PCI Biotech: Employee share option scheme

Oslo, September 4th, 2023 - PCI Biotech (OSE: PCIB), today declares that the Board of Directors has gifted employees in key positions with the opportunity to purchase shares at a later date.

Following the approval given by the Annual General Meeting on May 25, 2023, and the adoption of the remuneration policy by the Annual General Meeting on May 28, 2021, the Board of Directors of PCI Biotech Holding ASA ("PCI Biotech") has given out a total of 700,000 share options to key employees. Each share option allows the holder to subscribe to or acquire one share per option, at a strike price of NOK 1.66. This price is equivalent to the average share price for the last five trading days leading up to the grant date. The share options are given without any payment required and are subject to conditions related to the employee's length of service. These options will be gradually vested over a period of three years and will expire in the third quarter of 2028. For more information about the share option program, please refer to PCI Biotech's remuneration policy.

Based on the payment plan, the Board of Directors will aim to distribute a certain number of share options after issuing them, which will have a fair value calculated using the Black-Scholes model. This fair value will be partially based on individual's annual base salary. In addition to this, other factors that will be considered in the allocation process include the balance between short-term and long-term rewards based on performance, the current value of existing share options held, overall performance, job responsibilities, the need to retain employees, and their role within the company.

The quantity of stock choices provided is determined by these recommendations. Furthermore, the stock choices are provided with a maximum worth of 20 times the exercise price. If this maximum worth threshold is achieved, all stock choices will immediately become available to be exercised.

In order for top-level executives to maintain possession of their shares in the company for an extended period of time, they must hold onto them for at least one year. However, they are allowed to immediately sell shares to cover any costs associated with transactions and taxes through a method known as a cash-less exercise. The board aims to encourage members of the executive team to accumulate and keep shares in the company that are worth at least one year's gross base salary before they are able to sell any of the shares.

Out of the 700,000 stock options available, 440,000 were assigned to the primary insiders mentioned below.

Ronny Skuggedal, the chief executive officer (CEO), has been granted 300,000 stock options. Following this allotment, Ronny Skuggedal now possesses a grand total of 660,000 unutilized stock options and 55,000 shares in their portfolio.

Anders Høgset, who serves as the Chief Science Officer (CSO), has been granted 120,000 share options. After receiving this allocation, Anders Høgset's overall holdings include a combined total of 370,000 unexercised share options and 64,800 shares.

Kristin Eivindvik, Chief Digital Officer, has been given 20,000 share options. Now, she possesses a combined portfolio consisting of 130,000 share options that haven't been utilized yet and 25,200 shares.

Attached are the notifications from key individuals in accordance with Article 19 of the Market Abuse Regulation.

As of May 25, 2023, the current approval permits a grand total of 2,790,000 stocks to be offered. Out of this figure, the Board of Directors has already allocated 1,700,000 shares.

If you would like to know more, please get in touch with Ronny Skuggedal, Chief Executive Officer. You can reach out via email at rs(a)pcibiotech.no or through his mobile number at +47 9400 5757.

This data is bound by the rules that demand its public disclosure as per the norms outlined in the market manipulation law, specifically in article 19, and also falls under the jurisdiction of section 5-12 of the Norwegian Securities Trading Act.