19 Jul 2010 15:33
GW Pharmaceuticals PLC ("GW Pharmaceuticals" or the "Company")
NOTIFICATION OF INTERESTS OF DIRECTORS
Porton Down, UK, 19 July 2010: GW Pharmaceuticals (AIM: GWP) hereby provides notification that the Company has today granted the following awards to Directors over the Company's ordinary shares ("Shares") in the form of nominal-cost options ("Awards") under the GW Pharmaceuticals plc Long-Term Incentive Plan:
|
Name |
Number of Shares under Award |
Total number of Shares over which options / awards held |
| Dr Geoffrey Guy | 259,836 | 2,049,750 |
| Justin Gover | 213,666 | 2,446,135 |
| David Kirk | 170,228 | 2,580,364 |
| Dr Stephen Wright | 177,970 | 1,495,150 |
The exercise price of the Awards is 0.1p per Share, the par value of the Shares.
The Awards will ordinarily vest on 19 July 2013 subject to the following performance conditions having been achieved:
One quarter of the award will vest upon achievement of regulatory approvals of the Company's lead product, Sativex®, in a further 6 European countries (excluding UK and Spain) and 3 non-EU countries;
One quarter of the award will vest upon the conclusion one new significant non-Sativex license agreement;
One quarter of the award will vest upon the successful completion of a Phase II proof of concept clinical trial in one non-Sativex product; and
One quarter of the award will vest if, on the vesting date, the GW Pharmaceutical plc share price has both increased and outperformed the FTSE AIM All share Index over the period from the date of grant until vesting of the option.
Once vested, an Award may be exercised at any time prior to the tenth anniversary of the date of grant.
For further information, please contact:
GW Pharmaceuticals PLC +44 (0)1980 557 000
Adam George, Company Secretary
Piper Jaffray Ltd (Nominated Adviser)
Neil Mackison/Rupert Winckler +44 (0) 203 142 8700