PCI Biotech: Employee share option scheme

02 Sep 2024 07:53 CEST

Oslo, 2 September 2024 - PCI Biotech (OSE: PCIB), today announce that the Board
of Directors has granted share options to key employees.

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 885,000 share options to key employees. 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 1.81, 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, and the share options will vest equally over a three-
year vesting term. The share options are lapsing in Q3 2029. Further details
about the share option program are described in PCI Biotech's remuneration
policy.

According to the remuneration policy the BoD will at allotment of share options
seek to allot a number of share options with a total fair value, calculated
according to the Black-Scholes model, that is partly linked to the annual base
salary for each individual. Other elements that will be assessed in the
allotment are the balance between total short- and long-term performance-based
rewards, current value of share options held, overall performance, work
responsibility, importance of retention, and position.

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.

Of the 885,000 share options, 530,000 share options were allotted to the
following primary insiders:

400,000 share options were allotted to Ronny Skuggedal, CEO and CFO. After the
allotment, Ronny Skuggedal holds a total portfolio of 1,020,000 unexercised
share options and 55,000 shares.

130,000 share options were allotted to Anders Høgset, CSO. After the allotment,
Anders Høgset holds a total portfolio of 460,000 unexercised share options and
64,800 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 2,388,334 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.

More information:
Access the news on Oslo Bors NewsWeb site

626809_PCIB - primary insider notification KRT-1500 01092024.pdf