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

Rhea-AI Summary

Zentalis Pharmaceuticals (Nasdaq: ZNTL) announced on September 1, 2022, the grant of 125,000 non-qualified stock options to a new employee under the 2022 Employment Inducement Incentive Award Plan. This grant complies with Nasdaq Listing Rule 5635(c)(4) and has an exercise price of $27.86, equivalent to the closing price on the grant date. The options will vest over four years. Zentalis focuses on developing small molecule therapeutics for cancer treatment, with a pipeline that includes potential best-in-class candidates.

Positive

• Secured a new employee with stock option incentives.
• The stock options have a competitive exercise price of $27.86.
• Options vesting structure aligns employee interests with long-term company performance.

Negative

• None.

NEW YORK and SAN DIEGO, Sept. 01, 2022 (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 September 1, 2022, the Compensation Committee of Zentalis’ Board of Directors granted non-qualified stock options to purchase an aggregate of 125,000 shares of its common stock to one new employee. The stock options were granted under the Zentalis Pharmaceuticals, Inc. 2022 Employment Inducement Incentive Award Plan (the “2022 Inducement Plan”) as an inducement material to the employee’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 $27.86 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 portion of the options vesting in equal monthly installments over the three years thereafter, subject to the 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. The Company is developing a broad pipeline of potentially best-in-class oncology candidates, all internally discovered, which include 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 has licensed ZN-c3, ZN-d5 and ZN-c5 to its joint venture, Zentera Therapeutics, Ltd. to develop and commercialize these candidates in China. 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 Contact:

Alexandra Roy
Solebury Strategic Communications
aroy@soleburystrat.com

Media Contact:

Julia Deutsch
Solebury Strategic Communications
jdeutsch@soleburystrat.com

FAQ

What stock options were granted by Zentalis Pharmaceuticals on September 1, 2022?

Zentalis granted 125,000 non-qualified stock options to a new employee under the 2022 Employment Inducement Incentive Award Plan.

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

The exercise price is $27.86 per share, equal to the closing price on the grant date.

How will the stock options for Zentalis Pharmaceuticals vest?

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

What is the purpose of the 2022 Inducement Plan for ZNTL?

The plan is designed to grant equity awards to individuals who are new hires or returning after a bona fide period of non-employment.