Vesting of Options under Long-Term Incentive Plan
Allergy Therapeutics plc announced the outcome of its Long-Term Incentive Plan, with 30% of awards vesting due to achieved regulatory performance targets, while 70% lapsed as EBITDA targets were not met. A total of 7,671,078 share options vested at an exercise price of £0.001 per share, with 4,038,054 of these vested options held by PDMRs Manuel Llobet and Shaun Furlong. The share price threshold was met, but the EBITDA performance conditions were not achieved.
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30 June 2026: Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy immunotherapies, today announces the outcome of performance conditions and the resulting vesting of options under the terms of the Company's Long-Term Incentive Plan ("LTIP") adopted on 26 June 2024 and announced to the market on 4 July 2024.
The LTIP issued share options to key members of Allergy Therapeutics' management team including certain of its persons discharging managerial responsibilities ("PDMRs"), to encourage long-term value creation and to incentivise those individuals in a manner that aligns with the interests of the Company's stakeholders. The Remuneration Committee set performance conditions across a three-year performance period commencing 1 July 2023 to 30 June 2026, comprising: (i) a share price threshold applicable to the whole award; (ii) EBITDA performance targets (representing 70 per cent. of each award); and (iii) regulatory performance targets (representing 30 per cent. of each award).
Performance Outcome
The Remuneration Committee has reviewed and assessed performance against the conditions attached to the LTIP awards over the performance period. The share price threshold having been met, the regulatory performance targets (representing 30 per cent. of each award) have been achieved and accordingly 30 per cent. of each award has vested. The EBITDA performance targets (representing 70 per cent. of each award) have not been achieved and accordingly 70 per cent. of each award has lapsed.
Under this award, a total of 7,671,078 share options have vested with an exercise price of £0.001 per share, and a total of 17,899,201 share options have lapsed. The table below sets out the vesting positions of Manuel Llobet and Shaun Furlong, being the PDMRs of the Company who participated in the award:
| Name | Title | Options vested and exercisable | Lapsed options | Resultant number of share options held | Number of ordinary shares held |
|---|---|---|---|---|---|
| Manuel Llobet | Chief Executive Officer | 2,895,198 | 6,755,465 | 135,822,559 | 5,001,200 |
| Shaun Furlong | Chief Financial Officer | 1,142,856 | 2,666,668 | 21,338,056 | 1,507 |
| Total | 4,038,054 | 9,422,133 |
The exercise price of the vested options is £0.001 per Ordinary Share. Following vesting, the options are exercisable by the relevant PDMR and, upon exercise, new Ordinary Shares will be issued or existing Ordinary Shares transferred to the relevant PDMR in accordance with the terms of the LTIP. The Company will make a further announcement in the event that any such options are exercised.
| a) | Name | Manuel Llobet |
| 2 | Reason for the notification | |
| a) | Position / status | Chief Executive Officer |
| b) | Initial notification / Amendment | Initial notification |
| a) | Name | Allergy Therapeutics plc |
| b) | LEI | 213800PQ7AHK7KGVOE23 |
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 0.1 pence each |
| Identification code | ISIN: GB00B02LCQ05 | |
| b) | Nature of the transaction | Vesting of options under the Long-Term Incentive Plan |
| c) | Price(s) and volume(s) | Exercise price per share: £0.001 Volume: 2,895,199 |
| d) | Aggregated information - Aggregated volume - Price | See 4c) above |
| e) | Date of the transaction | 30 June 2026 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / persons closely associated | |
| a) | Name | Shaun Furlong |
| 2 | Reason for the notification | |
| a) | Position / status | Chief Financial Officer |
| b) | Initial notification / Amendment | Initial notification |
| a) | Name | Allergy Therapeutics plc |
| b) | LEI | 213800PQ7AHK7KGVOE23 |
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 0.1 pence each |
| Identification code | ISIN: GB00B02LCQ05 | |
| b) | Nature of the transaction | Vesting of options under the Long-Term Incentive Plan |
| c) | Price(s) and volume(s) | Exercise price per share: £0.001 Volume: 1,142,857 |
| d) | Aggregated information - Aggregated volume - Price | See 4c) above |
| e) | Date of the transaction | 30 June 2026 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.