Allergy Therapeutics - Long Term Incentive Awards
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Company")
Long Term Incentive Awards
LTIP Award
The LTIP Award is intended to incentivise and reward a defined level of share price growth and shareholder value creation, as the Company seeks to accelerate the delivery and sales of its immunotherapies. The remuneration committee of the Company believes that the mix of performance conditions will ensure a balance between strong share price growth and reaching for full operational, commercial and financial potential and mirrors the stretching award conditions of the LTIP Awards granted in
The maximum aggregate number of ordinary shares under option pursuant to the LTIP Award is approximately 2.3 million, representing 0.036% of the Company's issued share capital.
The LTIP Award has been made in the form of nominal cost options under the 2023 Long Term Share Incentive Plan. The number of ordinary shares under the LTIP Award granted to the CFO is set out in the table below.
|
Name |
Role |
Number of options granted over ordinary shares |
Resultant number of existing share options held |
|
Percentage of fully diluted share capital |
|
|
Chief Financial Officer |
2,300,000 |
24,004,724 |
1,507 |
0.38% |
The LTIP Award is subject to a share price performance target and commercial, financial and operational performance targets as described below. Subject to the meeting of the performance conditions, the award will vest
The share price performance targets were set in the context of the share price during the third quarter of calendar year 2024. The testing period will be the final 60 trading days prior to
· No New LTIP Award will vest if the volume weighted average share price for the Testing Period is less than 10p
· 10% of the New LTIP Award will vest if the volume weighted average share price for the Testing Period is 10p
· 100% of the LTIP Award will vest if the volume weighted average share price for the Testing Period is 16p
· If the volume weighted average share price for the Testing Period is between 10p and 16p, the New LTIP Award will vest on a straight-line basis from 10% to 100%
Additional gateway conditions which must be achieved for any LTIP Award to vest include partnership deals for product launches, revenue targets for the period through
The LTIP Award will be subject to good/bad leaver provisions, malus and clawback conditions, an overall cap on the value which can be earned and an overriding Remuneration Committee discretion to vary the level of vesting to ensure values earned reflect company performance and the experience of shareholders.
Related Party Transaction
The issue of the LTIP Award to
This announcement contains inside information for the purposes of the retained
- ENDS -
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international commercial biotechnology company, headquartered in the
Allergy Therapeutics
+44 (0)1903 845 820
Cavendish Capital Markets Limited (Nominated Adviser and Broker)
+44 (0)20 7220 0500
ICR Healthcare
+44 (0)20 3709 5700
allergytherapeutics@icrhealthcare.com
Notification and public disclosure of transactions by Director/persons discharging managerial responsibilities and persons closely associated with them
|
1 |
Details of the person discharging managerial responsibilities/person closely associated |
||
|
a) |
Name |
Dr. |
|
|
2 |
Reason for the notification |
|
|
|
a) |
Position/status |
CFO of Allergy Therapeutics Plc. |
|
|
b) |
Initial notification/Amendment |
Initial notification |
|
|
3 |
Details of the issuer, |
||
|
a) |
Name |
Allergy Therapeutics plc |
|
|
b) |
LEI |
213800PQ7AHK7KGVOE23 |
|
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
||
|
a) |
Description of the financial instrument, type of instrument
|
Ordinary shares of |
|
|
b) |
Nature of the transaction |
Grant of options over Ordinary Shares
|
|
|
c) |
Price(s) and volume(s) |
Exercise Price per share |
Number of shares |
|
|
2,300,000 |
||
|
d) |
Aggregated information · - Aggregated volume · - Price |
See 4c) above |
|
|
e) |
Date of the transaction |
|
|
|
f) |
Place of the transaction |
Outside a trading venue |
|
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