Quotient Limited Announces Equity Awards

Rhea-AI Summary

On February 1, 2022, Quotient Limited (NASDAQ:QTNT) appointed Esteban Uriarte as Chief Manufacturing Operations Officer. To incentivize his joining, the Company granted him 173,994 performance-based restricted share units (PSUs), 104,396 restricted share units (RSUs), and options to purchase 106,983 ordinary shares. These grants are not part of the 2014 Stock Incentive Plan and were approved as per Nasdaq Rule 563(c)(4). The PSUs will vest based on financial performance, while the RSUs and options will vest in three installments over three years, contingent upon Uriarte's continued service.

Positive

• Appointment of Esteban Uriarte as Chief Manufacturing Operations Officer may strengthen management.
• Sign-On PSUs linked to performance criteria could align management interests with shareholders.

Negative

• Equity awards could dilute existing shareholder value.
• Performance-based PSUs depend on financial targets, which introduces uncertainty.

JERSEY, Channel Islands, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Quotient Limited (NASDAQ:QTNT), a commercial-stage diagnostics company (the Company), today announced the scheduled grant of equity awards to Mr. Esteban Uriarte, who has been appointed as the Chief Manufacturing Operations Officer of the Company effective February 1, 2022.

In connection with his appointment, the Company granted Mr. Uriarte 173,994 performance-based restricted share units (PSUs) (the Sign-On PSUs), 104,396 Restricted Share Units (RSUs) (the Sign-On RSUs) and share options to purchase 106,983 of the Company's ordinary shares (the Sign-On Options). Such grants were issued outside of the Company’s 2014 Stock Incentive Plan and were approved by the Company’s Board of Directors and the Remuneration Committee of the Board of Directors pursuant to the inducement grant exception under the Nasdaq Rule 563(c)(4), as an inducement that is material to Mr. Uriarte joining the Company as the Chief Manufacturing Operations Officer.

The Sign-On PSUs will vest on the third anniversary of the grant date, provided specific performance criteria have been met. These performance criteria include the Company achieving certain financial targets. The Sign-On RSUs will vest in three equal instalments on each of the first, second and third anniversaries of the grant date. The Sign-On Options will also vest in three equal instalments on each of the first, second and third anniversaries of the grant date. The vesting of the awards will be subject to Mr. Uriarte continued service with the Company on each applicable vesting date.   

About Quotient Limited

Building on over 30 years of experience in transfusion diagnostics, Quotient is a commercial-stage diagnostics company committed to delivering solutions that reshape the way diagnostics is practiced. MosaiQ, Quotient’s proprietary multiplex microarray technology, offers the world’s first fully automated, consolidated testing platform, allowing for multiple tests across different modalities. MosaiQ is designed to be a game-changing solution, which Quotient believes will increase efficiencies, improve clinical practice, deliver significant workflow improvements, and create operational cost savings to laboratories around the world. Quotient's operations are based in Eysins, Switzerland, Edinburgh, Scotland and Newtown, Pennsylvania.

The Quotient logo, Quotient MosaiQ and MosaiQ are registered trademarks or trademarks of Quotient Limited and its subsidiaries in various jurisdictions.

Contact: IR@quotientbd.com; +41 22 545 52 26

FAQ

What is the significance of Esteban Uriarte's appointment at Quotient Limited (QTNT)?

Esteban Uriarte's appointment as Chief Manufacturing Operations Officer is seen as a strategic move to enhance the management team and improve operational efficiency at Quotient Limited.

What equity awards were granted to Esteban Uriarte by Quotient Limited (QTNT)?

Quotient Limited granted Esteban Uriarte 173,994 performance-based PSUs, 104,396 RSUs, and options to purchase 106,983 ordinary shares as an inducement for his appointment.

How will Esteban Uriarte's performance-based PSUs vest at Quotient Limited (QTNT)?

The performance-based PSUs awarded to Esteban Uriarte will vest on the third anniversary of the grant date, contingent upon the Company meeting specific financial targets.

When will Esteban Uriarte's RSUs and options vest at Quotient Limited (QTNT)?

Esteban Uriarte's RSUs and options will vest in three equal installments on each of the first, second, and third anniversaries of the grant date, subject to his continued service.

What is the impact of the inducement grants on Quotient Limited's (QTNT) shareholders?

The inducement grants could dilute existing shareholder value due to the issuance of new shares, but they aim to align management incentives with company performance.