Copenhagen, Denmark, July 29, 2019 – Orphazyme A/S (the “Company”), a biopharmaceutical company dedicated to developing treatments for patients living with rare diseases, today announced that the Company introduces a new Board Incentive Program for the Company’s members the Board of Directors.
The purpose of the Board Incentive Program is to attract and retain qualified members of the Board of Directors as share-based incentives are commonly used among competing international biotech and pharmaceutical companies. Further, the Board Incentive Program reflects the objective of a motivated and lasting value creation for the shareholders.
The Board Incentive Program is based on restricted share units (“RSUs”) which entitle the participant, subject to vesting of the RSUs, to acquire or subscribe for shares in the Company corresponding to the number of RSUs held at a price per share corresponding to the volume weighted average share price of the Company’s shares as quoted on Nasdaq Copenhagen A/S during the ten trading days preceding the date of grant.
The RSUs will have a vesting period from the date of grant and until the date of the next annual general meeting in the Company after the date of grant. Vesting are not conditional on any financial or performance criteria, but is, however, conditional upon the continued membership by the participant on the Company’s Board of Directors until vesting. Upon vesting, the RSUs may be exercised within a period of twelve months.
Based on the current number of participants in the Board Incentive Program, the program will comprise 17,702 shares in total. The theoretical market value of each RSU has been estimated at DKK 186,000 calculated on the basis of the Monte-Carlo model.