On February 6, 2023 Kezar Life Sciences, Inc., (Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing breakthrough treatments for immune-mediated and oncologic disorders, reported that the Compensation Committee of the company’s Board of Directors granted five employees nonqualified stock options to purchase 131,000 shares of its common stock with an exercise price of $7.10 per share, which is equal to the closing price of Kezar’s common stock on February 3, 2023, the grant date of the awards (Press release, Kezar Life Sciences, FEB 6, 2023, View Source [SID1234626899]). The stock options were granted as an inducement award material to the individuals entering into employment with Kezar, in accordance with Nasdaq Listing Rule 5635(c)(4).
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The stock options will vest over a four-year period, with 25% of each option vesting on the first anniversary of the employee’s start date, and 1/48th of the total shares vesting monthly thereafter, subject to continued employment on each vesting date. The options are subject to the terms and conditions of Kezar’s 2022 Inducement Plan and the stock option agreement covering the grants.