Oxford Biomedica PLC Long Term Incentive Plan Option Grant (8199R)
September 26 2017 - 4:37AM
UK Regulatory
TIDMOXB
RNS Number : 8199R
Oxford Biomedica PLC
26 September 2017
Long Term Incentive Plan Option Grant
London, UK - 26 September 2017: Oxford BioMedica plc ("Oxford
BioMedica" or "the Company") (LSE:OXB), a leading gene and cell
therapy Group, announces that on 25 September 2017 share options
were granted to Stuart Paynter under the Oxford BioMedica 2015 Long
Term Incentive Plan ("LTIP").
The number of shares subject to grant was determined by the
average closing price of the Company's shares for the five business
days up to and including 22 September 2017.
Director Title Number Percentage of issued
of shares shares under option
subject
to LTIP
grant
---------- --------------- ------------------- ---------------------
Stuart Chief Finance
Paynter Officer 2,894,003 0.09%
---------- --------------- ------------------- ---------------------
Each award has been granted in the form of a nil-cost
option.
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 (8.6p). No vesting will
occur if, over the three year vesting period, the compound growth
rate of the share price is below 10% pa growth (i.e. 33% over 3
years). At 10% pa growth over three years 25% of the award will
vest and, if 20% pa growth is achieved over the three years (i.e.
73% 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
Stuart Paynter, Chief Financial
Officer
Consilium Strategic Communications Tel: +44 (0)20
Mary-Jane Elliott/Matthew Neal/Philippa 3709 5700
Gardner/Laura Thornton
Notes for editors
About Oxford BioMedica(R)
Oxford BioMedica (LSE:OXB) is a leading gene and cell therapy
company 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
280 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
END
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