RADNOR, PA — Marinus Pharmaceuticals, Inc. (Nasdaq: MRNS) announced the recent 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 33,998 shares of its common stock (the “Common Stock”) as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
The Company states these stock option grants have an exercise price of $11.75 per share, which is equal to the closing price of the Common Stock on October 7, 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 at the end of each month following such anniversary, subject to the applicable employee’s continued employment with Marinus on such vesting dates.
The stock options 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.
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