Exhibit 99.1
Grant of Share Options under Share Option Scheme and Awards under
Long Term Incentive Plan
Hong Kong, Shanghai, & Florham Park, NJ: Wednesday, December 15, 2021: HUTCHMED (China) Limited (“HUTCHMED”) (Nasdaq/AIM: HCM; HKEX: 13) announces that on December 14, 2021, it granted share options under the Share Option Scheme adopted by HUTCHMED in 2015 as refreshed in April 2020 (the “Share Option Scheme”) and conditional awards (“LTIP Awards”) under the Long Term Incentive Plan adopted by HUTCHMED in 2015 (“LTIP”).
Aimed at attracting and retaining top talent, the Remuneration Committee of HUTCHMED appointed an independent advisor to conduct a compensation benchmarking research on peer group U.S. and China biotech companies. The Remuneration Committee comprehensively reviewed the compensation and share-based incentives policies of HUTCHMED and its subsidiaries (the “Group”) and established an attractive policy to ensure the Group is able to recruit and retain top talent. Vesting of share-based awards under the policy is in line with that peer group.
HUTCHMED granted share options under its Share Option Scheme to Dr Weiguo Su (Executive Director and Chief Scientific Officer of the Company) and 14 other employees to subscribe for a total of 808,940 Ordinary Shares represented by 161,788 American Depositary Shares (“ADSs”) (each equating to five Ordinary Shares) subject to the acceptance of the grantee.
Details of such share options granted prescribed are as follows:
| | |
Date of grant | : | December 14, 2021 |
Exercise price of share options granted | : | US$35.21 per ADS (equivalent to HK$54.93 per Ordinary Share at the conversion rate HK$7.8=US$1) (such exercise price has been determined by reference to the price of the Ordinary Shares on The Stock Exchange of Hong Kong Limited (“HKEX”)) |
Number of share options granted | : | 808,940 represented by 161,788 ADSs (five share options shall entitle the holder thereof to subscribe for one ADS) |
Closing market price of ADSs on the date of grant | : | US$35.00 per ADS (equivalent to HK$54.60 per Ordinary Share at the conversion rate HK$7.8=US$1) |
Validity period of the share options | : | From December 14, 2021 to December 13, 2031 |
Vesting period of the share options | : | The share options will vest at 25% on each of the first, second, third and fourth anniversaries of the date of grant of share options. |
Among the share options granted, 24,930 share options represented by 4,986 ADSs were granted to Dr Weiguo Su (Executive Director and Chief Scientific Officer of the Company), being a person discharging managerial responsibility under the UK Market Abuse Regulation.
At the same time, HUTCHMED also granted two employees of the Group with non-performance based LTIP Awards.
The notification set out below is provided in accordance with the requirements of the UK Market Abuse Regulation.
