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

Rhea-AI Summary

Karyopharm Therapeutics (Nasdaq: KPTI) announced on Sept. 1, 2022, the approval of stock options for 40,800 shares and 28,000 restricted stock units (RSUs) to eight new employees, aimed at incentivizing key talent. The stock options are priced at $5.06, aligning with the common stock's closing price as of August 31, 2022. Each equity award will vest over four years, contingent on continued employment. Additionally, 7,500 RSUs were granted to Johanna Shulman, VP, Program Lead, with specific vesting terms defined. These grants comply with Nasdaq Listing Rule 5635(c)(4).

Positive

• Granted stock options totaling 40,800 shares and RSUs of 28,000 to attract talent.
• Stock options priced at $5.06 reflect the market value as of the grant date.
• Vesting of awards incentivizes employee retention over four years.

Negative

• None.

NEWTON, Mass., Sept. 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 40,800 shares of Karyopharm's common stock and an aggregate of 28,000 restricted stock units (RSUs) to eight newly-hired employees.

Each of the stock options has an exercise price of $5.06 per share, the closing price of Karyopharm's common stock on August 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.

In addition, the Compensation Committee of Karyopharm's Board of Directors granted 7,500 RSUs to Johanna Shulman, Vice President, Program Lead, with a grant date of August 31, 2022. This RSU award will vest as to 50% of the total number of RSUs granted to Ms. Shulman on each of the two consecutive anniversaries of Ms. Shulman's employment commencement date.

Each of these equity awards were granted 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). 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 equity awards were granted by Karyopharm Therapeutics on Sept. 1, 2022?

Karyopharm approved stock options for 40,800 shares and 28,000 restricted stock units (RSUs) for new employees.

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

The exercise price for the stock options is $5.06 per share.

Who received additional RSUs at Karyopharm on August 31, 2022?

Johanna Shulman received 7,500 RSUs that vest over two years.

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

The stock options vest over four years, with 25% vesting after the first year and the remainder vesting monthly.

Are the equity awards granted by KPTI compliant with any regulations?

Yes, they comply with Nasdaq Listing Rule 5635(c)(4) as inducements for new employees.