- Alvotech (ALVO, Financial) grants stock options to four independent board directors.
- Each director receives options to purchase 24,784 shares at $9.28 per share.
- Options vest over three years, contingent on continued board membership.
Alvotech (ALVO), a leading firm in the pharmaceutical industry, has announced the allocation of stock options to four independent board directors. These directors have each been granted options to purchase up to 24,784 shares of the company at an exercise price of $9.28 per share. This decision is aimed at aligning the long-term interests of the board members with those of the company.
The stock options are scheduled to vest over a three-year period, with one-third vesting each year starting from the grant date on June 25, 2025. Directors are required to remain members of the board at the time of vesting to exercise their options. The exercise price was set based on the opening price of Alvotech's ordinary shares on the Nasdaq stock exchange on the grant date.
This move is part of the company's equity incentive plan that was approved during the Annual and Extraordinary General Meeting held on June 13, 2022. By requiring ongoing board membership for the exercise of options, Alvotech ensures continued commitment from their directors.
