Zealand Pharma, a major biotechnological company, has announced the launch of a new long-term share-based incentive program for its corporate management in the United States, in accordance with the company’s remuneration policy as adopted at the annual public meeting.
The new incentive structure was established to line with chosen biotech peers. Also, it is designed to promote long-term success, align management and staff interests with those of Zealand shareholders and promote the recruiting, retention, and motivating of top executive talent. As a result, Zealand has granted 32,363 RSUs (Restricted Stock Units) and 97,090 PSUs (Performance Stock Units) to the US entity’s Corporate Management (25% RSUs and 75% PSUs). The 2021 RSU awards would vest in three equal yearly installments over the next three years (from May 2021 to May 2024).
Vested RSUs or PSUs entitle the bearer to obtain shares in Zealand at no cost if they continue to work for Zealand during the vesting term.Each vested RSU equals one share in Zealand, based on the attainment of the performance targets, while PSUs switch into a number of shares equal to 0% to 150% of the PSUs.