Phorm Corporation Limited New Share Option Plan and Grant of Options (4762H)
December 01 2015 - 2:01AM
UK Regulatory
TIDMPHRM
RNS Number : 4762H
Phorm Corporation Limited
01 December 2015
1 December 2015
Phorm Corporation Limited
("Phorm" or the "Company")
Adoption of New Share Option Plan and Grant of Options
Phorm (AIM: PHRM), a leading advertising-technology company and
first party data platform provider, announces that, on 30 November
2015, the Board adopted a new share option plan (the "New Share
Option Plan") and granted options ("Options") pursuant to the terms
of such plan over a total of 93,758,988 new ordinary shares of nil
par value each in the capital of the Company ("Ordinary Shares")
representing, in aggregate, approximately 9.55 per cent. of the
Company's existing issued share capital.
The New Share Option Plan and Option Awards
The New Share Option Plan has been adopted as part of the
Group's employee incentivisation and retention strategy, and all
existing outstanding share options will be cancelled following
implementation of the New Share Option Plan.
The Options granted pursuant to the New Share Option Plan all
have an expiration date of 30 November 2021 and an exercise price
of 2.75 pence, being the middle market closing price of an Ordinary
Share on the last business day prior to the date of grant.
19,500,000 Options have been granted to existing executive
management (save for Mr Smith as set out below) and a consultant to
the Company with vesting of these Options to occur as to 40 per
cent. six months from the date of grant and thereafter a further 20
per cent. on each one year anniversary from the date of grant for
the subsequent three years. 25,175,000 Options have been granted to
existing employees and vesting of these Options will occur as to
one third one year from the date of grant and a further third for
the subsequent two years on the anniversary of the date of
grant.
Tim Smith, Chief Executive Officer of the Company, has been
granted 49,083,988 Options pursuant to the New Share Option Plan,
representing approximately 5.00 per cent. of the Company's existing
issued share capital. The Options granted to Mr Smith vest as to
one third on29 January 2016 (being six months after his formal
appointment as CEO on 29 July 2015) with the remainder vesting in
eighteen equal monthly instalments thereafter.
-Ends-
For further information please contact:
Phorm Corporation Limited
Timothy Smith (Chief Executive Officer) +44 (0) 20 3397 6001
Mirabaud Securities LLP (Broker) +44 (0) 20 7321 2508
Jason Woollard
Peter Krens
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris Matthew Chandler James Dance
About Phorm
Phorm is a leading advertising-technology and first party data
platform provider that enables brands and publishers to address
online users with personalised content and advertising. Phorm's
innovative platform delivers a more interesting online experience
for the user and addressable campaign results for marketers. For
more information, please visit: www.phorm.com
This information is provided by RNS
The company news service from the London Stock Exchange
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