Grant of awards to Directors

RNS Number : 7809Y

Circassia Pharmaceuticals Plc

19 May 2016

 

For immediate release

Circassia Pharmaceuticals plc

Grant of awards to Directors

19 May 2016

In accordance with Disclosure and Transparency Rule 3.1.2 R, Circassia Pharmaceuticals plc announces the grant of options today to its Executive Directors under the rules of the Company's Performance Share Plan for 2016.

The 2016 options are granted at an exercise price of 0.08 pence to acquire ordinary shares in Circassia Pharmaceuticals plc and will normally become exercisable on the third anniversary of the Date of Grant, subject to the satisfaction of certain performance conditions. Options are awarded in two tranches of 50% each. For tranche A, options begin to vest when the Company Total Shareholder Return (TSR) ranks equal to the FTSE 250 index median TSR. At this point, 25% of options vest. This increases to 100% when the Company TSR ranks in the FTSE 250 upper quartile. For tranche B, options vest upon the achievement of strategic corporate goals in respect of the development and commercialisation of certain products and sales growth targets during the performance period.

The following table sets out details of the options that have been granted to the Executive Directors today, together with the number of options that have been previously reported and are held at 19 May 2016:

Name	New options granted on 19 May 2016	Options granted in earlier years and held at 19 May 2016	Total number of options held at 19 May 2016
Steven Harris	212,946	1,000,944	1,213,890
Rod Hafner	120,703	326,278	446,981
Julien Cotta	111,272	392,412	503,684
Total	444,921	1,719,634	2,164,555

-Ends-

For further information, please contact:
Circassia Pharmaceuticals plc Julien Cotta, Company Secretary	[phone]

 

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