PR Newswire | Apr 16, 2021 05:00PM EDT

04/16 16:00 CDT

Rafael Holdings Announces Inducement Grant Under NYSE Rule 303A.08 NEWARK, N.J., April 16, 2021

NEWARK, N.J., April 16, 2021 /PRNewswire/ -- Rafael Holdings, Inc., (NYSE: RFL), today announced that on April 15, 2021 it made a grant to William Conkling of options to purchase 118,409 shares of Class B common stock of the Company with an exercise price equal to $40.85, the closing price of the Class B common stock on April 14, 2021, the trading day prior to the grant.

The options shall vest as follows: 29,602 on April 15, 2022; 2,467 monthly for thirty-five months commencing on May 15, 2022; and 2,462 on April 15, 2025.

The options were granted under Rafael's 2018 Equity Incentive Plan, which was amended and restated to create an additional pool of 118,409 shares of Rafael's Class B common stock to be used exclusively for the grant of inducement awards in compliance with New York Stock Exchange Rule 303A.08 ("Rule 303A.08"). The option grant was approved by the Compensation Committee of the Board of Directors and was offered as a material inducement to Mr. Conkling's hiring as Chief Commercial Officer of the Company in reliance on the employment inducement exemption under Rule 303A.08. Mr. Conkling joined the Company on March 15, 2021.

The option grant described above will be subject to the terms of the 2018 Equity Incentive Plan, as amended and restated.

About Rafael Holdings, Inc.:Rafael Holdings is focused on development of novel cancer therapies. The company is a significant investor in two clinical stage oncology companies, Rafael Pharmaceuticals, Inc. and LipoMedix Pharmaceuticals Ltd. Through its wholly owned Barer Institute subsidiary, the company is developing a pipeline of compounds focused on the regulation of cancer metabolism. For more information, visit www.rafaelholdings.com.

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SOURCE Rafael Holdings, Inc.