PCI Biotech: Employee share option scheme in connection with promotion of new CSO

Oslo, 10 January 2025 - PCI Biotech (OSE: PCIB), today announced that the Board of Directors has granted share options to Morten Luhr who has been promoted to Chief Scientific Officer (CSO) from January 2025. Anders Høgset, former CSO, will commence as Scientific Advisor in a 20% position.

In accordance with the authorisation granted by the Annual General Meeting 24 May 2024 and the remuneration policy adopted by the Annual General Meeting 28 May 2021, the Board of Directors of PCI Biotech Holding ASA ("PCI Biotech”) has awarded a total of 75,000 share options to a key employee. Each share option gives the right to subscribe for or acquire one share per option (after PCI Biotech’s choice), at a strike price of NOK 1.35, equal to the volume weighted average share price (VWAP) for the last 5 days of trade prior to the grant date. The share options are granted without consideration and are subject to service-based vesting conditions. The share options will vest annually with 1/3 over a three-year vesting term. The first 1/3 will vest in Q3 2025 and the vesting term ends in Q3 2027. The share options are lapsing in Q3 2029. Further details about the share option program are described in PCI Biotech’s remuneration policy.

The number of share options granted is based on these guidelines and in addition, the share options are granted with a value cap of 20 times the strike price. If this value cap threshold is met all share options will vest immediately and be available for exercise.

To ensure long-term ownership by executive management, shares obtained by exercise of share options shall be held for at least one year, except shares to be sold immediately to cover transaction costs and tax under a so-called cash-less exercise. Through the long-term incentive program the board expects members of the executive team to build up and maintain share ownership with a market value equal to at least one-year gross base salary, before any shares may be sold.

All 75,000 share options were allotted to Morten Luhr, CSO and primary insider. After the allotment, Morten Luhr holds a total portfolio of 560,000 unexercised share options and 70 shares.

Primary insider notifications pursuant to the market abuse regulation article 19 are attached.

The current authorisation, as of 24 May 2024, allows for a total of 2,790,000 share options, of which 2,463,334 now have been granted by the Board of Directors.

For more information, please contact:        
Ronny Skuggedal, CEO, rs(a)pcibiotech.no, Mobile: +47 9400 5757

This information is subject to the disclosure requirements pursuant to the market abuse regulation article 19 and to section 5-12 of the Norwegian Securities Trading Act. 

Attachment

• PCIB - primary insider notification KRT-1500 10012025