Quotient Limited Announces Equity Awards

Rhea-AI Summary

Quotient Limited (NASDAQ:QTNT) announced the appointment of Ali Kiboro as the new CFO effective November 1, 2021. To incentivize his joining, the company granted him 203,491 performance-based restricted share units, 122,095 restricted share units, and options for 123,267 shares. These grants are outside of the 2014 Stock Incentive Plan and approved under Nasdaq Rule 563(c)(4). The PSUs will vest based on specific financial targets over three years, while RSUs will vest over three years with 50% vesting after the first year. Quotient focuses on revolutionizing diagnostics with its MosaiQ technology.

Positive

• Appointment of seasoned CFO may strengthen financial management.
• Equity awards tied to performance could align interests of CFO and shareholders.

Negative

• Dependence on performance targets for PSU vesting could create uncertainty.

JERSEY, Channel Islands, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Quotient Limited (NASDAQ:QTNT), a commercial-stage diagnostics company (the Company), today announced the scheduled grant of equity awards to Mr. Ali Kiboro, who has been appointed as the Chief Financial Officer of the Company effective November 1, 2021.

In connection with his appointment, the Company granted Mr. Kiboro 203,491 performance-based restricted share units (PSUs) (the Sign-On PSUs), 122,095 Restricted Share Units (RSUs) (the Sign-On RSUs) and share options to purchase 123,267 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. Kiboro joining the Company as the Chief Financial 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 over three years, with 50% vesting on the first anniversary of the grant date, and 25% vesting on each of the second and third anniversaries of the grant date. The Sign-On Options will 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. Kiboro’s 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 Ali Kiboro's appointment as CFO of Quotient Limited?

Ali Kiboro's appointment as CFO is significant as it may enhance financial management and strategic direction within the company.

What equity awards were granted to Ali Kiboro at Quotient Limited?

Ali Kiboro was granted 203,491 PSUs, 122,095 RSUs, and options for 123,267 shares as part of his compensation package.

How do the performance-based awards for Ali Kiboro impact Quotient's financial goals?

The performance-based awards ensure that Ali Kiboro's interests align with financial targets that could drive shareholder value.

When will the equity awards granted to Ali Kiboro vest?

The PSUs will vest in three years based on performance, while the RSUs will vest over three years, with 50% after one year.

What technology does Quotient Limited focus on?

Quotient Limited focuses on its proprietary MosaiQ technology, aimed at transforming diagnostics through automated testing.