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

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Zentalis Pharmaceuticals, Inc. announced the granting of non-qualified stock options and restricted stock units to six newly hired employees. The options have an exercise price of $11.69 per share and a 10-year term, vesting over four years. The restricted stock units will also vest over four years. The grants were made under the 2022 Inducement Plan as an inducement for entering into employment with Zentalis.

NEW YORK and SAN DIEGO, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Zentalis^® Pharmaceuticals, Inc. (Nasdaq: ZNTL), a clinical-stage biopharmaceutical company discovering and developing clinically differentiated small molecule therapeutics targeting fundamental biological pathways of cancer, today announced that on February 1, 2024, the Compensation Committee of Zentalis’ Board of Directors granted non-qualified stock options to purchase an aggregate of 451,250 shares of the Company’s common stock and 165,000 restricted stock units to six newly hired employees. The stock options and restricted stock units were granted under the Zentalis Pharmaceuticals, Inc. 2022 Employment Inducement Incentive Award Plan (2022 Inducement Plan) as an inducement material to each 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 each such individual’s entering into employment with Zentalis, pursuant to Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $11.69 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. The restricted stock units will vest over four years, with 25% of the restricted stock units vesting on each of the first, second, third and fourth anniversaries of the vesting commencement date.

Vesting of the stock options and the restricted stock units is 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 discovering and developing clinically differentiated small molecule therapeutics targeting fundamental biological pathways of cancers. The Company’s lead product candidate, azenosertib (ZN-c3), is a potentially first-in-class and best-in-class WEE1 inhibitor for advanced solid tumors and hematologic malignancies. Azenosertib is being evaluated as a monotherapy and in combination across multiple clinical trials and has broad franchise potential. In clinical trials, azenosertib has been well tolerated and has demonstrated anti-tumor activity as a single agent across multiple tumor types and in combination with several chemotherapy backbones. As part of its azenosertib clinical development program, the Company is exploring enrichment strategies targeting tumors of high genomic instability, such as Cyclin E1 positive tumors and homologous recombination deficient tumors. 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.

Contact:

Carlo Tanzi, Ph.D.
Kendall Investor Relations
ctanzi@kendallir.com

FAQ

What did Zentalis Pharmaceuticals announce on February 1, 2024?

Zentalis Pharmaceuticals announced the granting of non-qualified stock options and restricted stock units to six newly hired employees.

How many shares of the company's common stock were granted as non-qualified stock options?

An aggregate of 451,250 shares of the company's common stock were granted as non-qualified stock options.

Under which plan were the stock options and restricted stock units granted?

The stock options and restricted stock units were granted under the 2022 Inducement Plan as an inducement for entering into employment with Zentalis.

What is the exercise price of the stock options?

The exercise price of the stock options is $11.69 per share.

How long is the term for the stock options?

The stock options have a 10-year term.

How will the stock options and restricted stock units vest?

The stock options will vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting in equal monthly installments over the following three years. The restricted stock units will also vest over four years, with 25% vesting on each of the first, second, third, and fourth anniversaries.