LONDON - Allergy Therapeutics plc (AIM: AGY), a commercial biotechnology company specializing in allergy vaccines, has granted share options to select members of its management team, including certain Persons Discharging Managerial Responsibilities (PDMRs), as disclosed on Thursday.
The options, granted on Wednesday, are part of a long-term incentive plan (LTIP) aimed at aligning the interests of the management team with those of shareholders and stakeholders. The vesting of these options is contingent upon meeting specific performance criteria over a three-year period starting from July 1, 2024, with a vesting date of June 30, 2027.
The performance conditions for vesting include a share price threshold, with 70% of the options depending on the company's EBITDA performance and the remaining 30% tied to regulatory performance targets. The exercise price for the options has been set at £0.001.
Notable among the recipients is CEO Manuel Llobet, who was granted 7,517,637 options, bringing his total potential share options to 17,168,300, and CFO Shaun Furlong, who received 3,405,573 options, totaling 7,215,097 potential share options. The maximum number of Ordinary Shares that could be issued upon full satisfaction of the performance conditions has been specified for each PDMR.
The Group's Remuneration Committee will periodically review the performance conditions to ensure they remain relevant and may exercise discretion to amend them in consideration of the company's overall performance and the experience of wider stakeholders.
This announcement is considered to contain inside information as per the UK version of the EU Market Abuse Regulation (EU) 596/2014, known as UK MAR.
The information in this article is based on a press release statement from Allergy Therapeutics.
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