NEW YORK, Feb. 22 (GenomeWeb News) - Biotage directors have authorized 549,600 employee stock options for allotment under a global option program for employees in the Biotage group - Biotage AB Global Share Option Plan 2005, the company said today.
Members of the group management will receive a maximum of 45,000 options each, members of the junior management will receive a maximum of 10,000 options each, other members of management and key employees will receive a maximum of 2,000 each, and other employees will receive a maximum of 400 each. The CEO and president has not been allotted any options.
Each option entitles the holder to buy one ordinary share at a price of SEK 11.83 ($1.50). The options have an exercise period of seven years. The holder must be an employee at the time of exercise.
The company will issue up to 640,000 warrants to subscribe for new shares to cover the employee stock option program.
The issue was authorized by shareholders on April 27.