Nordic Nanovector ASA: Allotment of restricted stock unites (RSUs) to the board of directors
Oslo, Norway, 30 May 2016
Reference is made to the minutes from Nordic Nanovector ASA's (the "Company") (OSE: NANO) annual general meeting held on 19 May 2016 in Oslo, Norway.
At the general meeting, the Company resolved to issue restricted stock units ("RSUs") to board members who elect to receive all or parts of their remuneration, for the period from the annual general meeting in 2016 to the annual general meeting in 2017, in the form of RSUs pursuant to the respective restricted share units agreements ("RSU Agreement") entered into between the Company and the relevant board members.
The RSUs are non-transferable and each RSU give the right and obligation to acquire one shares in the Company at a price of NOK 0.20 per share (corresponding to the nominal value of the shares) subject to satisfaction of the applicable vesting conditions stated in the RSU Agreement.
The board members who elect to receive RSU's, must elect to either (i) receive 100% of the compensation in RSUs, (ii) receive 1/3 of the compensation in cash and 2/3 in RSUs, or (iii) receive 2/3 of the compensation in cash and 1/3 in RSUs. The election made by each board member has been set out in the table below. The number of RSUs to be granted to the members of the Board of Directors is calculated as the NOK amount of the RSU opted portion of total compensation to the board member, divided by the market price for the Nordic Nanovector share. The market price is calculated as volume weighted average share price the 10 trading days prior to the grant date, i.e. NOK 22.68.
Pursuant to the RSU program, the board members and primary insiders of the Company received the following number of RSUs:
|Name||Remuneration for the period 2016-2017||Allocation between cash and RSUs||Number of RSUs for the period 2016-2017||Total number of RSUs||Total number of shares|
|Ludvik Sandnes||NOK 490,000||100% RSU||21,604||21,604||125,000|
|Per Samuelsson||NOK 300,000||||-||-||-|
|Hilde Hermansen Steineger||NOK 300,000||2/3 RSU||8,818||8,818||750|
|Gisela Schwab||NOK 240,000||2/3 RSU||7,054||7,054||-|
|Renee P. Tannenbaum||NOK 240,000||1/3 RSU||3,527||3,527||-|
|Jean-Pierre Bizzari||NOK 240,000||1/3 RSU||3,527||3,527||-|
 NOK 450,000 as chairman of the Board, NOK 20,000 as a member of the audit committee and NOK 20,000 as a member of the compensation committee
 NOK 240,000 as board member, NOK 40,000 as chairman of the compensation committee and NOK 20,000 as a member of the audit committee
 Per Samuelsson is not allowed to hold equity in the Company due to his affiliation with HealthCap, and will only receive cash.
 NOK 240,000 as board member, NOK 40,000 as chairman of the audit committee and NOK 20,000 as a member of the compensation committee.
A total of 44,530 RSUs have thus been granted. The RSUs will vest on 19 May 2017.
For further information, please contact:
Tone Kvåle, Chief Financial Officer
Phone: +47 91 51 95 76
About Nordic Nanovector:
Nordic Nanovector is a biotech company focusing on the development and commercialisation of novel targeted therapeutics in haematology and oncology. The Company's lead clinical-stage product opportunity is Betalutin®, the first in a new class of Antibody-Radionclide-Conjugates (ARC) designed to improve upon a complement current options for the treatment of non-Hodgkin Lymphoma (NHL). NHL is an indication with substantial unmet medical need and orphan drug opportunities, representing a growing market worth over USD 12 billion by 2018. Betalutin® comprises a tumour-seeking anti-CD37 antibody (HH1) conjugated to a low intensity radionclide (lutetium-177). The preliminary data has shown promising efficacy and safety profile in an ongoing Phase1/2 study in a difficult-to-treat NHL patient population. The Company is aiming at developing Betalutin® for the treatment of major types of NHL with first regulator submission anticipated in 1H 2019. Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialisation to Betalutin® in core markets, while exploring potential distribution agreements in selected geographies. The Company is committed to developing its ARC pipeline to treat multiple selected cancer indications. Further information about the Company can be found at www.nordicnanovector.com.
This information is subject to duty of disclosure pursuant to Section 4-2 of the Norwegian Securities Trading Act.