Proteome Sciences plc (AIM:PRM) announces the award of 18,160,000 nominal cost options (“Options”) over ordinary shares of 1 pence each in the capital of the Company (“Ordinary Shares”) to certain executive directors on 3 April 2017 (the “Award”) as detailed below. The Options represent 6.17% of the current issued share capital of the Company and lapse on 3 April 2027 (“Lapse Date”).
The Options will vest subject to the holders remaining employed until the vesting date and the satisfaction of the following performance requirements (“Performance Criteria”) relating to the growth in the Company’s share price, as quoted on the London Stock Exchange:
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One third of the total Options awarded will vest if the Company’s closing share price over a 5-day period attains 7p at any time after the Vesting Date but before the Lapse Date (the “Exercise Period”);
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A further one third of the total Options awarded will vest if the Company’s closing share price over a 5-day period attains 9p at any time during the Exercise Period; and
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The final one third of the total Options awarded will vest if the Company’s closing share price over a 5-day period attains 11p at any time during the Exercise Period.
Once the Options have vested in accordance with the Performance Criteria, participants can exercise their Options at any time during the period commencing from the Vesting Date and ending on the Lapse Date.
Following the Award, the Company now has 19,526,548 options over Ordinary Shares outstanding representing 6.63% of the current issued share capital of the Company.