Tissue Regenix Group PLC Deferred Annual Bonus Scheme (7177C)
June 30 2016 - 2:01AM
UK Regulatory
TIDMTRX
RNS Number : 7177C
Tissue Regenix Group PLC
30 June 2016
Tissue Regenix Group plc
Deferred Annual Bonus Scheme
Leeds, 30 June 2016 - Tissue Regenix Group (AIM:TRX) ("Tissue
Regenix" or "The Company") the regenerative medical devices company
announces that an award has been made to Ian Jefferson, Chief
Financial Officer and Antony Odell, Chief Executive Officer,
pursuant to the terms of the Company's Deferred Annual Bonus
Scheme.
Under the terms of the Deferred Annual Bonus Scheme, Ian
Jefferson waived his entitlement to receive 50% of his annual cash
bonus in return for an option over 209,677 ordinary shares of 0.5p
each in the Company and Antony Odell waived his entitlement to
receive 36% of his annual cash bonus in return for an option over
255,484 ordinary shares of 0.5p each in the Company (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 deferral. 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 Scheme Ian Jefferson and Antony Odell are
entitled to receive a matching award at no additional cost (the
"Matching Allocation"), being an option over 629,031 and 766,452
ordinary 0.5p shares in the Company respectively. 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 Company'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% 20p
-------------- ------------
33.33% 25p
-------------- ------------
33.33% 30p
-------------- ------------
For more Information:
Tissue Regenix Group plc Tel: 0330
Caitlin Pearson Corporate Communications 430 3073
Officer
========================================== ===========
Jefferies International Ltd Tel: 020
Simon Hardy / Harry Nicholas 7029 8000
========================================== ===========
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
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