PCI Biotech Awards Share Options to Key Employees
PCI Biotech Announces Employee Share Option Scheme
In an important development at PCI Biotech, the Board of Directors has granted share options to key employees, marking a significant step in reinforcing their commitment to employee incentives. This decision follows the authorization given at the recent Annual General Meeting and aligns with the company's remuneration policy.
Details of the Share Options Granted
The Board of Directors of PCI Biotech Holding ASA (“PCI Biotech”) has awarded a total of 885,000 share options to key employees. Each of these options allows the holder the right to subscribe for or acquire one share per option, at a strike price of NOK 1.81. This price reflects the volume-weighted average share price (VWAP) for the five trading days leading up to the grant date. The options are provided without any upfront cost and will vest based on service requirements over three years, with the final vesting set to occur in the third quarter of 2029.
Assessment of Share Options
The remuneration policy indicates that during the allotment of share options, the Board aims to assign a number of options that collectively hold a fair value. This valuation is assessed using the Black-Scholes model, factoring in the annual base salary for each individual employee. In this process, the Board also considers aspects such as the balance between short- and long-term performance-based rewards, the current values of previously held options, overall company performance, job responsibilities, and the importance of retention for key positions.
Vesting and Long-term Ownership
To foster long-term ownership among executive management, shares acquired through exercising these options must be retained for at least one year. There is, however, an exception: shares can be sold immediately to cover transaction costs and taxes under a cash-less exercise arrangement. This long-term incentive program serves to encourage executives to build and maintain a share ownership that is valued at least equal to their one-year gross salary, thereby enhancing commitment to the company's future.
Distribution of Share Options to Executives
A total of 530,000 of the granted options have been awarded to primary insiders. Notably, Ronny Skuggedal, the CEO and CFO, has received 400,000 options, bringing his total to 1,020,000 unexercised share options and 55,000 shares. Similarly, Anders Høgset, the Chief Scientific Officer (CSO), received 130,000 options, totaling 460,000 unexercised options and 64,800 shares post-allocation.
Authorized Share Option Limits
The current authorization from the Annual General Meeting allows for a maximum of 2,790,000 share options. To date, the Board has already granted 2,388,334 options. The intention is clearly directed towards motivating employees to align their interests with those of shareholders.
Contact Information
For further information, you can reach out to Ronny Skuggedal, CEO, via email at rs@pcibiotech.no or on his mobile at +47 9400 5757.
Frequently Asked Questions
What is the purpose of the share option scheme?
The share option scheme aims to incentivize key employees by aligning their interests with those of shareholders, motivating long-term performance.
How many share options were granted in total?
A total of 885,000 share options have been granted to key employees of PCI Biotech.
What is the vesting period for the options?
The share options will vest equally over a three-year term, concluding by the third quarter of 2029.
Who are the primary beneficiaries of this grant?
Ronny Skuggedal, the CEO, and Anders Høgset, the CSO, are notable beneficiaries, receiving significant allocations of options.
What are the tax implications for employees exercising options?
Employees may sell shares acquired from exercising options to cover transaction costs and taxes, benefiting from a so-called cash-less exercise.
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