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

Rhea-AI Summary

Zentalis Pharmaceuticals, Inc. (Nasdaq: ZNTL) announced on November 1, 2022, the grant of non-qualified stock options for 350,025 shares to four newly hired employees. This grant is part of their 2022 Employment Inducement Incentive Award Plan, complying with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $25.60 per share, equal to the stock's closing price on the grant date, and will vest over four years. Zentalis focuses on developing small molecule cancer therapeutics, with various oncology candidates in their pipeline.

Positive

• Granting of 350,025 stock options indicates company growth and talent acquisition.
• Stock options are structured to incentivize long-term employee retention.

Negative

• None.

NEW YORK and SAN DIEGO, Nov. 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 November 1, 2022, the Compensation Committee of Zentalis’ Board of Directors granted non-qualified stock options to purchase an aggregate of 350,025 shares of the Company’s common stock to four newly hired employees. The stock options were granted under the Zentalis Pharmaceuticals, Inc. 2022 Employment Inducement Incentive Award Plan (2022 Inducement Plan) as an inducement material to each 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 $25.60 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 each 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 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 stock options were granted by Zentalis Pharmaceuticals on November 1, 2022?

On November 1, 2022, Zentalis Pharmaceuticals granted non-qualified stock options to purchase 350,025 shares to four new employees.

What is the exercise price for the stock options granted by Zentalis?

The exercise price for the stock options granted by Zentalis is $25.60 per share.

How will the stock options vest for Zentalis employees?

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

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

The 2022 Inducement Plan is designed to grant equity awards as an inducement for newly hired employees.