#HVO hVIVO PLC – Long Term Incentive Plan / PDMR Notification February 6, 2023 – Posted in: hVIVO (HVO) – Tags: , , , , , , ,

hVIVO plc (AIM & Euronext: HVO) (formerly Open Orphan plc), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that on 6 February 2023, the Company implemented a Long Term Incentive Plan (“LTIP”) for Yamin ‘Mo’ Khan, the Company’s Chief Executive Officer.

 

The LTIP has been designed to reward, incentivise and retain Mr Khan to deliver sustainable growth for shareholders. The deemed date of award is 24 February 2022, which is the date Mr Khan was appointed CEO. Under the LTIP, Mr Khan has been awarded 7,227,273 nominal cost long term incentive options (“LTIP Options“) over ordinary shares of £0.001 each in the Company.

 

Vesting of the LTIP Options is conditional upon a three-year total shareholder return (“TSR”) performance against an initial 11p reference price. A portion of the LTIP Options will vest on the third anniversary of the date of award subject to the achievement of a minimum 10% CAGR TSR performance increasing on a straight-line basis to vesting in full subject to the achievement of a 22.5% CAGR TSR performance.

 

The award of the LTIP Options is also subject to continued employment, malus and clawback provisions and will vest in full on a takeover of the Company.

 

Related Party Transaction

As a director of the Company, Yamin ‘Mo’ Khan is deemed to be a related party under the AIM Rules for Companies (the “AIM Rules”) and, on account of the award of LTIP Options, the implementation of the LTIP and the award of the LTIP Options constitute a related party transaction for the purposes of Rule 13 of the AIM Rules.

 

The directors of the Group (excluding Mr Khan) consider, having consulted with Liberum, the Company’s nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

 

For further information please contact:

 

hVIVO plc

+44 (0) 20 7756 1300

Yamin ‘Mo’ Khan, Chief Executive Officer

Stephen Pinkerton, Chief Financial Officer

Liberum Capital (Nominated Adviser and Joint Broker)

 +44 (0) 20 3100 2000

Ben Cryer, Edward Mansfield, Phil Walker, Will King

finnCap plc (Joint Broker)

+44 (0) 20 7220 0500

Geoff Nash, Charlie Beeson, Nigel Birks, Harriet Ward (ECM)

Davy (Euronext Growth Adviser and Joint Broker)

+353 (0) 1 679 6363

Anthony Farrell, Niall Gilchrist

Walbrook PR (Financial PR & IR)

Stephanie Cuthbert / Phillip Marriage /
Louis Ashe-Jepson

+44 (0) 20 7933 8780 or hvivo@walbrookpr.com

+44 (0) 7796 794 663 / +44 (0) 7867 984 082 /