Vermillion said this week that US Bankruptcy Court in Delaware has approved the company's management incentive plan for its three directors.
Under the incentive plan, Gail Page, James Burns, and John Hamilton will receive in aggregate $5 million in cash and 302,541 shares of restricted stock, subject to a time-based vesting schedule.
As a result of Vermillion's Chapter 11 filing a year ago, most of the board resigned with Page, Burn, and Hamilton remaining to oversee the company during its reorganization. Page was also renamed the company's CEO in February.
The company received clearance from the US Food and Drug Administration for its OVA1 triage test for ovarian cancer in September 2009 and successfully emerged from Chapter 11 in January.