Company announcement – No. 55/ 2022
Zealand has awarded 20,590 PSUs and 14,038 warrants to Zealand´s CFO.
The warrants are granted under the warrant program covered by the authority pursuant to Section 8.10 of Zealand's Articles of Association, adopted on Zealand's general meeting on
Zealand implemented the LTIP to align with select European and
PSUs
With respect to the PSUs, the Board of Directors is authorized to grant members of the Corporate Management sign-on PSUs free of charge subject to fulfillment of certain pre-defined performance targets. Consequently,
- 50% of the PSUs vest based upon certain pre-defined operational goals that are required for Zealand to meet its strategic plans (such as clinical development advancement), and
- 50% of the PSUs vest based upon certain pre-defined market-based goals that encourage share performance against comparable companies (such as total shareholder return performance against Nasdaq Biotechnology Index).
Depending on the level of fulfillment of the goals the PSUs may vest between 0% and 150%.
The grant of sign-on PSUs to the CFO under this program will have an estimated fair market value of
The number of granted sign-on PSUs may be adjusted by the Board of Directors due to e.g., changes in Zealand's share capital structure or other significant events, subject to obtaining a calculation made by Zealand's auditor or an independent third party.
Vested PSUs entitle the holder to receive shares in Zealand at no cost, provided the holder's continued employment throughout the vesting period. Vested PSUs convert into a number of shares equal to between 0% to 150% of the PSUs, depending on the achievement of the performance targets.
Warrants
The warrant program is an incentive scheme reflecting Zealand’s objective to attract and retain first-rate employees and to help ensure shared short- and long-term interests for the management and employees with shareholders of Zealand.
The 14,038 warrants give the rights to subscribe for up to 14,038 newly issued Zealand shares with a nominal value of
The warrants granted to the CFO will vest annually in equal tranches over a three-year period, and the exercise of the warrants may take place, in whole or in part, in defined time windows from
The exercise windows for all granted warrants are defined as four times a year during a four-week window following the time of publication of either the Zealand's annual report or quarterly or semi-annual reports (three, six and nine months respectively).
The total new warrants granted have a combined market value of
The total value of the share-based sign-on payment, including both PSUs and warrants, cannot exceed 200% of the fixed annual base salary for the CFO.
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About
Zealand was founded in 1998 and is headquartered in
Forward-Looking Statement
The above information contains forward-looking statements that provide Zealand Pharma’s expectations or forecasts of future events. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. All such forward-looking statements speak only as of the date of this release and are based on information available to
Contact:
Vice President, Investor Relations & Corporate Communications Email: ank@zealandpharma.com |
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