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Summit Therapeutics plc : Award of Share Options
June 17, 2015 02:00 ET
Summit Therapeutics plc
Summit Therapeutics plc
Summit Therapeutics plc
("Summit" or the "Company")
AWARD OF SHARE OPTIONS
Oxford, UK, 17 June 2015 - Summit Therapeutics plc (AIM: SUMM, NASDAQ: SMMT), the drug discovery and development company advancing therapies for Duchenne muscular dystrophy and C. difficile infection, announces that on 16 June 2015 it granted Share Options over 2,422,333 ordinary shares of 1p nominal value ('Shares') to Executive and Non-Executive Directors and Officers, and other members of the Company under the existing Company Share Option Plan at an exercise price of 143 pence per Share (being the mid-market closing price of a Summit ordinary share on 15 June 2015).
The details of the award to Executive and Non-Executive Directors and Officers are as follows:
| Name | Position | Number of Options Granted | Exercise Price |
| Glyn Edwards | Chief Executive Officer | 887,333 | 143 pence |
| Erik Ostrowski | Chief Financial Officer | 400,000 | 143 pence |
| Frank Armstrong | Non-Executive Chairman | 50,000 | 143 pence |
| Barry Price | Non-Executive Director | 25,000 | 143 pence |
| Stephen Davies | Non-Executive Director | 25,000 | 143 pence |
| Leopoldo Zambeletti | Non-Executive Director | 25,000 | 143 pence |
| Valerie Andrews | Non-Executive Director | 25,000 | 143 pence |
| David Wurzer | Non-Executive Director | 25,000 | 143 pence |
All the options will vest fully on 16 June 2018 subject to the average closing ordinary share price being equal to or greater than 214.5 pence in any period of 30 consecutive calendar days ending on or before that date. The options will lapse if this performance condition is not met by 16 June 2018.
This share option award forms an important part of the strategy to retain and motivate people who will be key to the success of the Company. The Board believes this award is aligned with the interests of all shareholders as the Company seeks to generate long-term shareholder value.
Post these grants the Executive and Non-Executive Directors and Officers hold the following options in aggregate:
| Name | Position | Total Number of Options held | % of issued share capital |
| Glyn Edwards | Chief Executive Officer | 2,744,216 | 4.50% |
| Erik Ostrowski | Chief Financial Officer | 800,000 | 1.31% |
| Frank Armstrong | Non-Executive Chairman | 162,500 | 0.27% |
| Barry Price | Non-Executive Director | 81,481 | 0.13% |
| Stephen Davies | Non-Executive Director | 67,500 | 0.11% |
| Leopoldo Zambeletti | Non-Executive Director | 50,000 | 0.08% |
| Valerie Andrews | Non-Executive Director | 50,000 | 0.08% |
| David Wurzer | Non-Executive Director | 25,000 | 0.04% |
For more information, please contact:
| Summit Therapeutics Richard Pye (UK office) Erik Ostrowski (US office) | Tel: +44 (0)1235 443 951 +1 617 294 6607 |
| Cairn Financial Advisers LLP (Nominated Adviser) Liam Murray / Tony Rawlinson | Tel: +44 (0)20 7148 7900 |