Zentalis Pharmaceuticals Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Zentalis Pharmaceuticals (Nasdaq: ZNTL), a clinical-stage biopharmaceutical company, announced the grant of non-qualified stock options to a new employee on February 1, 2023. A total of 12,500 options were issued under the 2022 Employment Inducement Incentive Award Plan. The options have an exercise price of $23.65 per share, equal to the closing stock price on the grant date. They are set to vest over four years, with 25% vesting after the first year and the remaining 75% in equal monthly installments. This plan aims to attract new talent as specified by Nasdaq Listing Rule 5635(c)(4).

Positive

• Granting of stock options may enhance employee retention and attract talent.
• Stock options are priced at $23.65, reflecting the market value, which may indicate company confidence.

Negative

• None.

NEW YORK and SAN DIEGO, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Zentalis™ Pharmaceuticals, Inc. (Nasdaq: ZNTL), a clinical-stage biopharmaceutical company focused on discovering and developing clinically differentiated small molecule therapeutics targeting fundamental biological pathways of cancer, today announced that on February 1, 2023, the Compensation Committee of Zentalis’ Board of Directors granted non-qualified stock options to purchase an aggregate of 12,500 shares of the Company’s common stock to one newly hired employee. The stock options were granted under the Zentalis Pharmaceuticals, Inc. 2022 Employment Inducement Incentive Award Plan (2022 Inducement Plan) as an inducement material to such individual’s entering into employment with Zentalis in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2022 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Zentalis, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Zentalis, pursuant to Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $23.65 per share, which is equal to the closing price of Zentalis’ common stock on The Nasdaq Global Market on the date of grant. The stock options have a 10-year term and will vest over four years, with 25% of the options vesting on the first anniversary of the vesting commencement date and the remaining 75% of the options vesting in equal monthly installments over the three years thereafter. Vesting of the stock options is subject to such employee’s continued service to Zentalis on each vesting date.

About Zentalis Pharmaceuticals
Zentalis™ Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapeutics targeting fundamental biological pathways of cancers. Utilizing its Integrated Discovery Engine, the Company is developing a focused pipeline of potentially best-in-class oncology candidates, which include azenosertib (ZN-c3), a Wee1 inhibitor for advanced solid tumors, ZN-d5, a BCL-2 inhibitor for hematologic malignancies and related disorders, and a heterobifunctional degrader of BCL-xL for solid and hematological malignancies. The Company is also leveraging its extensive experience and capabilities across cancer biology and medicinal chemistry to advance its research on protein degraders. Zentalis has operations in both New York and San Diego.

For more information, please visit www.zentalis.com. Follow Zentalis on Twitter at @ZentalisP and on LinkedIn at www.linkedin.com/company/zentalis-pharmaceuticals.

Investor Contacts:

Adam D. Levy, PhD, MBA
Senior Vice President, Investor Relations 
alevy@zentalis.com

Alexandra Roy
Solebury Strategic Communications 
aroy@soleburystrat.com

Media Contact:

Julia Deutsch
Solebury Strategic Communications 
jdeutsch@soleburystrat.com

 

FAQ

What are the details of the stock options granted by Zentalis Pharmaceuticals on February 1, 2023?

Zentalis Pharmaceuticals granted 12,500 non-qualified stock options to a new employee at an exercise price of $23.65 per share, vesting over four years.

Why did Zentalis Pharmaceuticals issue stock options on February 1, 2023?

The stock options were issued as an inducement for a newly hired employee under the 2022 Employment Inducement Incentive Award Plan.

How long is the vesting period for the new stock options at Zentalis Pharmaceuticals?

The stock options will vest over four years, with 25% vesting on the first anniversary and the remaining 75% in equal monthly installments.

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

This rule allows Zentalis to grant stock options as an inducement to new employees who were not previously employed by the company.

What is the purpose of Zentalis Pharmaceuticals' 2022 Employment Inducement Incentive Award Plan?

The plan is designed to grant equity awards to attract new talent and incentivize employee performance.