Nordic Nanovector ASA - Allocation of PSUs
OSLO, Norway, Jan. 29, 2018 /PRNewswire/ --
The Board of Directors of Nordic Nanovector ASA ("Nordic Nanovector" or the "Company") has on 29th of January 2018 decided to grant 216 550 Performance Share Units ("PSUs") to employees in accordance with the authorisation granted at the Extraordinary General Meeting held on 20 December 2017 (the "EGM").
The terms and conditions of the PSUs, which are part of the Company's new long-term incentive plan for employees, are described in the Board of Directors' amended proposal for share based incentive program, available in English and Norwegian at www.nordicnanovector.com/investors-and-media/corporate-governance/general-meetings.
The PSUs are granted without consideration. The PSU are non-transferable and will vest three years after the date of grant subject to satisfaction of the applicable vesting conditions described in appendix 3 to the summons to the EGM and the PSU agreements. Each vested PSUs will give the holder the right to acquire one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.20.
In accordance with the resolution at the EGM the PSUs and the options previously granted are secured by a corresponding number of free-standing warrants. The sole purpose of the warrants is to ensure delivery of shares in the Company upon exercise of the PSUs and options. The warrants do not give the PSU holders or the option holders a right to subscribe for any additional shares in the Company.
Primary insiders that were granted PSUs on 29th of January 2018 have the following holding of PSUs, options and shares in the Company following such grant:
Luigi Costa, CEO holds 30,000 PSUs, 1,338,106 options and 81,115 shares
Rosemarie Corrigan, CQO holds 20,000 PSUs, 0 options and 0 shares
Jostein Dahle, CSO holds 12,000 PSUs, 150,000 options and 204,958 shares including shares to related party
Anniken Hagen, CTOO holds 5,000 PSUs, 177,000 options and 63,858 shares
Rita Dege, CHRO holds 6,500 PSUs, 67,000 options and 4,754 shares
Tone Kvåle, CFO holds 20,000 PSUs, 315,000 options and 179,608 shares including shares to related party
Marco Renoldi, COO holds 25,000 PSUs, 464,137 options and 74,000 shares
Lisa Rojkjaer, CMO holds 25,000 PSUs, 375,000 options and 4,186 shares
The PSUs allocated to the management of the Company is in accordance with the amended Board of Director's declaration on salaries and other remuneration to the senior executive management, as approved by the Company's EGM. The total number of outstanding options and PSUs are now 3 482 843 and 216 550 respectively. Subject to all vesting conditions being fulfilled exercise of the options and PSUs would create a 7.1 % dilution of the outstanding shares on a fully diluted basis.
For further information, please contact:
Ludvik Sandnes, Chairman
About Nordic Nanovector:
Nordic Nanovector is committed to develop and deliver innovative therapies to patients to address major unmet medical needs and advance cancer care. The company aspires to become a leader in the development of targeted therapies for haematological cancers. Nordic Nanovector's lead clinical-stage candidate is Betalutin®, a novel CD37-targeting Antibody-Radionuclide-Conjugates (ARC) designed to advance the treatment of non-Hodgkin's Lymphoma (NHL). NHL is an indication with substantial unmet medical need, representing a growing market forecast to be worth nearly USD 20 billion by 2024. The company aims to rapidly develop Betalutin®, alone and in combination with other therapies, for the treatment of major types of NHL, targeting first regulatory submission in relapsed/refractory follicular lymphoma in 2019. Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialisation of Betalutin® in core markets. The company is also advancing a pipeline of ARCs and other immunotherapies for multiple cancer indications. Further information about the company can be found at www.nordicnanovector.com
This information is subject to duty of disclosure pursuant to Section 4-2 of the Norwegian Securities Trading Act.
This information was brought to you by Cision http://news.cision.com
SOURCE Nordic Nanovector
Upcoming Life Sciences Events
- February 2019
- Zurich: Swiss Nordic Bio 2019
- New York: BIO CEO & Investor Conference
- March 2019
- Tokyo: BIO Asia International Conference