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VANCOUVER, British Columbia & SEATTLE — Zymeworks Inc. (NYSE: ZYME), a clinical-stage biopharmaceutical firm creating multifunctional biotherapeutics, right this moment reported, as required by the New York Stock Exchange Listed Company Manual Rule 303A.08 (the “NYSE Rule”), an fairness inducement award to Mr. Kenneth Galbraith, Zymeworks’ new Chair, President and Chief Executive Officer.
In accordance with the NYSE Rule, Zymeworks authorized the grant of the next fairness award to Mr. Galbraith as a cloth inducement to Mr. Galbraith getting into into employment with Zymeworks: efficient as of the date his employment with Zymeworks started, a inventory choice to buy 500,000 of the corporate’s frequent shares (the “Options”). The Options have an train value per share of $14.97, which equals the closing value of the corporate’s frequent shares on January 14, 2022, and have a most time period of 10 years. Mr. Galbraith’s employment with the corporate started on January 15, 2022 (the “Start Date”).
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The Options will vest over a four-year interval 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 final day of every month following the one-year anniversary of the Start Date till the entire Options have vested, topic to Mr. Galbraith’s continued service. In addition, (i) if there’s a change of management and inside 12 months following, or inside three months previous to, such change of management, his employment is terminated by the corporate with out trigger or (ii) upon his loss of life or incapacity, 100% of the unvested Options will develop into totally vested as of the termination of his employment or the date of his loss of life or incapacity, as relevant.
The Options have been granted outdoors of the corporate’s Amended and Restated Stock Option and Equity Compensation Plan (the “Current Plan”) underneath the lately adopted Zymeworks Inc. Inducement Stock Option and Equity Compensation Plan and associated possibility settlement, however might be topic to phrases and situations usually per these within the Current Plan aside from with respect to such different phrases and situations meant to adjust to the NYSE inducement award exception.
About Zymeworks Inc.
Zymeworks is a clinical-stage biopharmaceutical firm devoted to the event of next-generation multifunctional biotherapeutics. Zymeworks’ suite of therapeutic platforms and its totally built-in drug growth engine allow exact engineering of extremely differentiated product candidates. Zymeworks’ lead scientific candidate, zanidatamab, is a novel Azymetric™ HER2-targeted bispecific antibody presently being evaluated in a number of Phase 1, Phase 2, and pivotal scientific trials globally as a focused remedy possibility for sufferers with stable tumors that categorical HER2. Zymeworks’ second scientific candidate, ZW49, is a novel bispecific HER2‑focused antibody-drug conjugate presently in Phase 1 scientific growth and combines the distinctive design and antibody framework of zanidatamab with Zymeworks’ proprietary ZymeLink™ linker and cytotoxin. Zymeworks can be advancing a deep preclinical pipeline in oncology (together with immuno-oncology brokers) and different therapeutic areas. In addition, its therapeutic platforms are being leveraged via strategic partnerships with world biopharmaceutical corporations. For extra data on our ongoing scientific trials go to www.zymeworksclinicaltrials.com . For further details about Zymeworks, go to www.zymeworks.com and comply with @ZymeworksInc on Twitter.
Ryan Dercho, Ph.D.