Business
Launch of new Company Long Term Incentive Plan
Launch of new Company Long Term Incentive Plan.
About this update from Allergy Therapeutics Plc
[{"type":"text","content":"\n\n \nAllergy Therapeutics plc\n(\"Allergy Therapeutics\" or \"the Group\")\n \nLaunch of new Company Long Term Incentive Plan\n \nGrant of Options\n \nChange of Name of Nominated Adviser and Broker\n \n4 July 2024 Allergy Therapeutics (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, announces that on 26 June 2024 it adopted a new long-term incentive plan (\"New LTIP\"), with share option awards to be made to key members of Allergy Therapeutics' management team including certain of its persons discharging managerial responsibilities (\"PDMRs\").\n \nThe Group's Remuneration Committee adopted the New LTIP and has granted options to encourage long-term value creation for the Company's shareholders, and so that the individuals identified as key people to lead the business into the future are appropriately incentivised in a manner that aligns with the interests of the Group's stakeholders.\nVesting is conditional on the satisfaction of performance criteria over a three year period. The vesting of any share options is subject to a share price threshold. So long as this share price threshold is exceeded, vesting of 70 per cent. of the award is subject to EBITDA performance and vesting of 30 per cent. of the award is subject to regulatory performance targets.\nThe following awards have been made in accordance with the New LTIP:\n \n\n\n\n\nName\n\n\nTitle\n\n\nNumber of share options granted\n\n\nPerformance period\n\n\nVesting Date\n\n\nExercise price\n\n\n\n\nManuel Llobet\n\n\nChief Executive Officer\n\n\n9,650,663\n\n\n3 years commencing 1 July 2023\n\n\n30 June 2026\n\n\n£0.001\n\n\n\n\nShaun Furlong\n\n\nChief Financial Officer\n\n\n3,809,524\n\n\n3 years commencing 1 July 2023\n\n\n30 June 2026\n\n\n£0.001\n\n\n\n\n \nThe number of Ordinary Shares stated above is the maximum number that could be issued to each PDMR upon full satisfaction of the performance conditions attached to the awards.\n \nThe Committee will review the performance conditions at periodic intervals to ensure they remain appropriate. As a result of any such review, the Committee will retain discretion to amend the conditions where appropriate having regard to overall Company performance and wider stakeholder experience.\n \nChange of Name of ...