Document:

EX-10.17

 Exhibit 10.17 

 

			
	

		Targeting Disease at the Nuclear Pore

 October 15, 2014 

VIA ELECTRONIC MAIL 
 Mr. Ran Frenkel 

Dear Mr. Frenkel: 
 I am pleased that you
have agreed to join our organization as Executive Vice President, Worldwide Development Operations and Managing Director of our subsidiary, a German limited liability company (“Karyopharm Europe”) that is wholly-owned by
Karyopharm Therapeutics Inc., a Delaware corporation (the “Company”). 
 In connection with your employment with
Karyopharm Europe and our mutual expectation that, if and as soon as you become eligible for an intracompany transfer permitting you to be employed by the Company in the United States, you will become an employee of the Company headquartered in the
greater Boston, Massachusetts area, we are offering relocation assistance to you of reasonable and documented relocation expenses not to exceed a maximum of $70,000 (the “Relocation Assistance”) associated with the
anticipated relocation of you and your family from continental Europe to a primary residence within a reasonable daily commute of the Company’s headquarters. 

The Company agrees to reimburse you for reasonable and documented expenses associated with your relocation in connection with your anticipated
employment with the Company in the United States. You must be employed by Karyopharm Europe or the Company at the time the expense is incurred. The Company will reimburse you for authorized and documented eligible relocation expenses promptly
following the date on which you provide documentation of the expense which is reasonably acceptable to the Company, but in any event no later than December 31 of the calendar year in which the expense is incurred. All such reimbursements are
subject to the terms set forth in Exhibit A. 
 In addition, we will recommend to the Company’s Board of Directors that they grant you
a stock option to purchase One Hundred Sixty Thousand (160,000) shares of the Company’s Common Stock at a price per share equal to the fair market value per share of the Common Stock on the date of grant, as determined by the
Company’s Board of Directors. The stock option will vest over four years at the rate of 25% on the one-year anniversary of your date of hire, subject to your continuing employment with the Company as of that date. The remaining shares shall
vest over the next three years in equal monthly amounts, subject to your continuing employment with 

 
the Company. This option grant shall be subject to the terms and conditions of the Company’s 2013 Stock Incentive Plan and the applicable Stock Option Agreement. For the purposes of this
paragraph, “Company” shall include Karyopharm Europe. 
 Your employment with Karyopharm Europe shall remain subject to the
terms and conditions of that certain service agreement between you and Karyopharm Europe dated on or about the date hereof (the “Service Agreement”) and, if you become employed by the Company as you and the Company currently expect, your
employment shall be at-will, meaning that you and the Company may terminate the employment relationship at any time, with or without cause, and with or without notice. 

For the purposes of the following paragraph, “Severance Eligibility Date” shall mean the date that is nine
(9) months from the date on which you first become a Managing Director of Karyopharm Europe. If the Company (which, for the purposes of this paragraph and sections a, b and c, below, includes Karyopharm Europe and any successor entity of the
Company) terminates the term of your employment without Cause after the Severance Eligibility Date or fails to offer you continued employment once you have received an L-1 or B-1 Visa to work in the United States, or you resign for Good Reason after
the Severance Eligibility Date, the Company will continue to pay you your base salary at its then-current rate, in accordance with the Company’s then-current regular payroll procedures for employees, for six (6) months , provided that you
execute and return to the Company a severance and release of claims agreement provided by and satisfactory to the Company (or, if applicable, its successor) (the “Severance Agreement”) and such Severance Agreement becomes binding and
enforceable within 60 calendar days (or such shorter period as the Company may require) after your termination of employment (provided that if such 60 day period ends in a calendar year subsequent to the year in which you are terminated, payment
will not begin before the first business day of that subsequent year). Notwithstanding the foregoing, if your employment is terminated without Cause after the Severance Eligibility Date, or you resign for Good Reason after the Severance Eligibility
Date, in either case within one year following the consummation of a Change in Control (as defined below), then the Company (or its successor entity) will continue to pay you your base compensation at its then-current rate, in accordance with the
Company’s (or successor’s) then-current regular payroll procedures for employees, for nine (9) months, provided that you enter into a Severance Agreement pursuant to the terms and conditions set forth above. The payment of severance
hereunder is subject to the terms and conditions set forth on Exhibit A. 
 For purposes of this letter agreement: 

 

	 	(a)	 “Change in Control” shall mean the sale of all or substantially all of the outstanding shares of capital stock, assets or
business of the Company, by merger, consolidation, sale of assets or otherwise (other than a transaction in which all or substantially all of the individuals and entities who were beneficial owners of the capital stock of the Company immediately
prior to such transaction beneficially own, directly or indirectly, more than 50% of the outstanding securities (on an as-converted to Common Stock basis) entitled to vote generally in the election of directors of the (i) resulting, surviving
or acquiring corporation in such transaction in the case of a 

  
 Page 2 of 6 

	 	
merger, consolidation or sale of outstanding shares, or (ii) acquiring corporation in the case of a sale of assets. 

 

	 	(b)	“Cause” shall mean (i) an act or acts of material willful misconduct by you in violation of law or government regulation in the course of your employment by the Company, (ii) your
conviction by a court of competent jurisdiction of theft or misappropriation by you of assets of the Company, (iii) your conviction by a court of competent jurisdiction of fraud committed by you or at your direction, (iv) your conviction
by a court of competent jurisdiction of, or pleading “guilty” or “no contest” to, (x) a felony or (y) any other criminal charge that has, or could be reasonably expected to have, a material adverse impact on the Company
or the performance of your duties, (v) willful, repeated and material failure to perform, or gross negligence in the performance of, the duties which are reasonably assigned to you by the Company, (vi) material breach of any agreement to
which you and the Company are party and/or (vii) failure to fully participate in a Company investigation as may be reasonably requested by the Company; provided, however, that you shall have a period of thirty (30) days to cure (if
curable) any act constituting Cause under clauses (v) or (vii) of this paragraph, following the Company’s delivery to you of written notice, setting forth in reasonable detail the facts and circumstances claimed to provide a basis for
the termination for Cause. 

  

	 	(c)	“Good Reason” shall mean (i) the assignment to you of any duties inconsistent in any adverse, material respect with your position, authority, duties or responsibilities as then constituted,
or any other action by the Company which results in a material diminution in such position, authority, duties or responsibilities or (ii) a material reduction in base compensation, other than as a result of across-the-board reductions or
terminations affecting employees of the Company generally; provided, however, that the conditions described immediately above in clauses (i) and (ii) shall not give rise to a termination for Good Reason, unless you have
notified the Company in writing within thirty (30) days of the first occurrence of the facts and circumstances claimed to provide a basis for the termination for Good Reason, the Company has failed to correct the condition within fifteen
(15) days after the Company’s receipt of such written notice, and you actually terminate employment with the Company within forty-five (45) days of the first occurrence of the condition. 

This letter, together with the other documents and agreements referenced herein, sets forth all of the terms of your employment with the
Company and Karyopharm Europe, and supersedes any prior representations or agreements including, but not limited to, any representations made during your recruitment, interviews or pre-employment negotiations,
whether written or oral. This letter may not be modified or amended except by a written agreement signed by the Company and you. This letter agreement, for all purposes, shall be construed in accordance with the laws of the State of Delaware without
regard to conflicts-of-law principles. 
 [SIGNATURE PAGE FOLLOWS] 

  
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	Very truly yours,
	
	KARYOPHARM THERAPEUTICS INC.
		
	By:	 	 /s/ Christopher B. Primiano

		 	Christopher B. Primiano
		 	VP, Corporate Development, General Counsel & Secretary

  

	
	Agreed to and accepted:
	
	 /s/ Ran Frenkel

	Ran Frenkel

  
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 Exhibit A 

Payments Subject to Section 409A 
 1.
Subject to this Exhibit A, any severance payments that may be due under the letter agreement shall begin only upon the date of your “separation from service” (determined as set forth below) which occurs on or after the termination of your
employment. The following rules shall apply with respect to distribution of the severance payments, if any, to be provided to you under the letter agreement, as applicable: 

(a) It is intended that each installment of the severance payments under the letter agreement provided under shall be treated as a separate
“payment” for purposes of Section 409A. Neither the Company nor you shall have the right to accelerate or defer the delivery of any such payments except to the extent specifically permitted or required by Section 409A. 

(b) If, as of the date of your “separation from service” from the Company, you are not a “specified employee” (within the
meaning of Section 409A), then each installment of the severance payments shall be made on the dates and terms set forth in the letter agreement. 

(c) If, as of the date of your “separation from service” from the Company, you are a “specified employee” (within the
meaning of Section 409A), then: 
 (i) Each installment of the severance payments due under the letter agreement that, in accordance
with the dates and terms set forth herein, will in all circumstances, regardless of when your separation from service occurs, be paid within the short-term deferral period (as defined under Section 409A) shall be treated as a short-term
deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A and shall be paid on the dates and terms set forth in the letter agreement; and 

(ii) Each installment of the severance payments due under the letter agreement that is not described in this Exhibit A, Section 1(c)(i)
and that would, absent this subsection, be paid within the six-month period following your “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or,
if earlier, your death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following your separation from service and any
subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments if and to the maximum extent that
that such installment is 

  
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deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to
separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following the
taxable year in which the separation from service occurs. 
 2. The determination of whether and when your separation from service from the Company has
occurred shall be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Exhibit A, Section 2, “Company” shall include all persons
with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code. 
 3. All reimbursements and in-kind benefits
provided under this letter agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the
requirements that (i) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this letter agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year
may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred
and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 
 4. The Company makes no
representation or warranty and shall have no liability to your or to any other person if any of the provisions of the letter agreement (including this Exhibit) are determined to constitute deferred compensation subject to Section 409A but that
do not satisfy an exemption from, or the conditions of, that section. 

  
 Page 6 of 6EX-10.21

 Exhibit 10.21 

KARYOPHARM THERAPEUTICS INC. 

January 23, 2015 
 Christopher B. Primiano 

c/o Karyopharm Therapeutics Inc. 
 85 Wells Avenue 

Newton, MA 02459 
 Dear Chris: 

Subject to your execution below, this letter hereby amends the employment letter, dated March 2, 2014, between you and Karyopharm
Therapeutics Inc. (the “Company”) and provides for the following terms of employment: 
 The terms of your position with
the Company are as set forth below: 
 1. Position. You will continue to serve as Vice President, Corporate Development,
General Counsel and Secretary, reporting to the Company’s Chief Executive Officer. In your role you will have the responsibilities customarily associated with such position and those that are assigned to you by the Company’s Chief
Executive Officer. During the term of your employment with the Company, you will devote your full professional time and efforts to the business of the Company, except that you may engage in other activities that may be approved in advance by
the Company’s Board of Directors (the “Board”).
 2. Compensation. 

a. Base Salary. Effective January 1, 2015, you will be paid an annualized base salary of Three Hundred Twenty-Five
Thousand Dollars ($325,000), subject to tax and other withholdings required by law. Your base salary will be payable pursuant to the Company’s regular payroll policy. Your salary may be adjusted from time to time in accordance with normal
business practices and in the sole discretion of the Company. 
 b. Bonus Program. Effective January 1, 2015, you
will be eligible for an annual bonus that targets forty percent (40%) of your annualized base salary based upon achievement of certain performance goals and corporate milestones established by the Company. Achievement of goals will be
determined in the sole discretion of the Board of Directors of the Company (the “Board”) or a Compensation Committee of the Board. To earn any part of the bonus, you must be employed on December 31st of the applicable bonus year. Your bonus target may be adjusted from time to time in accordance with normal business practices and in the sole discretion of the Company. 

c. Option Grants. You are eligible for annual option grants in the Company’s sole discretion. 

d. Severance Compensation. If the Company (which, for the purposes of this paragraph, includes any successor entity)
terminates the term of your employment without Cause, or you resign for Good Reason, the Company will continue to pay you your base compensation at its then-current rate, in accordance with the Company’s then-current regular payroll procedures
for employees, for at least six (6) months (subject to upward adjustment in the event that standardized severance terms are authorized for all 

 
employees of your level and such terms exceed the severance amount provided herein) following the date of such termination, provided that you execute a release of any and all claims that you may
have against the Company arising from your employment with the Company, reasonably satisfactory to the Company in form and substance. Additionally, provided you elect to continue your and your eligible dependents’ participation in the
Company’s medical and dental benefit plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”), the Company will pay the monthly premium to continue such coverage for the lesser of the six (6) full
calendar months immediately following the month in which the termination of your employment occurs and the end of the calendar month in which you become eligible to receive group health plan coverage under another employee benefit plan.
Notwithstanding the foregoing, if your employment is terminated without Cause, or you resign for Good Reason, within one year following the consummation of a Change in Control (as defined below), then the Company (or its successor entity) will
continue to pay you your base compensation at its then-current rate, in accordance with the Company’s (or successor’s) then-current regular payroll procedures for employees, for at least twelve (12) months following the date of such
termination, provided that you execute a release of any and all claims that you may have against the Company (or its successor) arising from your employment with the Company and/or its successor, reasonably satisfactory to the Company or its
successor in form and substance. Additionally, provided you elect to continue your and your eligible dependents’ participation in the Company’s medical and dental benefit plans pursuant to COBRA, the Company will pay the monthly premium to
continue such coverage for the lesser of the twelve (12) full calendar months immediately following the month in which the termination of your employment occurs and the end of the calendar month in which you become eligible to receive group
health plan coverage under another employee benefit plan. For purposes of this Offer Letter, “Change in Control” shall mean the sale of all or substantially all of the outstanding shares of capital stock, assets or business of the Company,
by merger, consolidation, sale of assets or otherwise (other than a transaction in which all or substantially all of the individuals and entities who were beneficial owners of the capital stock of the Company immediately prior to such transaction
beneficially own, directly or indirectly, more than 50% of the outstanding securities (on an as-converted to Common Stock basis) entitled to vote generally in the election of directors of the (i) resulting, surviving or acquiring corporation in
such transaction in the case of a merger, consolidation or sale of outstanding shares, or (ii) acquiring corporation in the case of a sale of assets. 

“Cause” shall mean (i) an act or acts of material willful misconduct by you in violation of law or
government regulation in the course of your employment by the Company, (ii) your conviction by a court of competent jurisdiction of theft or misappropriation by you of assets of the Company, (iii) your conviction by a court of competent
jurisdiction of fraud committed by you or at your direction, (iv) your conviction by a court of competent jurisdiction of, or pleading “guilty” or “no contest” to, (x) a felony or (y) any other criminal charge that
has, or could be reasonably expected to have, a material adverse impact on the Company or the performance of your duties, (v) willful, repeated and material failure to perform, or gross negligence in the performance of, the duties which are
reasonably assigned to you by the Company, (vi) material breach of any agreement to which you and the Company are party and/or (vii) failure to fully participate in a Company investigation as may be reasonably requested by the Company;
provided, however, that you shall have a period of thirty (30) days to cure (if curable) any act constituting Cause under clauses (v) or (vii) of this paragraph, following the Company’s delivery to you of written notice, setting
forth in reasonable detail the facts and circumstances claimed to provide a basis for the termination for Cause. 

 “Good Reason” shall mean (i) the assignment to you of any
duties inconsistent in any adverse, material respect with your position, authority, duties or responsibilities as then constituted, or any other action by the Company which results in a material diminution in such position, authority, duties or
responsibilities, (ii) a reduction in the aggregate of your base or incentive compensation by greater than ten percent (10%) or the termination of your rights to any employee benefits, except to the extent that any such benefit is replaced
with a comparable benefit, or a reduction in scope or value thereof, other than as a result of across-the-board reductions or terminations affecting employees of the Company generally, or (iii) a requirement that you, without your prior
consent, regularly report to work at a location that is thirty (30) miles or more away from your then current place of work; provided, however, that the conditions described immediately above in clauses (i) through
(iii) shall not give rise to a termination for Good Reason, unless you have notified the Company in writing within thirty (30) days of the first occurrence of the facts and circumstances claimed to provide a basis for the termination for
Good Reason, the Company has failed to correct the condition within fifteen (15) days after the Company’s receipt of such written notice, and you actually terminate employment with the Company within forty-five (45) days of the first
occurrence of the condition. For the avoidance of doubt, your required travel on the Company’s business shall not be deemed a relocation of your principal office under clause (iii), above. 

e. Withholding. The Company shall withhold from any compensation or benefits payable under this letter agreement any
federal, state and local income, employment or other similar taxes as may be required to be withheld pursuant to any applicable law or regulation. 

4. Benefits. 

a. Vacation and Holidays. You will be eligible for a maximum of 20 days of paid vacation each year and Company paid
holidays consistent with the Company’s vacation policy (including accrual of vacation days). 
 b. Other. You
will be eligible to participate in such medical, retirement and other benefits as are approved by the Board and made available to other employees of the Company. 

As is the case with all employee benefits, such benefits will be governed by the terms and conditions of applicable plans or policies, which
are subject to change or discontinuation at any time. 
 5. At-Will Employment. Your employment with the Company is and shall
at all times during your employment hereunder be “at-will” employment. The Company or you may terminate your employment at any time for any reason, with or without cause, and with or without notice. The “at-will” nature of your
employment shall remain unchanged during your tenure as an employee of the Company, and may only be changed by an express written agreement that is signed by you and the Company. 

6. Employee Confidentiality Agreement. As an employee of the Company, you will have access to certain Company and third party
confidential information and you may during the course of your employment develop certain information or inventions which will be the property of the Company. You acknowledge the continuing effectiveness of the Nondisclosure and Inventions
Assignment Agreement between you and the Company, dated March 17, 2014. 
 7. Resolution of Disputes. Any controversy or
claim arising out of or relating to your employment, this letter agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, shall be submitted to arbitration
in Boston, Massachusetts before a single arbitrator (applying Massachusetts law), in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association (“AAA”) as

 
modified by the terms and conditions of this Section 7; provided, however, that provisional injunctive relief may, but need not, be sought in a court of law while arbitration
proceedings are pending, and any provisional injunctive relief granted by such court shall remain effective until the matter is finally determined by the arbitrator. The arbitrator shall be selected by mutual agreement of the parties or, if the
parties cannot agree, by striking from a list of arbitrators supplied by AAA. The arbitrator shall issue a written opinion revealing, however briefly, the essential findings and conclusions upon which any award is based. Final resolution of any
dispute through arbitration may include any remedy or relief which the arbitrator deems just and equitable. Any award or relief granted by the arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by any court of
competent jurisdiction. 
 The parties acknowledge that they are hereby waiving any rights to trial by jury in any action, proceeding or
counterclaim brought by either of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with this letter agreement or your employment. 

The arbitrator shall have the sole and exclusive power and authority to decide any and all issues of or related to whether this letter
agreement or any provision of this letter agreement is subject to arbitration. 
 8. No Inconsistent Obligations. By accepting
this offer of employment, you represent and warrant to the Company that you are under no obligations or commitments, whether contractual or otherwise, that are inconsistent with your obligations set forth in this letter agreement or that would be
violated by your employment by the Company. You agree that you will not take any action on behalf of the Company or cause the Company to take any action that will violate any agreement that you have with a prior employer. 

9. Miscellaneous. 

a. This letter agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of
which together will constitute one and the same instrument. 
 b. The Company may only assign this letter agreement to a
successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, provided, that such successor expressly agrees to assume and perform this letter
agreement in the same manner and to the same extent that the Company would have been required to perform it if no such assignment had taken place, and “Company” shall include any such successor that assumes and agrees to perform this
letter agreement, by operation of law or otherwise. 
 c. No provision of this letter agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by you and the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or
provision of this letter agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

10. Section 409A. It is intended that this letter agreement comply with or be exempt from Section 409A of the Internal
Revenue Code of 1986, and the Treasury Regulations and IRS guidance thereunder (collectively referred to as “Section 409A”), and notwithstanding anything to the contrary herein, it shall be administered, interpreted, and construed in a
manner consistent with Section 409A. To the extent that any reimbursement, fringe benefit, or other, similar plan or arrangement in which you participate provides for a “deferral of compensation” within the meaning of
Section 409A, (a) the amount of expenses eligible for 

 
reimbursement provided to you during any calendar year shall not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to you in any other calendar year,
(b) the reimbursements for expenses for which you are entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred, (c) the right to payment
or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit, and (d) the reimbursements shall be made pursuant to objectively determinable and nondiscretionary Company policies and procedures
regarding such reimbursement of expenses. If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this letter agreement on account of termination of your employment shall be made unless and
until you incur a “separation from service” within the meaning of Section 409A. In the case of any amounts payable to you under this letter agreement that may be treated as payable in the form of “a series of installment
payments”, as defined in Treasury Regulation Section 1.409A-2(b)(2)(iii), your right to receive such payments shall be treated as a right to receive a series of separate payments for purposes of such Treasury Regulation. If any paragraph
of this letter agreement provides for payment within a time period, the determination of when such payment shall be made within such time period shall be solely in the discretion of the Company. 

11. The validity, interpretation, construction and performance of this letter agreement shall be governed by the laws of the
Commonwealth of Massachusetts without regard to the choice of law principles thereof. 
 [Signatures appear on following page] 

 
			
	Sincerely,
	
	KARYOPHARM THERAPEUTICS INC.
		
	By:		 /s/ Michael G. Kauffman

	Name:		Michael Kauffman, M.D.,Ph.D.
	Title:		CEO

  

			
	 I hereby agree to the foregoing

terms of employment:

		
	Agreed:		 /s/ Christopher B. Primiano

			Christopher B. Primiano
		
	Date:		 January 23, 2015

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