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

Rhea-AI Summary

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) announced on October 3, 2022, the granting of stock options and restricted stock units (RSUs) to new employees, including Executive VP Lisa DiPaolo. On September 30, 2022, a stock option to purchase 1,200 shares at $5.46 per share was awarded to a new hire, while DiPaolo received options for 100,000 shares and 65,000 RSUs at the same exercise price. The awards vest over four years, linked to ongoing employment. These inducements comply with Nasdaq rules and aim to attract talent essential for the company's innovative cancer therapies.

Positive

• Offering equity awards to attract key talent indicates strong management strategy.
• Karyopharm's equity awards align employee interests with company growth.

Negative

• None.

NEWTON, Mass., Oct. 3, 2022 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that on September 30, 2022 (the Grant Date), the Company granted a stock option to purchase 1,200 shares of Karyopharm's common stock and an award of 800 restricted stock units (RSUs) to one newly-hired employee. The stock option has an exercise price of $5.46 per share, the closing price of Karyopharm's common stock on the Grant Date. The 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 employee's employment commencement date and 1/48th of the total number of shares vesting monthly thereafter. The 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 employee's employment commencement date.

In addition, the Company granted a stock option to purchase 100,000 shares of Karyopharm's common stock and an award of 65,000 RSUs to Lisa DiPaolo, the Company's newly hired Executive Vice President, Chief Human Resources Officer & Head of People and Culture, on the Grant Date. The option has an exercise price of $5.46 per share, the closing price of Karyopharm's common stock on the Grant Date. The 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 Ms. DiPaolo's employment commencement date and 1/48th of the total number of shares vesting monthly thereafter.The RSU award will vest as to 50% of the shares underlying the award, on each of the two consecutive anniversaries of Ms. DiPaolo'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 stock options were granted by Karyopharm Therapeutics on October 3, 2022?

Karyopharm granted a stock option to purchase 1,200 shares to a new employee and 100,000 shares to Lisa DiPaolo, both at an exercise price of $5.46.

What is the vesting period for the RSUs granted by Karyopharm?

The RSUs will vest over four years, with 25% vesting on each of the four consecutive anniversaries of the employee's employment commencement date.

What is the significance of the stock option grants under Nasdaq Listing Rule 5635?

These grants are designed to incentivize new employees and comply with Nasdaq rules regarding inducement awards.

When were the stock options and RSUs granted by Karyopharm?

The stock options and RSUs were granted on September 30, 2022, with the announcement made on October 3, 2022.