DMK Pharmaceuticals announces inducement option grant

DMK Pharmaceuticals announced that the compensation committee of the board of directors approved the grant of a stock option on October 23, 2023, to purchase an aggregate of 70,000 shares of common stock to John W. Dorbin, Jr., a newly hired employee who was appointed as General Counsel and Corporate Secretary of the company. The stock option was granted as a material inducement to his acceptance of employment in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option has a ten-year term and has an exercise price of $0.58 per share, the closing price of the company’s common stock on the grant date. The option vests over a four year period, with the option vesting and becoming exercisable with respect to one-eighth of the shares subject to the option on the six month anniversary of the date of first employment and thereafter monthly with respect to 1/48 of the total number of shares subject to the option, provided that the optionee continues to provide service to the company through the applicable vesting dates. The stock option was granted outside of the company’s 2020 Equity Incentive Plan.