Karyopharm Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company focused on novel cancer therapies, has announced the granting of 14,000 restricted stock units (RSUs) to four newly-hired employees. These RSU awards, granted on July 31, 2024, are part of the Company's 2022 Inducement Stock Incentive Plan and comply with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest over three years, with 33 1/3% vesting on each anniversary of the grant date, subject to continued employment. In the event of a 'change in control,' the RSUs may become fully exercisable if the employee's employment is terminated under specific conditions within one year of the event.

Positive

• Karyopharm is attracting new talent with equity incentives
• The company is maintaining compliance with Nasdaq listing rules

Negative

• None.

NEWTON, Mass., Aug. 1, 2024 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that the Company granted an aggregate of 14,000 restricted stock units (RSUs) to four newly-hired employees. These RSU awards were granted as of July 31, 2024 (the "Grant Date") pursuant to the Company's 2022 Inducement Stock Incentive Plan, as amended, as inducements material to the new employees entering into employment with Karyopharm in accordance with Nasdaq Listing Rule 5635(c)(4).

Each RSU award will vest over three years, with 33 1/3% of the shares underlying the RSU award vesting on each of the three consecutive anniversaries of the Grant Date. The vesting of each RSU award is subject to the employee's continued service as an employee of, or other service provider to, Karyopharm through the applicable vesting dates. In addition, each RSU award will be immediately exercisable in full if, on or prior to the first anniversary of the consummation of a "change in control event," the employee's employment is terminated for "good reason" by the employee or terminated without "cause" by Karyopharm (as such terms are defined in the applicable RSU agreement).

About Karyopharm Therapeutics

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) is a commercial-stage pharmaceutical company whose dedication to pioneering novel cancer therapies is fueled by a belief in the extraordinary strength and courage of patients with cancer. Since its founding, Karyopharm has been an industry leader in oral compounds that address nuclear export dysregulation, a fundamental mechanism of oncogenesis. Karyopharm's lead compound and first­in­class, oral exportin 1 (XPO1) inhibitor, XPOVIO® (selinexor), is approved in the U.S. and marketed by the Company in three oncology indications. It has also received regulatory approvals in various indications in a growing number of ex­U.S. territories and countries, including Europe and the United Kingdom (as NEXPOVIO®) and China. Karyopharm has a focused pipeline targeting indications in multiple high unmet need cancers, including in multiple myeloma, endometrial cancer, myelofibrosis, and diffuse large B-cell lymphoma (DLBCL). For more information about our people, science and pipeline, please visit www.karyopharm.com, and follow us on LinkedIn and on X at @Karyopharm.

XPOVIO^® and NEXPOVIO^® are registered trademarks of Karyopharm Therapeutics Inc.

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SOURCE Karyopharm Therapeutics Inc.

FAQ

How many restricted stock units (RSUs) did Karyopharm Therapeutics (KPTI) grant to new employees on July 31, 2024?

Karyopharm Therapeutics (KPTI) granted an aggregate of 14,000 restricted stock units (RSUs) to four newly-hired employees on July 31, 2024.

What is the vesting schedule for the RSUs granted by Karyopharm Therapeutics (KPTI) on July 31, 2024?

The RSUs granted by Karyopharm Therapeutics (KPTI) will vest over three years, with 33 1/3% of the shares vesting on each of the three consecutive anniversaries of the Grant Date (July 31, 2024).

Under what circumstances can the RSUs granted by Karyopharm Therapeutics (KPTI) become immediately exercisable?

The RSUs can become immediately exercisable if, within one year of a 'change in control event,' the employee's employment is terminated for 'good reason' by the employee or without 'cause' by Karyopharm (KPTI).

What Nasdaq rule does Karyopharm Therapeutics (KPTI) comply with in granting these RSUs?

Karyopharm Therapeutics (KPTI) complies with Nasdaq Listing Rule 5635(c)(4) in granting these RSUs as inducements material to new employees entering into employment with the company.