TIDMOXB

RNS Number : 5324Y

Oxford Biomedica PLC

18 May 2016

Deferred Bonus Plan and Long Term Incentive Plan Option Grants

London, UK - 18 May 2016: Oxford BioMedica plc ("Oxford BioMedica" or "the Company") (LSE:OXB), a leading gene and cell therapy Group, today announces the grant of share options to its executive directors under the Oxford BioMedica 2015 Deferred Bonus Plan ( "DBP") and the Long Term Incentive Plan ("LTIP"), on 16 May 2016.

Under the terms of the DBP, approved by shareholders at the 2015 Annual General Meeting, the executive directors have been granted options to cover 50% of their bonus awards for 2015, as disclosed in the 2015 Annual Report.

The number of shares subject to each grant has been determined by the average closing price of the Company's shares for the five business days up to and including 13 May 2016.

 
 Director       Title                Number of shares   Number       Total shares   Percentage 
                                      subject to         of shares    over which     of issued 
                                      DBP grant          subject      options        shares 
                                                         to LTIP      are held       under option 
                                                         grant        (notes 
                                                                      1,2) 
-------------  -------------------  -----------------  -----------  -------------  -------------- 
                Chief Executive 
 John Dawson     Officer             1,600,610          2,798,780    30,332,599     1.1% 
-------------  -------------------  -----------------  -----------  -------------  -------------- 
                Chief Development 
 Paul Blake      Officer             1,205,545          -            5,430,846      0.2% 
-------------  -------------------  -----------------  -----------  -------------  -------------- 
 Peter          Chief Business 
  Nolan          Officer             1,133,396          1,729,478    15,624,307     0.6% 
-------------  -------------------  -----------------  -----------  -------------  -------------- 
                Chief Financial 
 Tim Watts       Officer             1,066,391          1,796,232    20,566,745     0.8% 
-------------  -------------------  -----------------  -----------  -------------  --------------

Notes:

   1.     Includes the 2016 grants described above

2. Includes 2014 DBP awards to be met by market purchased shares held by the Oxford BioMedica Employee Benefit Trust

Each award has been granted in the form of a nil-cost option.

Under the terms of the 2015 DBP, the DBP grants will become exercisable as to one third of the shares subject to it on each of the first three anniversaries of the grant date.

The LTIP grants are subject to a three year vesting period. They are exercisable from the third anniversary of the grant, subject to the satisfaction of a performance condition. The vesting criteria will be based on the average closing share price over the five business days preceding the date of award (5.5p). No vesting will occur if, over the three year vesting period, the compound growth rate of the share price is below 15% pa growth (i.e. 52.1% over 3 years). At 15% pa growth over three years 25% of the award will vest and, if 25% pa growth is achieved over the three years (i.e. 95.3% over 3 years), 100% of the awards will vest, with a linear increment between 25% and 100%.

There will also be a performance underpin, such that the awards would only vest to the extent that the Remuneration Committee considers that the overall performance of the business across the period justifies it. The share price at the third anniversary will also be averaged across the preceding three month period to avoid rewarding for short term spikes in performance. Clawback and malus provisions will apply to the awards.

This notification is made pursuant to Disclosure and Transparency Rule 3.1.4.

- Ends -

 
 For further information, please 
  contact: 
  Oxford BioMedica plc:                    Tel: +44 (0)1865 
   John Dawson, Chief Executive Officer     783 000 
   Tim Watts, Chief Financial Officer 
  Consilium Strategic Communications       Tel: +44 (0)20 
   Mary-Jane Elliott/Matthew Neal/Chris     3709 5700 
   Welsh/Laura Thornton

Notes for editors

About Oxford BioMedica(R)

Oxford BioMedica (LSE:OXB) is a leading gene and cell therapy group focused on developing life changing treatments for serious diseases. Oxford BioMedica and its subsidiaries (the "Group") have built a sector leading lentiviral vector delivery platform (LentiVector(R) ) through which the Group develops in vivo and ex vivo products both in-house and with partners. The Group has created a valuable proprietary portfolio of gene and cell therapy product candidates in the areas of oncology, ophthalmology and CNS disorders. The Group has also entered into a number of partnerships, including with Novartis, Sanofi, GSK, and Immune Design, through which it has long-term economic interests in other potential gene and cell therapy products. Oxford BioMedica is based across several locations in Oxfordshire, UK and employs more than 230 people. Further information is available at www.oxfordbiomedica.co.uk.

This information is provided by RNS

The company news service from the London Stock Exchange

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