Syndax Pharmaceuticals Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Syndax Pharmaceuticals announced the hiring of Steve M. Sabus as Chief Commercial Officer on December 5, 2022. As part of this appointment, Sabus received an inducement award to purchase up to 220,000 shares of common stock at an exercise price of $25.44, the closing price on his hiring date. The award will vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter, contingent on his continued employment. This award was approved by Syndax's Board of Directors in line with NASDAQ Listing Rule 5635(c)(4).

Positive

• Inducement award of 220,000 shares reflects confidence in new Chief Commercial Officer.
• Exercise price set at $25.44 may align with long-term growth expectations.

Negative

• None.

WALTHAM, Mass., Dec. 8, 2022 /PRNewswire/ -- Syndax Pharmaceuticals, Inc. ("Syndax," the "Company" or "we") (Nasdaq: SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that in connection with the hiring, announced on December 5, 2022, of Steve M. Sabus as Chief Commercial Officer, Mr. Sabus received an inducement award to purchase up to 220,000 shares of common stock. The stock option has an exercise price per share of $25.44, the closing price of the Company's common stock on the Nasdaq Global Select Market on December 5, 2022 and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the vesting commencement date and 1/48th of the underlying shares vesting monthly thereafter over 36 months, subject to Mr. Sabus' continued service relationship with Syndax through the applicable vesting dates. Syndax's Board of Directors approved the award as inducement material to Mr. Sabus' employment in accordance with NASDAQ Listing Rule 5635(c)(4).

About Syndax Pharmaceuticals, Inc.

Syndax Pharmaceuticals is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. Highlights of the Company's pipeline include revumenib (SNDX-5613), a highly selective inhibitor of the Menin–MLL binding interaction, and axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor, both currently in pivotal trials. For more information, please visit www.syndax.com or follow the Company on Twitter and LinkedIn.

Syndax Contact

Sharon Klahre 
Syndax Pharmaceuticals, Inc. 
sklahre@syndax.com 
Tel 781.684.9827 

SNDX-G 

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SOURCE Syndax Pharmaceuticals, Inc.

FAQ

What is the recent stock option grant for SNDX?

Syndax Pharmaceuticals granted an inducement award for 220,000 shares to its new Chief Commercial Officer, Steve M. Sabus, at an exercise price of $25.44.

Who is Steve M. Sabus in relation to SNDX?

Steve M. Sabus was appointed as Chief Commercial Officer of Syndax Pharmaceuticals on December 5, 2022.

How will the stock options for SNDX vest?

The stock options will vest over four years, with 25% vesting on the one-year anniversary and the remainder vesting monthly over 36 months.

What is the significance of NASDAQ Listing Rule 5635(c)(4) for SNDX?

NASDAQ Listing Rule 5635(c)(4) allows for inducement awards as part of employment offers, which Syndax utilized in hiring Steve M. Sabus.