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

10 Jan 2025 10:24 CET

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.

More information:
Access the news on Oslo Bors NewsWeb site

636288_PCIB - primary insider notification KRT-1500 10012025.pdf