Marinus Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Marinus Pharmaceuticals announced the grant of inducement awards to five new employees, which includes non-qualified stock options for 59,750 shares and restricted stock units for 3,400 shares. The stock options have an exercise price of $11.23 per share, aligning with the closing stock price on December 21, 2021. The vesting schedule for stock options is set at 25% after one year and the rest over three years, while restricted stock units will vest in full after one year of employment. These grants comply with Nasdaq Listing Rule 5635(c)(4).

Positive

• Grant of inducement awards to five new employees.
• Total of 59,750 stock options and 3,400 restricted stock units granted.
• Exercise price of stock options set at $11.23, equal to the closing price on December 21, 2021.
• Stock options vesting schedule favorable for attracting talent.

Negative

• None.

RADNOR, Pa.--(BUSINESS WIRE)-- Marinus Pharmaceuticals, Inc. (Nasdaq: MRNS), a pharmaceutical company dedicated to the development of innovative therapeutics to treat seizure disorders, today announced the grant of inducement awards to five new employees. The Compensation Committee of the Board of Directors of Marinus approved the grant of non-qualified stock options to purchase an aggregate of 59,750 shares of its common stock (the “Common Stock”) and the grant of restricted stock units to purchase and an aggregate of 3,400 shares as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

These stock option grants have an exercise price of $11.23 per share, which is equal to the closing price of the Common Stock on December 21, 2021 (date of grant for such stock options). All of the stock options will vest and become exercisable as to 25% of the underlying shares on the one-year anniversary of the applicable employee’s start date of employment, and will vest and become exercisable as to the remaining 75% of the underlying shares of Common Stock in 36 equal monthly installments thereafter on each monthly anniversary, subject to the applicable employee’s continued employment with Marinus on such vesting dates. These restricted stock units vest in full on the first anniversary of the applicable employee’s state date of employment. The stock options and restricted stock units were granted as an inducement material to each of the employees entering into employment with Marinus in accordance with Nasdaq Listing Rule 5635(c)(4), and are subject to the terms and conditions of the applicable award agreement covering such grant.

About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. is a pharmaceutical company dedicated to the development of innovative therapeutics to treat seizure disorders. Ganaxolone is a positive allosteric modulator of GABA_A receptors that acts on a well-characterized target in the brain known to have anti-seizure, antidepressant and anti-anxiety effects. Ganaxolone is being developed in IV and oral dose formulations intended to maximize therapeutic reach to adult and pediatric patient populations in both acute and chronic care settings. Marinus completed the first ever Phase 3 pivotal trial in children with CDKL5 deficiency disorder last year, is planning to conduct a Phase 3 trial in tuberous sclerosis complex, and a Phase 3 trial in refractory status epilepticus is ongoing. For more information visit www.marinuspharma.com.

Forward-Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Marinus, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “expect”, “anticipate”, “estimate”, “intend”, “believe”, and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this press release involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Marinus undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see filings Marinus has made with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211227005039/en/

Company

Sasha Damouni Ellis

Vice President, Corporate Affairs & Investor Relations

Marinus Pharmaceuticals, Inc.

484-253-6792

sdamouni@marinuspharma.com

Source: Marinus Pharmaceuticals

FAQ

What inducement awards has Marinus Pharmaceuticals granted?

Marinus Pharmaceuticals granted stock options for 59,750 shares and restricted stock units for 3,400 shares to five new employees.

What is the exercise price of the stock options granted by Marinus?

The exercise price of the stock options is $11.23 per share.

When will the stock options granted by Marinus vest?

The stock options will vest 25% after one year, with the remaining 75% vesting in 36 equal monthly installments.

How does the grant of restricted stock units work for Marinus employees?

The restricted stock units will vest in full on the first anniversary of the employee's start date.

Under which Nasdaq Listing Rule were the inducement awards granted?

The inducement awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4).