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

Rhea-AI Summary

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) announced on August 3, 2020, the grant of stock options to purchase 27,300 shares of its common stock to three newly-hired employees, effective July 31, 2020. The options have an exercise price of $16.05 per share, equivalent to the closing price on the grant date. These stock options will vest over four years, with 25% vesting on the first anniversary of employment. In case of a change in control event, employees can fully exercise options if terminated for good reason or without cause.

Positive

• Granting stock options to new employees can enhance talent acquisition and retention.
• The stock options demonstrate a commitment to incentivize key personnel, which may lead to improved company performance.

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• None

NEWTON, Mass., Aug. 3, 2020 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), an innovation-driven pharmaceutical company, today announced that the Compensation Committee of Karyopharm's Board of Directors granted stock options to purchase an aggregate of 27,300 shares of Karyopharm's common stock to three newly-hired employees, with a grant date of July 31, 2020.  The stock options were granted 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 $16.05 per share, the closing price of Karyopharm's common stock on July 31, 2020. Each stock option vests 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, 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 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 agreement).

About Karyopharm Therapeutics

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) is an innovation-driven pharmaceutical company dedicated to the discovery, development, and commercialization of novel first-in-class drugs directed against nuclear export and related targets for the treatment of cancer and other major diseases. Karyopharm's Selective Inhibitor of Nuclear Export (SINE) compounds function by binding with and inhibiting the nuclear export protein XPO1 (or CRM1). Karyopharm's lead compound, XPOVIO^® (selinexor), received accelerated approval from the U.S. Food and Drug Administration (FDA) in July 2019 in combination with dexamethasone as a treatment for patients with heavily pretreated multiple myeloma. In June 2020, XPOVIO was approved by the FDA as a treatment for patients with relapsed or refractory diffuse large B-cell lymphoma. A Marketing Authorization Application for selinexor for patients with heavily pretreated multiple myeloma is also currently under review by the European Medicines Agency. In addition to single-agent and combination activity against a variety of human cancers, SINE compounds have also shown biological activity in models of neurodegeneration, inflammation, autoimmune disease, certain viruses and wound-healing. Karyopharm has several investigational programs in clinical or preclinical development. For more information, please visit www.karyopharm.com.

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SOURCE Karyopharm Therapeutics Inc.

FAQ

What is the stock option grant date for Karyopharm Therapeutics?

The stock option grant date for Karyopharm Therapeutics was July 31, 2020.

How many shares of Karyopharm's common stock were granted as stock options?

A total of 27,300 shares of Karyopharm's common stock were granted as stock options.

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

The exercise price of the stock options granted by Karyopharm is $16.05 per share.

How long does it take for Karyopharm's stock options to vest?

Karyopharm's stock options vest over four years, with 25% vesting on the first anniversary.

What happens to the stock options if there's a change in control event at Karyopharm?

If there's a change in control event, the stock options will be immediately exercisable in full if employment is terminated for good reason or without cause.