LONDON - Genedrive PLC (AIM: GDR), a company specializing in point of care pharmacogenetic testing, has granted options to its senior management team under the Company's Share Option Scheme. The options are for purchasing up to 8,900,000 new ordinary shares at an exercise price set at the closing price on December 19, 2024.
The granted options will vest over a three-year period, contingent on the achievement of specific performance criteria, including revenue and cash targets, as well as the completion of strategic projects by the end of June 2026. Once vested, the options can be exercised anytime within a 10-year period from the grant date.
This move involves key members of the senior management team, including CEO Gino Miele and CFO Russell Shaw, each granted options for 3,500,000 shares. Other members such as Chief Commercial Officer Patrick Breen, Operations Director Jonathan Barber, Assay Development Director Shaun Ainsworth, Engineering Director Grzegorz Zysko, and Director of QA/RA Caroline Alexander were also part of the grant, with varying numbers of options.
The transaction, dated December 20, 2024, took place outside of a trading venue, with the shares to be admitted to the AIM market of the London Stock Exchange (LON:LSEG) plc upon the exercise of the options.
This strategic decision by Genedrive aligns senior management's interests with those of the shareholders by potentially offering a future stake in the company's growth and success. The performance conditions attached to the vesting of these options underscore the company's focus on achieving key financial and strategic milestones.
The information disclosed is in accordance with Article 19(3) of the EU Market Abuse Regulation No 596/2014 and is based on a press release statement from the company.
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