New Incentive Program Established for Members of Executive Management and Selected Employees in Bavarian Nordic
13 December 2024 - 6:00PM
UK Regulatory
New Incentive Program Established for Members of Executive
Management and Selected Employees in Bavarian Nordic
COPENHAGEN, Denmark, December 13, 2024 –
Bavarian Nordic A/S (OMX: BAVA) announced today that the Board of
Directors has decided to establish a new long-term incentive
program for Executive Management and selected employees in the
Bavarian Nordic Group. Members of the Executive Management are
granted a mix of performance restricted stock units (Performance
RSUs) and warrants, both subject to the successful achievement of
relevant Key Performance Indicators (KPI’s). Employees
participating in the program are granted warrants only. The
decision is made in accordance with the shareholder authorizations
for the Board of Directors adopted as Articles 5b of the Articles
of Association and the Remuneration Policy.
A total of 118,274 warrants are granted to
members of Executive Management with a subscription price of DKK
198.90 per share equivalent to the market price of Bavarian
Nordic's shares at the time of grant. Furthermore, a total of
46,700 Performance RSUs are granted to members of Executive
Management. The combined value of warrants and Performance RSUs
granted to each member of Executive Management equals up to 100% of
their fixed annual base wage. The Performance RSUs will vest in
three years from the date of grant, provided that all vesting
conditions have been met. Vesting of the warrants and Performance
RSUs is subject to prior fulfilment of KPI's as determined by the
Board of Directors.
A total of 1,053,509 warrants are granted to
selected employees in the Bavarian Nordic Group with a subscription
price of DKK 223.33 per share, determined as the average market
price (closing price) of the Company's shares on Nasdaq Copenhagen
over a period of 15 business days prior to grant plus 15 %.
Collectively, under the new warrant programs a
total of 1,171,783 warrants are granted, which entitle the holders
to subscribe for up to 1,171,783 shares in total with a nominal
value of DKK 10 each. Vested warrants may be exercised wholly or
partly during eight fixed subscription periods during 2028 and
2029, however subject to predefined caps on the maximum value of
the exercise for each individual warrant holder at the time of
exercise as laid out in the Remuneration Policy.
Calculated on the Black-Scholes model and
adjusted for the historic probability of achievement of KPI’s, the
theoretical value of each warrant granted to members of Executive
Management equals DKK 76.68. The Black-Scholes value of each
warrant granted to selected employees equals DKK 75.33. The
calculations are based on a share price of DKK 198.90, a risk-free
interest rate of 1.65 per cent and on the historical volatility of
the shares in relevant peers.
The value of each Performance RSU granted to the
members of Executive Management equals DKK 194.20 determined as the
average market price (closing price) of the Company's shares on
Nasdaq Copenhagen over a period of 15 business days prior to
grant.
About Bavarian Nordic
Bavarian Nordic is a global vaccine company with a mission to
improve health and save lives through innovative vaccines. We are a
preferred supplier of mpox and smallpox vaccines to governments to
enhance public health preparedness and have a leading portfolio of
travel vaccines. For more information, visit
www.bavarian-nordic.com
Forward-looking statements
This announcement includes forward-looking statements that involve
risks, uncertainties and other factors, many of which are outside
of our control, that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. Forward-looking statements include statements
concerning our plans, objectives, goals, future events, performance
and/or other information that is not historical information. All
such forward-looking statements are expressly qualified by these
cautionary statements and any other cautionary statements which may
accompany the forward-looking statements. We undertake no
obligation to publicly update or revise forward-looking statements
to reflect subsequent events or circumstances after the date made,
except as required by law.
Contacts
Europe: Rolf Sass Sørensen, Vice President Investor Relations,
rss@bavarian-nordic.com, Tel: +45 61 77 47 43
US: Graham Morrell, Paddock Circle Advisors,
graham@paddockcircle.com, Tel: +1 781 686 9600
Company Announcement no. 39 / 2024
Bavarian Nordic AS (TG:BV3)
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