Company announcement – No. 33 / 2021
Zealand Pharma launches long-term incentive program for Zealand’s US based Corporate Management for 2021
Accordingly, Zealand has awarded 32,363 restricted stock units (“RSUs”) and 97,090 performance stock units ("PSUs") to the Corporate Management (split of 75% PSUs and 25% RSUs) that are employed by the US entity. The 2021 RSU grants vest annually in equal tranches over three years (from
With respect to the PSUs;
- 50% of the PSUs vest based upon certain predefined operational goals that are required for Zealand to meet its strategic plans (such as clinical development or regulatory goals), and
- 50% of the PSUs vest based upon certain pre-defined market-based goals that encourage share performance against comparable companies (such as total shareholder return performance against Nasdaq Biotechnology Index).
Depending on the level of fulfillment of the goals the PSUs may vest between 0% and 150%.
For the financial year 2021, the total value of any share-based remuneration, including both RSUs and PSUs, cannot exceed 325% for other members of the Corporate Management at the time of grant.
The number of granted RSUs or PSUs may be adjusted by the Board of Directors due to e.g. changes in Zealand's share capital structure or other significant events, subject to obtaining a calculation made by Zealand's auditor or an independent third party.
Vested RSUs or PSUs entitle the holder to receive shares in Zealand at no cost, provided the holder's continued employment throughout the vesting period. Each vested RSU equals one share in Zealand while PSUs convert into a number of shares equal to between 0% to 150% of the PSUs, depending on the achievement of the performance targets.
The grant of RSUs and PSUs under this program will have an estimated fair market value of
The LTIP will have no dilution effect on Zealand's shareholders since Zealand intends to use treasury shares to meet its obligations to deliver shares under the incentive program.
Equivalent programs for the Danish Corporate Management were disclosed in press release 28/2021 on
The Board of Directors
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About Zealand Pharma A/S
Zealand was founded in 1998 in
Forward-Looking Statement
The above information contains forward-looking statements that provide Zealand Pharma’s expectations or forecasts of future events. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. All such forward-looking statements speak only as of the date of this release and are based on information available to
For further information, please contact:
Zealand Pharma Investor Relations |
Claudia Styslinger |
investors@zealandpharma.com |
Zealand Pharma Media Relations |
media@zealandpharma.com |
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