Long Term Incentive Plan Option Grant

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 of shares subject to LTIP grant	Percentage of issued shares under option
Stuart Paynter	Chief Finance 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: John Dawson,  Chief Executive Officer Stuart Paynter, Chief Financial Officer	Tel: [phone]
Consilium Strategic Communications Mary-Jane Elliott/Matthew Neal/Philippa Gardner/Laura Thornton	Tel: [phone]

Notes for editors

About Oxford BioMedica^®

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^®) 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.

 

END

 

 

IOEFMGZLRVMGNZG