Orphazyme A / S
N ° 38/2020
Company registration number 32266355
Copenhagen, Denmark, July 1, 2020 Orphazyme A / S (ORPHA.CO) (the company), a biopharmaceutical company pioneering the response to heat shock proteins for the treatment of orphan neurodegenerative diseases, announced today that the company has introduced a new incentive program based on actions (the LTIP) for 2020. The LTIP was implemented in accordance with the Orphazymes remuneration policy adopted at the Orphazymes annual general meeting of March 26, 2020.
As part of the LTIP for 2020, the general management and certain key employees of Orphazyme in Denmark, the United States and Switzerland have subscribed or acquired or will subscribe or will acquire a certain number of shares (investment shares). The board of directors may decide to offer other current or new employees of Orphazyme to participate in the RILT. The LTIP for 2020 includes an extraordinary subsidy to certain participants to compensate for not having received action-based incentives in 2018 and 2019.
Participants may be allocated a number of Orphazyme shares (Performance Shares) at the price per Performance Share of 1 DKK at the end of an vesting period of up to four (4) years calculated at from January 1, 2020 (the Company with performance shares holding Period). The number of performance shares will be proportional to a potential increase in the price of Orphazymes shares at the time of acquisition compared to the price on January 1, 2020. The potential increase in the price of Orphazymes shares will be calculated as the current volume weighting average share price listed on Nasdaq Copenhagen during the 10 trading days preceding the expiration date of the performance share holding period and January 1, 2020, respectively. Performance shares will be allocated on a linear scale with a maximum allocation triggered by an 80% increase in the share price, whereas no performance share will be allocated if the price of Orphazymes shares has increased by 20% or less on the performance expiration date. Share holding period. Among other things, the acquisition is also subject to the fact that the participants retained ownership of their investment shares and continued to work at the time of the acquisition.
Based on the current number of Investment Shares held by participants, up to approximately 537,000 Performance Shares, which include the Performance Shares awarded under the above-mentioned extraordinary compensation bonus, can be allocated at the time of the acquisition.
In addition, participants may also be allocated a number of Orphazyme shares (Counterpart shares) at the price per Counterpart share of 1 DKK after a maximum period of one (1) year calculated from January 1 2020. The number of Counterpart Shares will be equal to the number of investment shares held by the participant and the acquisition will be subject to the condition that the participants have retained ownership of their investment shares and have continued to work at the time of acquisition.
Based on the current number of investment shares held by participants, up to approximately 142,000 counterpart shares, which include the counterpart shares granted under the above-mentioned extraordinary compensation premium, can be allocated at the time of acquisition.
The theoretical market value of the LTIP has been estimated at around DKK 42.8 million on the basis of a Monte Carlo simulation with an estimate of the volatility over four years of 55.9% and an expected dividend yield of 0 %. This implies an expected number of Performance Shares to be allocated around 130,000.
For more information, please contact
Orphazyme A / S
Anders Vadsholt, CFO +45 28 98 90 55
About Orphazyme A / S
Orphazyme is a pioneer biopharmaceutical company in the response to heat shock proteins for the treatment of orphan neurodegenerative diseases. The company is focused on developing therapies for diseases caused by protein misfolding, protein aggregation and lysosomal dysfunction. Arimoclomol, the company’s main candidate, is in clinical development for four orphan diseases: Niemann-Pick type C disease (NPC), Gaucher disease, sporadic inclusion myositis (IBS) and amyotrophic lateral sclerosis ( SLA). The company based in Denmark is listed on Nasdaq Copenhagen (ORPHA.CO). For more information, please visit www.orphazyme.com.
This announcement may contain certain forward-looking statements. Although the Company believes that its expectations are based on reasonable assumptions, all statements other than statements of historical facts included in this announcement by the company about future events, including the clinical development and potential benefits of arimoclomol for Gaucher disease, NPC, sIBM and ALS, are subject to (i) change without notice and (ii) factors beyond the control of the company. These statements may include, without limitation, all statements preceded, followed, or including words such as target, believe, expect, aim, intend, may, anticipate, estimate, plan, plan, may, should, should, should , would be, could, and other words and terms with similar meanings or the negative thereof. Forward-looking statements are subject to inherent risks and uncertainties beyond the control of the company, which could lead to actual results, performance or achievements of the company that are significantly different from the expected results, performance or achievement expressed or implied by these forward-looking statements. Unless required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons why actual results may differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
38-2020 New action-based program
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