PCI Biotech: Employee share option scheme
25 Noviembre 2022 - 11:08AM
PCI Biotech: Employee share option scheme
Oslo, 25 November 2022 - PCI Biotech (OSE:
PCIB), today announce that the Board of Directors has granted share
options to key employees.
In accordance with the authorisation granted by
the Annual General Meeting 25 May 2022 and the remuneration policy
adopted by the Annual General Meeting 28 May 2021, the Board of
Directors of PCI Biotech Holding ASA (“PCI Biotech”) has awarded a
total of 570,000 share options to key employees. Each share option
gives the right to subscribe for or acquire one share per option
(after PCI Biotech’s choice), at a strike price of NOK 1.90, equal
to the volume weighted average share price (VWAP) for the last 5
days of trade prior to the grant date. However, the current nominal
value of the share is NOK 3.00 and the strike price cannot be lower
than the nominal value of the share at the future exercise date(s).
The share options are granted without consideration and are subject
to service based vesting conditions, and the share options will
vest equally over a three-year vesting term. The share options are
lapsing in Q3 2027. Further details about the share option program
are described in PCI Biotech’s remuneration policy.
According to the remuneration policy the BoD
will at allotment of share options seek to allot a number of share
options with a total fair value, calculated according to the
Black-Scholes model, that is partly linked to the annual base
salary for each individual. Other elements that will be assessed in
the allotment are the balance between total short- and longterm
performance based rewards, current value of share options held,
overall performance, work responsibility, importance of retention
and position.
The number of share options granted is based on
these guidelines and in addition, the share options are granted
with a value cap of 20 times the strike price of NOK 1.90. If this
value cap threshold is met all share options will vest immediately
and be available for exercise.
To ensure long-term ownership by executive
management, shares obtained by exercise of share options shall be
held for at least one year, except shares to be sold immediately to
cover transaction costs and tax under a so-called cash less
exercise. Through the long-term incentive program the board expects
members of the executive team to build up and maintain share
ownership with a market value equal to at least one-year gross base
salary, before any shares may be sold. No lock-up elements are
applicable for other employees.
Of the 570,000 share options, 360,000 share
options were allotted to the following primary insiders:
220,000 share options were allotted to Ronny
Skuggedal, CEO. After the allotment, Ronny Skuggedal holds a total
portfolio of 360,000 unexercised share options and 55,000
shares.
120,000 share options were allotted to Anders
Høgset, CSO. After the allotment, Anders Høgset holds a total
portfolio of 250,000 unexercised share options and 64,800
shares.
20,000 share options were allotted to Kristin
Eivindvik, CDO. After the allotment, Kristin Eivindvik holds a
total portfolio of 110,000 unexercised share options and 25,200
shares.
Primary insider notifications pursuant to the
market abuse regulation article 19 are attached.
The current authorisation, as of 25 May 2022,
allows for a total of 2,790,000 share options, of which 1,000,000
now have been granted by the Board of Directors.
For more information, please
contact: Ronny
Skuggedal, CEO, rs(a)pcibiotech.no, Mobile: +47 9400 5757
This information is subject to the disclosure
requirements pursuant to the market abuse regulation article 19 and
to section 5-12 of the Norwegian Securities Trading Act.
- PCIB primary insider notification KRT1500
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