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Kezar Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Kezar Life Sciences announced the granting of nonqualified stock options for 29,000 shares to two employees, with an exercise price of $12.54 per share, corresponding to its closing price on May 2, 2022. These options will vest over four years, starting with 25% after one year and the remainder vesting monthly. This move follows Nasdaq Listing Rule 5635(c)(4) and is part of Kezar's strategy to attract talent while continuing to develop therapies for immune-mediated and oncologic disorders.
Positive
Stock options granted to enhance employee retention and recruitment.
Options vesting over four years may motivate long-term performance.
Negative
None.
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--
Kezar Life Sciences, Inc., (Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing breakthrough treatments for immune-mediated and oncologic disorders, today announced that the Compensation Committee of the company’s Board of Directors granted two employees nonqualified stock options to purchase an aggregate of 29,000 shares of its common stock with an exercise price of $12.54 per share, which is equal to the closing price of Kezar’s common stock on May 2, 2022, the grant date of the awards. The stock options were granted as an inducement material to the individuals entering into employment with Kezar, in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options will vest over a four-year period, with 25% of each option vesting on the first anniversary of the employee’s start date, and 1/48th of the total shares vesting monthly thereafter, subject to continued employment on each vesting date. The options are subject to the terms and conditions of Kezar’s 2022 Inducement Plan and the stock option agreement covering the grants.
About Kezar Life Sciences
Kezar Life Sciences is a clinical-stage biopharmaceutical company discovering and developing breakthrough treatments for immune-mediated and oncologic disorders. The company is pioneering first-in-class, small-molecule therapies that harness master regulators of cellular function to inhibit multiple drivers of disease via single, powerful targets. Zetomipzomib (KZR-616), its lead development asset, is a selective immunoproteasome inhibitor being evaluated in Phase 2 clinical trials in lupus nephritis, dermatomyositis and polymyositis. KZR-261 is the first anti-cancer clinical candidate from the company’s platform targeting the Sec61 translocon and the protein secretion pathway. An open-label dose-escalation Phase 1 clinical trial of KZR-261 to assess safety, tolerability and preliminary tumor activity in solid tumors is underway. For more information, visit www.kezarlifesciences.com.
