OSLO, Norway, Jan. 31, 2019 /PRNewswire/ -- The Board of Directors of Nordic Nanovector ASA ("Nordic Nanovector" or the "Company") has on 31 January 2019 decided to grant 259,000 Performance Share Units ("PSUs") to employees in accordance with the authorisation granted at the Annual General Meeting held on 30 May 2018 (the "AGM").
The terms and conditions of the PSUs, which are part of the Company's long-term incentive plan for employees, are described on pages 16-23 in the Company's annual report for 2017.
The PSUs are granted without consideration. The PSUs are non-transferable and will vest three years after the date of grant subject to satisfaction of the applicable vesting conditions. Each vested PSUs will give the holder the right to acquire one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.20.
In accordance with the resolution at the AGM, the PSUs are secured by a corresponding number of free-standing warrants. The sole purpose of the warrants is to ensure delivery of shares in the Company upon exercise of the PSUs. The warrants do not give the PSU holders or the option holders a right to subscribe for any additional shares in the Company.
Of the 259,000 allocated PSUs, 205,000 PSUs have been granted to members of the Company's executive management, 28,000 PSUs have been granted to new employees and 26,000 PSUs have been granted to other current employees.
The following primary insiders were granted PSUs on 31 January 2019:
Eduardo Bravo, CEO was granted 50,000 PSUs. Eduardo Bravo now holds 300,000 PSUs and 25,874 shares
Tone Kvåle, CFO was granted 25,000 PSUs. Tone Kvåle now holds 45,000 PSUs, 315,000 options and 186,275 shares including shares to related party
Jostein Dahle, CSO was granted 20,000 PSUs. Jostein Dahle now holds 32,000 PSUs, 150,000 options and 204,958 shares including shares to related party
Marco Renoldi, COO was granted 25,000 PSUs. Marco Renoldi now holds 50,000 PSUs, 464,137 options and 74,000 shares
Lisa Rojkjaer, CMO was granted 25,000 PSUs. Lisa Rojkjaer now holds 50,000 PSUs, 375,000 options and 4,186 shares
Rita Dege, CHRO was granted 20,000 PSUs. Rita Dege now holds 26,500 PSUs, 67,000 options and 4,754 shares
Malene Brondberg, VP IR and CC was granted 20,000 PSUs. Malene Brondberg now holds 40,000 PSUs, 0 options and 5,555 shares
Rosemarie Corrigan, CQO was granted 20,000 PSUs. Rosemarie Corrigan now holds 40,000 PSUs, 0 options and 0 shares
The PSUs allocated to the management of the Company is in accordance with the Board of Director's declaration on salaries and other remuneration to the senior executive management, as approved by the Company's AGM.
The total number of outstanding options and PSUs are now 2,659,174 and 720,250 respectively. Subject to all vesting conditions being fulfilled exercise of the options and PSUs would create a 5.9 % dilution of the outstanding shares on a fully diluted basis.
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About Nordic Nanovector:
Nordic Nanovector is committed to develop and deliver innovative therapies to patients to address major unmet medical needs and advance cancer care. The Company aspires to become a leader in the development of targeted therapies for haematological cancers. Nordic Nanovector's lead clinical-stage candidate is Betalutin®, a novel CD37-targeting antibody-radionuclide-conjugate designed to advance the treatment of non-Hodgkin's lymphoma (NHL). NHL is an indication with substantial unmet medical need, representing a growing market forecast to be worth nearly USD 29 billion by 2026. Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialisation of Betalutin® in core markets. Further information can be found at www.nordicnanovector.com.
This information is subject to a duty of disclosure pursuant to Sections 4-2 and 5-12 of the Securities Trading Act.
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SOURCE Nordic Nanovector