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

Rhea-AI Summary

Karyopharm Therapeutics (NASDAQ: KPTI) announced on February 1, 2023, the grant of 113,250 restricted stock units (RSUs) to ten newly hired employees as part of its 2022 Inducement Stock Incentive Plan. The RSUs will vest over three years, with one-third vesting each year, contingent upon the employees' continued service. These grants align with Nasdaq Listing Rule 5635(c)(4), offering incentives to attract talent. Karyopharm develops innovative cancer therapies, including XPOVIO® (selinexor), an oral exportin 1 inhibitor approved for multiple oncology indications in the U.S. and other regions.

Positive

• Granting of RSUs to attract new talent indicates company growth and potential for innovation.
• The RSUs vesting schedule promotes employee retention, aligning employee interests with company performance.

Negative

• None.

NEWTON, Mass., Feb. 1, 2023 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that the Company granted an aggregate of 113,250 restricted stock units (RSUs) to ten newly-hired employees. These RSU awards were granted as of January 31, 2023 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% percent of the shares underlying the RSU award vesting on each of the three consecutive anniversaries of the applicable employee's employment commencement 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 pioneering novel cancer therapies. Since its founding, Karyopharm has been an 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. Karyopharm has a focused pipeline targeting multiple high unmet need cancer indications, including in multiple myeloma, endometrial cancer, myelodysplastic neoplasms 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 is the recent announcement by Karyopharm Therapeutics regarding employee stock awards?

Karyopharm Therapeutics announced the grant of 113,250 RSUs to ten new employees on February 1, 2023, as part of its inducement plan.

How do the RSU awards vest for Karyopharm employees?

The RSU awards will vest over three years, with 33 1/3% vesting on each anniversary of the employee's start date.

What does the RSU award mean for Karyopharm and its employees?

The RSU awards serve as incentives to attract and retain talent, benefiting both the employees and the company's future performance.

Why did Karyopharm grant RSUs to new employees?

The RSUs were granted in accordance with Nasdaq Listing Rule 5635(c)(4) to attract skilled professionals to the company.

What is the significance of Nasdaq Listing Rule 5635(c)(4) for Karyopharm?

This rule allows Karyopharm to grant stock options or RSUs as an inducement to new recruits, facilitating competitive hiring.