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Vesting of Options under Long-Term Incentive Plan
Allergy Therapeutics plc announced the outcome of its Long-Term Incentive Plan, with 30% of awards vesting due to achieved regulatory performance targets, while 70% lapsed as EBITDA targets were not met. A total of 7,671,078 share options vested at an exercise price of £0.001 per share, with 4,038,054 of these vested options held by PDMRs Manuel Llobet and Shaun Furlong. The share price threshold was met, but the EBITDA performance conditions were not achieved. Disclaimer*
About this update from Allergy Therapeutics Plc
Allergy Therapeutics plc ("Allergy Therapeutics" or the "Company") Vesting of Options under Long-Term Incentive Plan 30 June 2026: Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapies, today announces the outcome of performance conditions and the resulting vesting of options under the terms of the Company's Long-Term Incentive Plan ("LTIP") adopted on 26 June 2024 and announced to the market on 4 July 2024. The LTIP issued share options to key members of Allergy Therapeutics' management team including certain of its persons discharging managerial responsibilities ("PDMRs"), to encourage long-term value creation and to incentivise those individuals in a manner that aligns with the interests of the Company's stakeholders. The Remuneration Committee set performance conditions across a three-year performance period commencing 1 July 2023 to 30 June 2026, comprising: (i) a share price threshold applicable to the whole award; (ii) EBITDA performance targets (representing 70 per cent. of each award); and (iii) regulatory performance targets (representing 30 per cent. of each award). Performance Outcome The Remuneration Committee has reviewed and assessed performance against the conditions attached to the LTIP awards over the performance period. The share price threshold having been met, the regulatory performance targets (representing 30 per cent. of each award) have been achieved and accordingly 30 per cent. of each award has vested. The EBITDA performance targets (representing 70 per cent. of each award) have not been achieved and accordingly 70 per cent. of each award has lapsed. Under this award, a total of 7,671,078 share options have vested with an exercise price of £0.001 per share, and a total of 17,899,201 share options have lapsed. The table below sets out the vesting positions of Manuel Llobet and Shaun Furlong, being the PDMRs of the Company who participated in the award: Name Title Options vested and exercisable Lapsed options Resultant number of share options held Number of ordinary shares held Manuel Llobet Chief Executive Officer 2,895,198 6,755,465 135,822,559 5,001,200 Shaun Furlong Chief Financial Officer 1,142,856 2,666,668 21,338,056 1,507 Total 4,038,054 9,422,133 The exercise price of the vested optio...
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