Antibe Therapeutics Announces Annual Compensation Changes and Grant of Stock Options
TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. (“Antibe” or the “Corporation”) (TSXV:ATE) is pleased to announce that following the annual review by the Compensation Committee of the performance of the Corporation and the compensation practices of its peer companies, all personnel including Officers have been granted a 5% pay increase, and that today the Corporation has granted its management team options to purchase a total of 1,000,000 common shares of Antibe pursuant to the Corporation’s stock option plan. Each option bears an exercise price of $0.66, being the closing price of Antibe shares on March 3, 2014, and an expiry date of March 4, 2024. Of the total Options granted, 415,000 are considered Base Options and 585,000 are considered Bonus Options. Twenty-five percent of the Base Options vest on the grant date and 1/36th of the remaining Base Options vest in each of the subsequent 36 months. Bonus Options shall begin vesting for each member of the management team when that member reaches a set of specified objectives. Twenty-five percent of the Bonus Options vest on the date that the respective specified performance objectives are met and 1/36th of the remaining Bonus Options vest in each of the subsequent 36 months.
About Antibe Therapeutics Inc.
Antibe Therapeutics Inc. originates, develops and out-licenses patent-protected new pharmaceuticals that are improved versions of existing drugs. These improvements are based on Nobel Prize-winning medical research highlighting the crucial role of gaseous mediators, chemical substances produced in the human body to regulate a range of fundamental cellular processes. The Corporation’s drug design methodologies involve chemically linking an existing off-patent drug (“base drug”) to an Antibe-patented, hydrogen sulfide-releasing molecule. For medical conditions characterized by inflammation, pain or vascular dysfunction, the Corporation’s methodologies can efficiently produce improved versions of a number of existing drugs. Notably, Antibe’s products are themselves fully patent-protectable and may benefit from the predictable toxicity and effectiveness profiles of the base drug.
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