Business
Issue of Options in lieu of salary increases
Issue of Options in lieu of salary increases.
About this update from Cizzle Biotechnology Holdings Plc
[{"type":"text","content":"\n \n 7 March 2023\n \n \n \n \n \n Cizzle Biotechnology Holdings Plc\n \n \n \n (\"Cizzle Biotechnology\", \"Cizzle\" or the \"Company\")\n \n \n \n Issue of Options in lieu of salary increases\n \n \n Cizzle Biotechnology, the UK based diagnostics developer, announces voluntary director salary waivers and the award of share options.\n \n \n In conducting a review of director remuneration, the Company's remuneration committee was of the view that the Company's directors' salaries are currently below market comparables. However, even in a period of high inflation, the directors remain fully committed to maintaining low overheads and maximising the funds available to the Company for the development of its CIZ1B early lung cancer test.\n \n \n The directors have therefore agreed to waive any increase in basic salary for a period of two years from 3 March 2023. In compensation, and subject to shareholder approval at the next Annual General Meeting of the Company, the Company has conditionally granted share options over new ordinary shares in the Company (the \"Options\") to the directors, with an exercise price equivalent to the volume weighted average price of the Company's ordinary shares for the month of February 2023 at 2.19376p per share. \n 50% of the Options will vest and become exercisable after the 12-month anniversary of grant; the remaining 50% shall vest and become exercisable on the 24-month anniversary of grant. The Options will have a 10 year life from the date of grant and are subject to good and bad leaver provisions. The Options are unapproved for the purposes of the enterprise management incentive and have been granted outside of, and in addition to, grants made under the Company's existing share option schemes.\n \n \n Following the grant of the Options, the total number of ordinary shares under option is 48,685,443 ordinary shares representing 14.02% of the Company's current issued ordinary share capital.\n \n \n The Options have been granted to the directors as follows:\n \n \n \n \n \n \n \n Director\n \n \n \n \n \n \n Number of Options granted\n \n \n \n \n \n \n Existing options held\n \n \n \n \n \n \n Total number of options now held\n \n \n \n \n \n \n Total number of options now held as % of current issued share capital\n \n \n \n \n \n \n \n Allan S...