Oxford Biomedica PLC Deferred Bonus Plan and LTIP Option Grants (5324Y)
May 18 2016 - 1:00AM
UK Regulatory
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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