Summit Therapeutics plc
("Summit" or the "Company")
AWARD OF SHARE OPTIONS
Oxford, UK, 24 June 2016 - Summit Therapeutics plc (AIM: SUMM, NASDAQ: SMMT), the drug
discovery and development company advancing therapies for Duchenne muscular dystrophy and C. difficile
infection, announces that on 23 June 2016 it granted share options over 250,000 new ordinary shares of 1p nominal value ("Shares")
at an exercise price of 105.0 pence per Share to the Company's Chief Financial Officer, Erik Ostrowski. These options will
vest in full on 23 June 2019 subject to achievement of performance conditions pertaining to certain corporate and programme
development milestones. These options will lapse in full if the performance conditions are not met by 23 June 2019.
The Company has also granted share options over 1,307,000 new Shares at an exercise price of 105.0 pence per Share
to other employees of the Company. These options will vest in nine equal tranches on a quarterly basis from 23 June 2017 and
will vest in full on 23 June 2019.
The above exercise price is the mid-market closing price of Summit's Shares on 23 June 2016.
The Company's Chief Executive Officer, Glyn Edwards, has also been granted nominal-cost share options over 110,576
new Shares. As detailed in the Directors' Remuneration Report in the Company's Annual Report and Accounts for 2015/16, this
option grant is part the bonus awarded to Mr Edwards in recognition of achievement of Company performance objectives during the
year ended 31 January 2016. Prior to the assessment of the bonus, the Remuneration Committee agreed with Mr Edwards for the bonus
to be equally split between a cash payment (paid in February 2016) and a future grant of nominal cost share options. These options
are subject to no further performance conditions and will become exercisable from 21July 2016.
Each of these option awards have been made under the Company's 2016 Long Term Incentive Plan.
- END -
For more information, please contact:
Summit Therapeutics
Richard Pye (UK office)
Erik Ostrowski (US office)
|
Tel: +44 (0)1235 443 951
+1 617 294 6607 |
Cairn Financial Advisers LLP
(Nominated Adviser)
Liam Murray / Tony Rawlinson
|
Tel: +44 (0)20 7148 7900 |
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions
clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Summit Therapeutics plc via Globenewswire
HUG#2022964