Nordic Nanovector ASA: Allocation of restricted stock unites (RSUs) to the board of directors
Oslo, Norway, 8 June 2018
Reference is made to the minutes from Nordic Nanovector ASA's (the "Company") (OSE: NANO) annual general meeting held on 30 May 2018 in Oslo, Norway (the "AGM").
At the AGM, the shareholders approved the issuance of 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 2018 to the annual general meeting in 2019, in the form of RSUs.
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 agreements.
The board members may 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 10 trading days prior to the date of the AGM, i.e. NOK 53.21.
Pursuant to the RSU program, the board members have made the following election and hold the following number of RSUs and shares following such election:
|Name||Remuneration for the period 2018-2019||Allocation between cash and RSUs||Number of RSUs for the period 2018-2019||Total number of RSUs||Total number of shares|
|Ludvik Sandnes 1||NOK 515 000||100% RSUs||9 679||36 800||126 000|
|Per Samuelsson 2||NOK 345 000||100% Cash 3||-||-||-|
|Hilde H.Steineger 4||NOK 345 000||2/3 RSUs||4 322||15 533||750|
|Gisela Schwab 5||NOK 305 000||100% RSUs||5 732||8 678||7 054|
|Joanna Horobin 6||NOK 325 000||2/3 RSUs||4 072||6 179||2 678|
|Jean-Pierre Bizzari 7||NOK 325 000||1/3 RSUs||2 036||3 018||3 527|
|Rainer Boehm 8||NOK 285 000||2/3 RSUs||3 571||3 571||-|
1. NOK 475 000 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. The amount of remuneration will be reduced if Ludvik Sandnes prior to the vesting date ceases to be the chairman of the Board and the number of RSUs will be reduced correspondingly.
2. NOK 285 000 as board member, NOK 40 000 as chairman of the compensation committee and NOK 20 000 as a member of the audit committee.
3. Per Samuelsson is not allowed to hold equity in the company due to his affiliation with HealthCap and will only receive cash.
4. NOK 285 000 as board member, NOK 40 000 as chair of the audit committee and NOK 20 000 as a member of the compensation committee.
5. NOK 285 000 as board member and NOK 20 000 as member of the clinical committee.
6. NOK 285 000 as board member, NOK 20 000 as member of the clinical committee and NOK 20 000 as member of the compensation committee.
7. NOK 285 000 as board member and NOK 40 000 as chairman of the clinical committee.
8. NOK 285 000 as board member.
A total of 29 412 RSUs have thus been allocated following the AGM. The RSUs will vest on 30 May 2019. For further information about the RSU Program see note 12 to the Company's annual accounts included in the Company's annual report for 2017 on page 70.
For further information, please contact:
Malene Brondberg, VP Investor Relations and Corporate Communications
Cell: +44 7561 431 762
About Nordic Nanovector
Nordic Nanovector is committed to develop and deliver innovative therapies to patients to address major unmet medical needs and advance cancer care. The Company aspires to become a leader in the development of targeted therapies for haematological cancers. Nordic Nanovector's lead clinical-stage candidate is Betalutin®, a novel CD37-targeting antibody-radionuclide-conjugate designed to advance the treatment of non-Hodgkin's lymphoma (NHL). NHL is an indication with substantial unmet medical need, representing a growing market forecast to be worth nearly USD 20 billion by 2024. Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialisation of Betalutin® in core markets. Further information 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 and section 3.2 of the continuing obligations for listed companies