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

Karyopharm Therapeutics (Nasdaq: KPTI) announced on April 3, 2023, the grant of 221,900 restricted stock units (RSUs) to thirteen new employees, effective March 31, 2023.

Rhea-AI Summary

Karyopharm Therapeutics (Nasdaq: KPTI) announced on April 3, 2023, the grant of 221,900 restricted stock units (RSUs) to thirteen new employees, effective March 31, 2023. The RSUs will vest over three years, with one-third vesting annually. Additionally, Senior VP Tahira Payne received 60,000 RSUs, vesting at 25% each year for four years. These equity awards comply with the 2022 Inducement Stock Incentive Plan and Nasdaq Listing Rule 5635(c)(4). The vesting of awards is contingent on ongoing employment, with provisions for immediate vesting upon certain terminations of employment.

Positive

• Grant of 221,900 RSUs enhances employee retention and incentivizes new hires.
• Appointment of experienced Senior VP signifies strategic growth.

Negative

• None.

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NEWTON, Mass., April 3, 2023 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that the Company granted an aggregate of 221,900 restricted stock units (RSUs) to thirteen newly-hired employees. These RSU awards were granted as of March 31, 2023. Each RSU award will vest over three years, with 33 1/3% percent of the shares underlying the RSU award vesting on each of the three consecutive anniversaries of the applicable employee's employment commencement date.

In addition, the Company granted an award of 60,000 RSUs to Tahira Payne, the Company's newly hired Senior Vice President, Development Operations, with a grant date of March 31, 2023. The RSU award will vest as to 25% of the shares underlying the award, on each of four consecutive anniversaries of Ms. Payne's employment commencement date.

Each of these equity awards were granted 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). 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 pioneering novel cancer therapies. Since its founding, Karyopharm has been an industry leader in oral Selective Inhibitor of Nuclear Export (SINE) compound technology, which was developed to address a fundamental mechanism of oncogenesis: nuclear export dysregulation. Karyopharm's lead SINE compound and first-in-class, oral exportin 1 (XPO1) inhibitor, XPOVIO® (selinexor), is approved in the U.S. and marketed by the Company in three oncology indications and has received regulatory approvals in various indications in a growing number of ex-U.S. territories and countries, including Europe and the United Kingdom (as NEXPOVIO®) and China. Karyopharm has a focused pipeline targeting multiple high unmet need cancer indications, including in multiple myeloma, endometrial cancer, myelodysplastic neoplasms and myelofibrosis. For more information about our people, science and pipeline, please visit www.karyopharm.com, and follow us on Twitter at @Karyopharm and LinkedIn.

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

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SOURCE Karyopharm Therapeutics Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Karyopharm Therapeutics announce on April 3, 2023?

Karyopharm announced the grant of 221,900 restricted stock units (RSUs) to thirteen new employees.

How many RSUs were granted to the new Senior VP at Karyopharm?

The new Senior VP, Tahira Payne, received 60,000 RSUs.

What is the vesting schedule for RSUs granted by Karyopharm?

The RSUs vest over three years, with one-third vesting annually for new employees and 25% annually for the Senior VP.

Under what plan were the RSUs granted at Karyopharm?

The RSUs were granted under the Company's 2022 Inducement Stock Incentive Plan.

What is the purpose of granting RSUs to new employees at Karyopharm?

The RSUs serve as inducements for new hires, promoting retention and commitment.