17th Sep 2012 10:44
For immediate release
New share option plan and grant of options
17 September 2012 - London, UK - Verona Pharma plc (AIM: VRP.L), announces that the Board has approved a new share option plan for directors and employees under which options may be granted over shares in the Company. The share option plan is designed to further align the interests of employees with those of shareholders.
The share option plan is a tax efficient Enterprise Management Incentive plan (EMI plan) under which employees and directors who are contracted to work at least 25 hours a week for the Company will be eligible to participate. It is intended that options granted under the EMI plan will be exercisable at a price and in accordance with a vesting schedule determined by the Board at the time of grant and will have an exercise period of 10 years from the date of grant.
Options may be granted under the EMI plan and any other share option plan adopted by the Company for the benefit of its directors, employees and consultants over shares representing a maximum of 10% of the Company's issued share capital.
Verona Pharma also announces that it has today granted under the EMI plan options over 5,000,000 shares in the Company to its recently-appointed CEO, Dr. Jan-Anders Karlsson. The table below sets out the exercise price and vesting schedule of the options.
Number of ordinary Exercise price Vesting Schedule
shares under option 2,000,000 5p One third on each of 1 June 2013, 2014 and 2015 1,000,000 10p 1 June 2015 1,000,000 12p 1 June 2015 1,000,000 15p 1 June 2015 -Ends-
For more information please contact:
Verona Pharma plc Tel: 020 7863 3300 Clive Page, Chairman [email protected] Jan-Anders Karlsson, CEO WH Ireland Group Plc Tel: 020 7220 1650 Chris Fielding [email protected] Metcalf
Related Shares:
VRP.L