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Zymeworks Reports Inducement Grant to New Chief Scientific Officer
VANCOUVER, British Columbia & SEATTLE--(BUSINESS WIRE)-- Zymeworks Inc. (NYSE: ZYME), a clinical-stage biopharmaceutical company developing multifunctional
About this update from Zymeworks Inc.
[{"type":"text","content":" VANCOUVER, British Columbia & SEATTLE--(BUSINESS WIRE)--\nZymeworks Inc. (NYSE: ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today reported, as required by the New York Stock Exchange Listed Company Manual Rule 303A.08 (the “NYSE Rule”), an equity inducement award to Dr. Paul Moore, Zymeworks’ new Chief Scientific Officer.\n\nIn accordance with the NYSE Rule, Zymeworks approved the grant of the following equity award to Dr. Moore as a material inducement to Dr. Moore entering into employment with Zymeworks: effective as of the date his employment with Zymeworks began, a stock option to purchase 200,000 of the company’s common shares (the “Options”). The Options have an exercise price per share of $5.82, which equals the closing price of the company’s common shares on July 18, 2022, and have a maximum term of 10 years. Dr. Moore’s employment with the company began on July 18, 2022 (the “Start Date”).\n\nThe Options will vest over a four-year period as follows: (i) 1/4 of the Options will vest on the one-year anniversary of the Start Date and (ii) 1/36 of the remaining Options will vest on the last day of each month following the one-year anniversary of the Start Date until all of the Options have vested, subject to Dr. Moore’s continued service. In addition, if there is a change of control and within 12 months following such change of control his employment is terminated by the company without cause, 100% of the unvested Options will become fully vested as of the termination of his employment.\n\nThe Options were granted outside of the company’s Amended and Restated Stock Option and Equity Compensation Plan (the “Current Plan”) under the Zymeworks Inc. Inducement Stock Option and Equity Compensation Plan and related option agreement, but will be subject to terms and conditions generally consistent with those in the Current Plan other than with respect to such other terms and conditions intended to comply with the NYSE inducement award exception.\n\nAbout Zymeworks Inc.\n\nZymeworks is a clinical-stage biopharmaceutical company dedicated to the discovery, development, and commercialization of next-generation multifunctional biotherapeutics. Zymeworks’ suite of therapeutic platforms and its fully integrated drug development engine enable precise engineering of highly differentiated ...