Tissue Regenix Group PLC Deferred Annual Bonus Award (5126H)
May 20 2014 - 2:00AM
UK Regulatory
TIDMTRX
RNS Number : 5126H
Tissue Regenix Group PLC
20 May 2014
Tissue Regenix Group Plc
("Tissue Regenix" or "the Company")
Deferred Annual Bonus Award
YORK, 20(th) May 2014 - Tissue Regenix Group plc (AIM:TRX)
("Tissue Regenix" or "the Group"), the regenerative medical devices
company, today announces that an award has been made to Ian
Jefferson, Chief Financial Officer, pursuant to the terms of the
Group's Deferred Annual Bonus Plan, which was approved by the
Remuneration Committee on 24 April 2014 and details of which are
included in the Group's Annual Report published on 19 May 2014.
Under the terms of the Deferred Annual Bonus Plan, directors and
senior managers may waive up to 50% of their annual cash bonus and,
in return, receive a share option over ordinary shares in the
Group. By participating in the Deferred Annual Bonus Plan,
directors and senior managers will also be entitled to receive a
matching award of further ordinary shares in the Group at no
additional cost.
Under the terms of the Deferred Annual Bonus Plan, Ian Jefferson
waived his entitlement to receive 50% of his annual cash bonus in
return for an option over 86,734 ordinary shares of 0.5p each in
the Group (the "Deferred Allocation"). The number of shares
comprising the Deferred Allocation (i.e. subject to option) was
calculated by dividing the amount of cash bonus waived by the
closing market value of the ordinary shares of the Company on the
dealing day immediately prior to the date of grant of the award.
The Deferred Allocation option is not capable of exercise until the
vesting date has been reached, which is three years from the date
of the award. By participating in the Deferred Annual Bonus plan,
Ian Jefferson is entitled to receive a matching award at no
additional cost (the "Matching Allocation"), being an option over
260,202 ordinary 0.5p shares in the Group. The Matching Allocation
is not capable of exercise until the vesting date has been reached,
which is three years from the date of award. Additionally, the
Matching Allocation is not capable of exercise until the Group's
share price has reached the following target prices and remained at
those prices for at least 30 consecutive days:
Performance criteria
% Of Interest Share Price
To Vest Criteria
-------------- ------------
33.33% 30p
-------------- ------------
33.33% 40p
-------------- ------------
33.33% 50p
-------------- ------------
For Further Information
Tissue Regenix Group Plc: +44 19 0443 5176
Antony Odell
Ian Jefferson
Jefferies International Ltd: +44 20 7029 8000
Simon Hardy
Harry Nicholas
Newgate Communications: +44 207 680 6550
Andrew Jones
Stephanie Dobbs
About Tissue Regenix
Tissue Regenix is a leading medical devices company in the field
of regenerative medicine. The company's patented decellularisation
('dCELL(R)') technology removes DNA and other cellular material
from animal and human tissue leaving an acellular tissue scaffold
which is not rejected by the patient's body which can then be used
to repair diseased or worn out body parts. The potential
applications of this process are diverse and address many critical
clinical needs such as vascular disease, heart valve replacement
and knee repair.
Tissue Regenix was formed in 2006 when it was spun-out from the
University of Leeds. The company commercialises academic research
conducted by our partners around the World.
In November 2012 Tissue Regenix Group plc set up a subsidiary
company in the United States- 'Tissue Regenix Wound Care Inc.', as
part of its commercialisation strategy for its dCELL(R) technology
platform.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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