JERSEY, Channel Islands, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Quotient Limited (NASDAQ:QTNT), a commercial-stage diagnostics company (the Company), today announced the grant of equity awards to Dr. Michael Hausmann, who has been appointed as the Chief Technology Officer of the Company effective August 1, 2021.
In connection with the appointment, on August 1, 2021, the Company granted Dr. Hausmann CHF 595,200 ($656,954) of performance-based restricted share units (PSUs) (the Sign-on PSUs), CHF 357,120 ($394,172) of restricted share units (RSUs) (the Sign-On RSUs) and CHF 238,080 ($262,781) of share options to purchase the Company's ordinary shares (the Sign-On Options). Such grants, were issued outside of the Company's 2014 Stock Incentive Plan, were approved by the Company's Board of Directors and the Remuneration Committee of the Board of Directors pursuant to the inducement grant exception under Nasdaq Rule 563(c)(4), as an inducement that is material to Dr. Hausmann’s joining the Company as the Chief Technology Officer.
The Sign-On RSUs will vest in three installments, with 33.3% vesting on each of the first, second and third anniversaries of the grant date. The Sign-on PSUs will vest on the third anniversary of the grant date, provided specific performance criteria have been met. These performance criteria include the Company achieving certain financial targets. The number of shares underlying the Sign-on Options will be determined using a Black-Scholes calculation based on the closing sales price of the Company’s ordinary shares on the Nasdaq Global Market on the day prior to grant date, and the Sign-On Options will have an exercise price per share equal to the closing sales price of the Company's ordinary shares on the Nasdaq Global Market on the day prior to grant date. The Sign-On Options will vest in three equal installments on the first, second and third anniversaries of the grant date. The vesting of the awards will be subject to Dr. Hausmann’s continued service as the Chief Technology Officer of the Company on each applicable vesting date.
About Quotient Limited
Building on over 30 years of experience in transfusion diagnostics, Quotient is a commercial-stage diagnostics company committed to delivering solutions that reshape the way diagnostics is practiced. MosaiQ, Quotient’s proprietary multiplex microarray technology, offers the world’s first fully automated, consolidated testing platform, allowing for multiple tests across different modalities. MosaiQ is designed to be a game-changing solution, which Quotient believes will increase efficiencies, improve clinical practice, deliver significant workflow improvements, and operational cost savings to laboratories around the world. In response to the global effort to combat COVID-19, Quotient developed the MosaiQ COVID-19 Antibody Microarray which is CE marked and has received the U.S. FDA Emergency Use Authorization. Quotient's operations are based in Eysins, Switzerland, Edinburgh, Scotland and Newtown, Pennsylvania.
The Quotient logo, Quotient MosaiQ and MosaiQ are trademarks or registered trademarks of Quotient Limited or its subsidiaries in various jurisdictions.
Contact: Peter Buhler, Chief Financial Officer, IR@quotientbd.com; +41 22 545 52 26