Form 4: Marinus Pharmaceuticals Director Timothy Mayleben Corrects Ownership Reporting in Form 4 Filing

Timothy Mayleben, a director at Marinus Pharmaceuticals, filed a Form 4 to correct previous reporting errors related to his holdings of common stock, including adjustments for clerical and administrative inaccuracies and transfers to family trusts.

Summary

• On October 15, 2024, Timothy Mayleben, a director of Marinus Pharmaceuticals, filed a Form 4 with the SEC.
• The filing addresses corrections to previously reported holdings of Marinus Pharmaceuticals common stock.
• A clerical error led to an underreporting of holdings by 1,462 shares, which has been corrected.
• An administrative error regarding the direct versus indirect ownership of shares has also been rectified.
• The corrected filing reflects that 6,900 shares are held directly, and 18,937 shares are held by the Timothy M. Mayleben Revocable Trust U/A/D 9/16/16, of which Mayleben is the sole trustee.
• On October 10, 2024, Mayleben transferred 4,980 shares from the trust to immediate family members for no consideration.
• Additionally, 1,660 shares were transferred to each of the Ellery A. Mayleben 2017 Trust and the Kasey D. Evans 2017 Trust, with Mayleben as trustee and family members as sole beneficiaries; he disclaims beneficial ownership of these shares.
• Following these transactions, Mayleben's reported holdings include directly owned shares and shares held by the trust.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing. The corrections suggest a need for improved internal controls, but the transfers to family trusts are not inherently negative.

Positives

• The filing corrects previous reporting errors, providing a more accurate view of the director's holdings.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Corrections, while not ideal, are also a normal occurrence.

Related Party Transactions

• The document details transfers of shares to family members and trusts for the benefit of family members, which are related-party transactions.

Stakeholder Impact

• The corrected filing provides more accurate information to shareholders regarding insider ownership.
• The transfers to family trusts may have estate planning implications for the reporting person.

Key Dates

Keywords

Form 4, Marinus Pharmaceuticals, MRNS, Timothy Mayleben, Beneficial Ownership, SEC Filing, Stock Transfer, Trust