hVIVO Regulatory News (HVO)

hVIVO plc

("hVIVO" or the "Company")

Long Term Incentive Plan / PDMR Notification 

and Related Party Transaction

hVIVO plc (AIM & Euronext: HVO) (formerly Open Orphan plc), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that on 6 February 2023, the Company implemented a Long Term Incentive Plan ("LTIP") for Yamin 'Mo' Khan, the Company's Chief Executive Officer.

The LTIP has been designed to reward, incentivise and retain Mr Khan to deliver sustainable growth for shareholders. The deemed date of award is 24 February 2022, which is the date Mr Khan was appointed CEO. Under the LTIP, Mr Khan has been awarded 7,227,273 nominal cost long term incentive options ("LTIP Options") over ordinary shares of £0.001 each in the Company.

Vesting of the LTIP Options is conditional upon a three-year total shareholder return ("TSR") performance against an initial 11p reference price. A portion of the LTIP Options will vest on the third anniversary of the date of award subject to the achievement of a minimum 10% CAGR TSR performance increasing on a straight-line basis to vesting in full subject to the achievement of a 22.5% CAGR TSR performance.

The award of the LTIP Options is also subject to continued employment, malus and clawback provisions and will vest in full on a takeover of the Company.

Related Party Transaction

As a director of the Company, Yamin 'Mo' Khan is deemed to be a related party under the AIM Rules for Companies (the "AIM Rules") and, on account of the award of LTIP Options, the implementation of the LTIP and the award of the LTIP Options constitute a related party transaction for the purposes of Rule 13 of the AIM Rules.

The directors of the Group (excluding Mr Khan) consider, having consulted with Liberum, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

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Notes to Editors

hVIVO plc (ticker: HVO) (formerly Open Orphan plc) is a rapidly growing specialist contract research organisation (CRO) and the world leader in testing infectious and respiratory disease vaccines and therapeutics using human challenge clinical trials. The Group provides end-to-end early clinical development services to its large, established and growing repeat client base, which includes four of the top 10 largest global biopharma companies.

The Group's fast-growing services business includes a unique portfolio of 10+ human challenge models to test a broad range of infectious and respiratory disease products, world class challenge agent manufacturing, specialist drug development and clinical consultancy services via its Venn Life Sciences brand, and a lab offering via its hLAB brand, which includes virology, immunology biomarker and molecular testing. The Group offers additional clinical field trial services such as patient recruitment and clinical trial site services.

hVIVO runs challenge studies in London from its Whitechapel quarantine clinic, its state-of-the-art QMB clinic with its highly specialised on-site virology and immunology laboratory, and its clinic in Plumbers Row. To recruit volunteers / patients for its studies, the Company leverages its unique clinical trial recruitment capacity via its FluCamp volunteer screening facilities in London and Manchester.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them: