CytoSorbents Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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[{"type":"text","content":"PRINCETON, N.J., Aug. 16, 2024 (GLOBE NEWSWIRE) -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification via its proprietary polymer adsorption technology, today announced that it granted inducement equity awards on August 14, 2024 (the “Grant Date”) to its newly-hired Chief Financial Officer, Peter J. Mariani. The inducement equity awards consist of (i) a non-qualified stock option to purchase 215,000 shares of CytoSorbents’ common stock (“Common Stock”), which vest upon the achievement of certain performance milestones described in Mr. Mariani’s employment agreement, (ii) restricted stock units (“RSUs”) relating to 65,000 shares of Common Stock, which vest in two equal annual installments on the first and second anniversaries of the Grant Date, (iii) RSUs relating to 110,000 shares of Common Stock, which vest upon the earlier of a change of control of CytoSorbents and the four year anniversary of the Grant Date, (iv) RSUs relating to 175,000 shares of Common Stock, which vest only upon a change of control of CytoSorbents, and (v) a non-qualified stock option to purchase 80,000 shares of Common Stock, 41,000 shares of which vest on the six-month anniversary of the Grant Date and the remaining 39,000 shares vest in three equal annual installments on the first, second and third anniversaries of the Grant Date. The foregoing options have an exercise price of $0.90 per share, which is equal to the closing price of Common Stock as of the date immediately prior to the Grant Date. The inducement equity awards were approved by the Board of Directors of CytoSorbents in reliance on the employment inducement exception under Nasdaq Listing Rule 5635(c)(4). While the inducement awards were granted outside of CytoSorbents’ Equity Incentive Plan, the awards will have terms and conditions consistent with those set forth under the plan. About CytoSorbents Corporation (NASDAQ: CTSO) CytoSorbents Corporation is a leader in the treatment of life-threatening conditions in the intensive care unit and in cardiac surgery through blood purification. Its lead product, CytoSorb®, is approved in the European Union and distributed in 76 countries worldwide. It is an extracorporeal cytokine adsorber that reduces “cytokine storm” or “cytokine r...

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