Zymeworks Reports Incentive Grant Under New York Stock Exchange Listed Company Handbook Rule
VANCOUVER, British Columbia and SEATTLE–(BUSINESS WIRE)–Zymeworks Inc. (NYSE: ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, announced today, as required by New York Stock Exchange Listed Company Handbook Rule 303A.08 (the “NYSE Rule”), an equity incentive award to Mr. Kenneth Galbraith, incoming Chairman, President and Chief Executive Officer of Zymeworks.
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 commenced employment with Zymeworks, 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 Company’s Stock Option Plan. recently adopted Zymeworks Inc. stock and incentive stock and related option agreement, but will be subject to terms and conditions generally consistent with those of the current plan, except with respect to other terms and conditions intended to comply with the NYSE Incentive Allocation Exception.
About Zymeworks Inc.
Zymeworks is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. 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 Azymetric™ bispecific antibody targeting HER2 currently being evaluated in multiple Phase 1, Phase 2 and pivotal clinical trials globally as a treatment option targeted 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.