interests with long-term company performance.
• Immediate full vesting upon termination under specific conditions protects employees and may enhance job security and satisfaction.

Negative

• The inducement grants may result in shareholder dilution.
• Long-term commitment to vesting might not materialize if employees leave or are terminated within the vesting period.

NEWTON, Mass., July 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 8,800 restricted stock units (RSUs) to three newly-hired employees. These RSU awards were granted as of June 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 first­in­class, 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 ex­U.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.

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SOURCE Karyopharm Therapeutics Inc.

FAQ

What did Karyopharm Therapeutics announce on July 1, 2024?

On July 1, 2024, Karyopharm Therapeutics announced the granting of 8,800 restricted stock units to three newly-hired employees under its 2022 Inducement Stock Incentive Plan.

How many restricted stock units did Karyopharm Therapeutics grant?

Karyopharm Therapeutics granted a total of 8,800 restricted stock units to three newly-hired employees.

What is the vesting schedule for Karyopharm Therapeutics' RSUs granted on June 30, 2024?

The RSUs will vest over three years, with 33 1/3% vesting on each of the three consecutive anniversaries of the grant date.

Under what conditions will Karyopharm Therapeutics' RSUs fully vest immediately?

The RSUs will fully vest immediately if the employee's employment is terminated for 'good reason' or without 'cause' within one year following a change in control event.

What is the stock symbol for Karyopharm Therapeutics?

The stock symbol for Karyopharm Therapeutics is KPTI.