More results...

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
PCI Biotech (OSE: PCIB)

News

PCI Biotech: Employee share option scheme

Oslo, 2 September 2024 - 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 24 May 2024 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 885,000 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 1.81, equal to the volume weighted average share price (VWAP) for the last 5 days of trade prior to the grant date. 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 2029. 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 long-term 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. 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.

Of the 885,000 share options, 530,000 share options were allotted to the following primary insiders:

400,000 share options were allotted to Ronny Skuggedal, CEO and CFO. After the allotment, Ronny Skuggedal holds a total portfolio of 1,020,000 unexercised share options and 55,000 shares.

130,000 share options were allotted to Anders Høgset, CSO. After the allotment, Anders Høgset holds a total portfolio of 460,000 unexercised share options and 64,800 shares.

Primary insider notifications pursuant to the market abuse regulation article 19 are attached.

The current authorisation, as of 24 May 2024, allows for a total of 2,790,000 share options, of which 2,388,334 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.

Attachment


Related News

Subscribe

Subscribe to our newsletter and receive notifications for Free!

    Sign up to stay tuned and to be notified about new releases and blogs directly in your inbox. We hate spam too, unsubscribe at any time! Click here for Privacy Policy.

    WisdomPlexus publishes market-specific content on behalf of our clients, with our capabilities and extensive experience in the industry we assure them with high quality and economical business solutions designed, produced, and developed specifically for their needs.

    Follow Us On


    © Copyright - 2024.

    Scroll to Top