Mr. Cameron Groome reports
MICROBIX ANNOUNCES ISSUANCE OF STOCK OPTIONS
Microbix Biosystems Inc. has issued stock options under its shareholder-approved 2018 stock option plan, as part of its compensation programs to incentivize and retain its board of directors, executives and managers.
Details of the option issuance
In consultation with the chief executive officer and chief financial officer, the Microbix board of directors has approved the issuance of 2.2 million options in accordance with the terms of the stock option plan. The options are exercisable at a price of 21.5 cents per share, as determined by the closing price of the Toronto Stock Exchange on Feb. 24, 2020. Each option will vest and be exercisable after three years and have a total life of five years. The stock option grants form part of the total remuneration package for the recipients and are subject to TSX approval.
Management believes that stock options are an important tool to incentivize and retain senior personnel, particularly for smaller, publicly listed companies. In February, 2019, Microbix announced its intention to broadly use its stock option plan once per year -- following the issuance of its Q1 results.
The options now issued are being allocated across 24 individuals that comprise the more senior tiers of Microbix's 75 employees, inclusive of its independent directors. The mean award per individual is 91,667, with a standard deviation of 56,002. The quarterly expense incurred as a result of this option award is estimated to be $23,000, and will represent approximately 1 per cent of total company compensation costs.
About Microbix Biosystems Inc.
Microbix develops proprietary biological and technology solutions for human health and well-being, with sales usually exceeding $1-million per month and approximately 80 skilled employees.
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