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

Rhea-AI Summary

Karyopharm Therapeutics (Nasdaq: KPTI) announced the approval of stock options for 58,600 shares and 36,900 restricted stock units (RSUs) to six newly-hired employees. These equity awards, granted on March 31, 2022, are part of the 2022 Inducement Stock Incentive Plan. Each stock option has an exercise price of $7.37 per share and will vest over four years. RSUs will also vest over four years, with a 25% vesting at each anniversary. These awards serve as inducements for new employees in line with Nasdaq Listing Rule 5635(c)(4).

Positive

• Equity awards granted to attract talent, potentially enhancing workforce capabilities.
• Stock options and RSUs structured to incentivize long-term commitment with a four-year vesting schedule.

Negative

• None.

NEWTON, Mass., April 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 58,600 shares of Karyopharm's common stock and an aggregate of 36,900 restricted stock units (RSUs) to six newly-hired employees. These equity awards were granted as of March 31, 2022 (the Grant Date) pursuant to the Company's 2022 Inducement Stock Incentive Plan, 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 $7.37 per share, the closing price of Karyopharm's common stock on the Grant Date. 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. 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®), China and Singapore. Karyopharm has a focused pipeline targeting multiple high unmet need cancer indications, including in 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.

View original content:https://www.prnewswire.com/news-releases/karyopharm-therapeutics-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-301515942.html

SOURCE Karyopharm Therapeutics Inc.

FAQ

What are the stock options granted by Karyopharm Therapeutics in April 2022?

Karyopharm granted stock options for 58,600 shares and RSUs for 36,900 shares to six new employees as of March 31, 2022.

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

The exercise price of the stock options is $7.37 per share.

What is the vesting schedule for the stock options and RSUs granted by Karyopharm?

Both the stock options and RSUs vest over four years, with 25% vesting each anniversary.

Under which Nasdaq rule did Karyopharm grant these inducement equity awards?

The awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

How do the stock options and RSUs affect Karyopharm's employee retention?

The four-year vesting period encourages employee retention and aligns interests with the company's long-term performance.