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.