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LAVAL, Quebec, June 28, 2013 (GLOBE NEWSWIRE) -- Acasti Pharma ("Acasti" or the "Corporation") (Nasdaq:ACST) (TSX-V:APO), a Neptune Technologies & Bioressources Inc.'s ("Neptune") subsidiary, announces that at its Annual and Special Meeting (the "Meeting"), held on June 27, 2013, the Corporation's shareholders voted in favour of all items put forth at the Meeting and outlined in the Corporation's management proxy circular dated May 22, 2013 (the "Circular") available on SEDAR at
Changes to the Board of Directors
Shareholders re-elected all of the existing director nominees, and elected three new directors, Mr. Valier Boivin, Mr. Jean-Claude Debard and Mr. Harlan W. Waksal (Executive VP Business & Scientific Affairs at Acasti).
"On behalf of Acasti's Board of Directors and management team, I would like to welcome our new Board members," commented Mr. Henri Harland, President and CEO of Acasti. "We will benefit from their leadership and experience as we continue to lay the groundwork for future growth," added Mr. Harland.
Equity Incentive Plan
On June 27, 2013 (the "Grant Date"), the Corporation also granted Restricted Share Units ("RSUs") under its Equity Incentive Plan (the "Plan"), the terms and conditions of which are more fully described in the Circular under "Particulars of matters to be acted upon" under "Approval of Equity Incentive Plan".
The Board of Directors has granted to its Directors and Officers, respectively, a total of 60,000 and 700,000 RSUs under the Plan. Each RSU will allow its holder to acquire one (1) fully paid and non-assessable class A common share of the Corporation (each a "Share") upon achievement of all restrictive conditions attached to such unit. Forty percent (40%) of RSUs, representing 304,000 RSUs, will vest automatically at the rate of either 25% or 33%, as the case may be, on every six-month anniversary of the Grant Date, and sixty percent (60%) of RSUs, representing 456,000 RSUs, will start vesting at the same rates mentioned above (25% or 33% as the case may be) on every six-month anniversary from the date of release, which release will only begin upon achievement of performance objectives identified by the Corporation. Performance objectives are based in part on the Company's specific and global goals, but also on each holder's individual performance.