Kaul Inderjit 4

What Happened
Inderjit Kaul, a director of Minerva Neurosciences (NERV), received a grant of 12,169 derivative shares (reported as an award) on 2026-03-31. The filing reports an acquisition price of $0.00, indicating a grant of a derivative award (e.g., options or similar) rather than a cash purchase of common stock. This is a grant/award transaction (code A), not an immediate sale or open-market purchase.

Key Details

• Transaction date: 2026-03-31; Form 4 filed 2026-04-01 (no late filing indicated).
• Reported amount: 12,169 derivative shares; acquisition price shown as $0.00 (award/grant).
• Vesting (per footnote): 25% vests on Nov 14, 2026; 45% vests 10 days after a public announcement that the Phase 3 confirmatory trial of roluperidone met its 12-week primary endpoint on a statistically significant basis; remaining 30% vests 10 days after public announcement of safety data from the 40-week relapse assessment phase. All vesting contingent on Kaul providing services under a consulting agreement dated Nov 14, 2025.
• Shares owned after the transaction are not stated in the provided summary of the filing.
• Transaction type: Derivative award (A). Not an immediate stock purchase—value materializes only upon vesting (and any required exercise).

Context

• This is a milestone- and time-based award tied to roluperidone Phase 3 progress; such awards align executive/consultant incentives with clinical and corporate milestones.
• As a derivative award, these shares are not current common-stock ownership until vesting/exercise conditions are met; they do not indicate an immediate change in insider net shares available for trading.