VANCOUVER, British Columbia and SEATTLE–(BUSINESS WIRE)–January 15, 2022–
Zymeworks Inc. (NYSE: ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutic products, today announced, as required by Rule 303A.08 of the New York Stock Exchange Listed Company Handbook (Rule NYSE), an equity incentive award to Mr. Kenneth Galbraith, incoming Zymeworks Chairman, President and Chief Executive Officer.
Pursuant to NYSE rule, Zymeworks has approved the grant of the following equity award to Mr. Galbraith as a material incentive for Mr. Galbraith to join Zymeworks: effective from the date his employment with Zymeworks commenced, an option to purchase 500,000 shares of common stock of the Company (the Options). The options have an exercise price per share of $14.97, equivalent to the closing price of the Company’s common stock on January 14, 2022, and have a maximum term of 10 years. Mr. Galbraith’s employment with the Company commenced on January 15, 2022 (the Start Date).
The options will vest over a four-year period as follows: (i) 1/4 of the options will vest on the first anniversary of the start date and (ii) 1/36 of the remaining options will vest on the last day of each following month the first anniversary of the start date until all options vest, subject to Mr. Galbraith’s continuous service. In addition, (i) if there is a change of control and within 12 months following or within three months preceding such change of control, his employment is terminated by the company without cause or (ii) in the event of death or disability, 100% of unvested options will become fully vested upon termination of employment or date of death or disability, as the case may be.
The options were granted outside of the Company’s Amended and Restated Stock and Stock Option Plan (the Current Plan) under the Stock Option Plan and recently adopted Zymeworks Inc. incentive stock plan and related option agreement, but will generally be subject to terms and conditions consistent with those of the current plan, except with respect to other terms and conditions intended to comply with the NYSE Incentive Award Exception.
About Zymeworks Inc.
Zymeworks is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. The Zymeworks suite of therapeutic platforms and its fully integrated drug development engine enable precise engineering of highly differentiated product candidates. Zymeworks’ lead clinical candidate, zanidatamab, is a novel HER2-targeting azymetric bispecific antibody currently being evaluated in multiple Phase 1, Phase 2 and pivotal clinical trials globally as a targeted treatment option for patients with solid tumors that express HER2. Zymeworks’ second clinical candidate, ZW49, is a novel HER2-targeting bispecific antibody-drug conjugate currently in Phase 1 clinical development and combines the unique design and antibody framework of zanidatamab with Zymeworks’ proprietary ZymeLink linker and cytotoxin. Zymeworks is also advancing an extensive preclinical pipeline in oncology (including immuno-oncology agents) and other therapeutic areas. Additionally, its therapeutic platforms are leveraged through strategic partnerships with global biopharmaceutical companies. For more information about our ongoing clinical trials, visit www.zymeworksclinicaltrials.com. For more information about Zymeworks, visit www.zymeworks.com and follow @Zymeworks Inc on Twitter.
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KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: ONCOLOGY HEALTH GENERAL HEALTH RESEARCH PHARMACEUTICAL SCIENCE BIOTECHNOLOGY
SOURCE: Zymeworks Inc.
Copyright BusinessWire 2022.
PUBLISHED: 01/15/2022 08:30/DISC: 01/15/2022 08:32
Copyright BusinessWire 2022.
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