Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 5, 2018, the Board of Directors (the Board) of Marinus Pharmaceuticals, Inc. (the Company) appointed Scott Braunstein, MD as a director of the Company, having increased the size of the board to seven members on September 1, 2018. Dr. Braunstein will serve as a Class II member of the Board. The terms of Class II directors expire at the 2019 Annual Meeting of Shareholders.
Dr. Braunstein is currently an Operating Partner at Aisling Capital since 2015, and served as Chief Operating Officer at Pacira Pharmaceuticals, Inc., a specialty pharmaceutical company focused on the clinical and commercial development of new products that meet the needs of acute care practitioners and their patients from 2015 to 2018. Prior to Pacira, Scott served as a healthcare portfolio manager at Everpoint Asset Management from 2014 to 2015 and spent 12 years with J.P. Morgan Asset Management as a healthcare analyst and managing director in the U.S. Equity team, and as a portfolio manager in the Global Healthcare team responsible for managing investments in pharmaceuticals, biotechnology, and medical devices from 2002 to 2014. Dr. Braunstein is currently Chairman of the Board of Directors for ArTara Therapeutics, a member of the Board of Directors for Esperion Therapeutics, and is nominated for election to the Board of Directors for Ziopharm Oncology. Dr. Braunstein began his career as a practicing physician at the Summit Medical Group and as Assistant Clinical Professor at Albert Einstein College of Medicine and Columbia University Medical Center. He earned his medical degree from the Albert Einstein College of Medicine.
Dr. Braunstein will receive the standard compensation amounts payable to non-employee directors of the Company, which includes an annual cash retainer of $40,000. His annual cash retainer will be pro-rated for 2018 to reflect his expected term of service during the calendar year. Also, pursuant to these arrangements, Dr. Braunstein will receive an initial grant of an option to purchase 30,000 shares of the Companys common stock with an exercise price equal to the closing price of the Companys common stock on the date of grant. The options will vest in 36 equal monthly installments, subject to his continued service on the Board through each vesting date.
Dr. Braunstein and the Company also entered into an indemnification agreement requiring the Company to indemnify him to the fullest extent permitted under Delaware law with respect to his service as a director. The indemnification agreement is in the form entered into with the Companys other directors, which was previously filed with the Companys Registration Statement on Form S-1 on May 12, 2014.
There is no arrangement or understanding between Dr. Braunstein and any other person pursuant to which Dr. Braunstein was appointed as a director. The Board has determined that Dr. Braunstein is an independent director in accordance with applicable rules of the Securities and Exchange Commission and the Nasdaq Stock Market.