Award of Share Options and Restricted Stock Units
OXFORD, United Kingdom and CAMBRIDGE, Mass., April 23, 2018 (GLOBE NEWSWIRE) -- Summit Therapeutics plc (AIM:SUMM) (NASDAQ:SMMT), announces that the following options over new ordinary shares of one penny nominal value (‘Ordinary Shares’) were granted on 20 April 2018 to the Chief Executive Officer, PDMRs and employees in line with the Company’s Long Term Incentive Plan. The Company has also made a grant of restricted stock units (‘RSUs’) to the Non-Executive Directors under the Company’s 2017 Remuneration Policy. Details of both grants are summarised below.
Grant of Share Options
| Director/PDMR | Position | Type | Options Awarded | All Options Capable of Vesting |
| Glyn Edwards | Chief Executive Officer | Annual | 458,978 | |
| Retention | 900,000 | 3,465,955 | ||
| Erik Ostrowski | Chief Financial Officer | Annual | 160,000 | |
| Retention | 800,000 | 1,376,557 | ||
| David Roblin | Chief Operating Officer, President of R&D | Annual | 160,000 | 791,208 |
The option awards to Glyn Edwards and Erik Ostrowski comprise two parts: the annual option award, and a second award of retention share options. All options awarded to Glyn Edwards, Erik Ostrowski and David Roblin have an exercise price of 205 pence per share and will vest in full on 20 April 2021 subject to achievement of performance conditions pertaining to corporate and programme development milestones.
Options over 982,450 Ordinary Shares were granted to other employees of the Company. These options have an exercise price of 205 pence per share. They will vest in nine equal tranches on a quarterly basis from 20 April 2019 and will vest in full on 20 April 2021. The exercise price was the mid-market closing price of the ordinary shares on 20 April 2018.
The total number of share options that are capable of vesting is 10,026,784.
Award of Restricted Stock Units
| Director | Position | RSU’s Awarded | Total RSUs Held |
| Frank Armstrong | Non-Executive Chairman | 36,585 | 119,347 |
| Barry Price | Non-Executive Director | 17,073 | 55,696 |
| Stephen Davies | Non-Executive Director | 17,073 | 55,696 |
| Leopoldo Zambeletti | Non-Executive Director | 17,073 | 55,696 |
| Valerie Andrews | Non-Executive Director | 17,073 | 55,696 |
| Dave Wurzer | Non-Executive Director | 17,073 | 55,696 |
Each RSU entitles the holder to subscribe for an Ordinary Share at a subscription price of one penny per Ordinary Share. The RSUs have a vesting period of one year and no performance conditions. The RSUs granted will vest on 20 April 2019.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).
About Summit Therapeutics
Summit is a biopharmaceutical company focused on the discovery, development and commercialisation of novel medicines for indications for which there are no existing or only inadequate therapies. Summit is conducting clinical programs focused on the genetic disease, Duchenne muscular dystrophy, and the infectious disease, Clostridium difficile infection. Further information is available at www.summitplc.com and Summit can be followed on Twitter (@summitplc).
For more information, please contact:
| Summit | ||
| Glyn Edwards / Richard Pye (UK office) | Tel: | 44 (0)1235 443 951 |
| Erik Ostrowski / Michelle Avery (US office) | +1 617 225 4455 | |
| Cairn Financial Advisers LLP (Nominated Adviser) | Tel: | +44 (0)20 7213 0880 |
| Liam Murray / Tony Rawlinson | ||
| N+1 Singer (Joint Broker) | Tel: | +44 (0)20 7496 3000 |
| Aubrey Powell / Jen Boorer | ||
| Panmure Gordon (Joint Broker) | Tel: | +44 (0)20 7886 2500 |
| Freddy Crossley, Corporate Finance | ||
| Tom Salvesen, Corporate Broking | ||
| MacDougall Biomedical Communications (US) | Tel: | +1 781 235 3060 |
| Karen Sharma | ksharma@macbiocom.com | |
| Consilium Strategic Communications (UK) | Tel: | +44 (0)20 3709 5700 |
| Mary-Jane Elliott / Jessica Hodgson / | summit@consilium-comms.com | |
| Philippa Gardner / Lindsey Neville |
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