NEW YORK (GenomeWeb News) – Vermillion said last week that it has distributed shares to certain board members and its chief scientific officer pursuant to its debtor incentive plan.
Board members James Burns and John Hamilton each received 35,295 shares of the company's stock pursuant to the incentive plan, which was approved by the US Bankruptcy Court in Delaware in April as part of the company's plan to emerge from Chapter 11 protection. Vermillion emerged from Chapter 11 protection earlier this year.
Burns and Hamilton were each granted 60,508 shares of common stock under the incentive plan, subject to a 24-month vesting schedule that began on June 22, 2009.The remaining 25,213 shares granted to Burns and Hamilton each will vest monthly over the next 10 months, the company said.
Also Vermillion, now based in Austin, Texas, said that its board has approved the granting of 20,169 restricted shares of its common stock to CSO Eric Fung. The shares are subject to a 24-month vesting schedule that began on June 22, 2009, and 11,765 of those shares are vested and have been distributed to Fung. The remaining 8,404 shares will vest over the next 10 months.