Medgenics Issues Stock Options and Restricted Shares to Non-Executive Directors
08 January 2014 - 5:00AM
Business Wire
Medgenics, Inc. (NYSE MKT: MDGN and AIM: MEDU, MEDG) (the
Company), the developer of Biopump(TM) a novel technology for the
sustained production and delivery of therapeutic proteins in
patients using their own tissue, announces that on January 2, 2014,
the Company granted options to subscribe for 15,000 shares of the
Company’s common stock, par value US$0.0001 (“Common Shares”)
(“Options”) and made a restricted share award of 7,000 Common
Shares (“Restricted Shares”) to each of Sol Barer, Isaac Blech,
Alastair Clemow, Wilbur “Bill” Gantz, Joseph Grano, Jr., Joel
Kanter, Stephen McMurray, and Andrew Pearlman, all non-executive
directors of the Company, as part of their remuneration for the
year.
Fifty percent of these Restricted Shares were vested on January
3, 2014 and the remaining fifty percent will be vested one year
from the date awarded, January 2, 2014 (the “Reference Date”). All
of the Options are for a term of 10 years commencing on the
Reference Date, vest in equal instalments on each of the first
three anniversaries of the Reference Date and have an exercise
price of US$6.50 or, based on an exchange rate of £1=US$1.65, 394
pence per Common Share, being the MDGN closing price on the
Reference Date as reported on NYSE MKT.
These awards of Restricted Shares and Options were made pursuant
to the terms of the Company’s 2006 Stock Incentive Plan (as
amended, the “2006 Stock Plan”) previously approved by the
Company’s stockholders and in accordance with the Board approved
non-executive director compensation program adopted on March 22,
2010 and amended on December 9, 2011 and October 16, 2012, which
provides for each non-executive director: annual grants of options
to purchase 15,000 Common Shares and awards of 7,000 Restricted
Shares; an annual cash retainer fee of $15,000; and meeting
attendance fees ranging from $1,000 to $2,500 per meeting,
depending on the location and type of meeting. In addition,
committee chairmen are entitled to an annual cash fee of
$5,000.
This announcement is being made pursuant to the London Stock
Exchange’s AIM Rules for Companies admitted to trading on the AIM
market.
Medgenics, Inc.John Leaman,
CFOjohn.leaman@medgenics.comorLHAAnne Marie Fields,
212-838-3777afields@lhai.comorAbchurch CommunicationsHarriet
Rae, +44 207 398 7719Joanne ShearsJamie
Hooperjamie.hooper@abchurch-group.comorOriel Securities
(NOMAD & Broker)Phone: +44 207 710 7617Jonathan SeniorGiles
Balleny
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