Uppsala, Sweden, May 14, 2020 – Oasmia Pharmaceutical AB (OMAX.GR), hereby supplements the bulletin from Extraordinary General Meeting published today at 16:30 CET.
The following resolution was passed at the Extraordinary General Meeting in Oasmia Pharmaceutical AB (publ) today, on May 14, 2020.
Resolution regarding new number of Board members
The Extraordinary General Meeting resolved, in accordance with the Nomination Committee’s proposal, that the Board up to the next Annual General Meeting shall consist of five Board members.
Election of new members of the Board
The Extraordinary General Meeting resolved, in accordance with the Nomination Committee’s proposal, about the following changes in the Board of Directors up to the next Annual General Meeting. Former board member Anders Härfstrand will be the new Chairman of the Board and Birgit Stattin Norinder will be new member of the Board. Jörgen Olsson, former Chairman of the Board, and Gunilla Öhman, former Board member, will leave the Board.
Resolution regarding remuneration to Board members
The Extraordinary General Meeting resolved, in accordance with the Nomination Committee’s proposal, about an increase of remuneration for the members of the Board to SEK 250,000 for Board members and SEK 500,000 to the Chair of the Board as well as SEK 50,000 of the Chair of a committee and SEK 25,000 for members of a committee.
Approval of the Board’s decision to issue employee stock options to CEO François Martelet
The Extraordinary General Meeting approved the Board’s decision to issue employee stock options to CEO François Martelet. The Board has in connection with the employment agreement negotiations for new CEO François Martelet offered 896,739 employee stock options which can be exercised with so called vesting terms between 13 February 2023 and 13 February 2024, and with an agreed upon strike price of SEK 7,36 per share (corresponding to approximately 150 percent of the prevailing share price when the employment was negotiated for and publicised). The stock options are issued free of charge, and thus in addition to fixed base salary, short-term variable incentives and other usual employee benefits, with the purpose of creating a long-term incentive for the CEO in line with the interests of the shareholders. The subsequent costs incurred by the Company are accounted for on an ongoing basis in accordance with IFRS 2, whereby the reported effect on the Company’s costs is mainly affected by the development of the share price, whereas the actual final cost is dependent on the amount of options earned during the so called vesting period and the amount of exercised options.
For more information:
Oasmia Pharmaceutical AB
Francois Martelet, Chief Executive Officer
Michael af Winklerfelt, Chief Financial Officer
Phone: +46 18-50 54 40
The information was submitted for publication, through the agency of the contact persons set out above, at 19.50 CET on May 14, 2020.
About Oasmia Pharmaceutical AB
Oasmia Pharmaceutical AB develops, manufactures, markets and sells an improved generation of drugs within human and veterinary oncology. Oasmia produces novel formulations of well-established cytostatic agents which show improved performance, an improved side-effect profile and a wider range of therapeutic areas compared with existing alternatives. Product development is based on Oasmia’s proprietary technology platform XR17. Oasmia has been successful in driving its first product candidate, Apealea® (paclitaxel micellar), through clinical development, and has applied for and achieved market approval in the European Union and other territories. Oasmia is in the process of transitioning into the commercialization phase of the product Apealea and making the product accessible to patients via its partnership with Elevar and its existing operations and partnerships in its retained territories.