TIDMNSCI

RNS Number : 5200I

NetScientific PLC

26 November 2018

NetScientific plc

Amendment to Executive Director Service Terms

London, UK - November 26, 2018 - NetScientific plc ("NetScientific" or the "Company", AIM:NSCI), the transatlantic healthcare IP commercialisation Company, announces that, in light of the Company's formal sale process announced earlier today, the Company has, as approved by its remuneration committee, amended the service terms of François Martelet (CEO) and Ian Postlethwaite (CFO) (the "Executive Directors") in order to incentivise these individuals to remain as Directors and employees of the Company throughout that process.

Under the amendment to their respective service terms, each Executive Director will, assuming completion of a transaction at the end of the formal sale process (a "Transaction"), receive a bonus, in addition to his existing entitlements, equal to 50 per cent. of his annual salary in the event that:

1. he receives notice of termination of employment by reason of redundancy at any time within three months of the completion of any Transaction;

2. he has not given notice of resignation from his employment, howsoever arising, prior to the receipt of the notice of termination referred to above; and

3. upon the termination of his employment, he enters into a settlement agreement on terms acceptable to the Company.

For the purposes of this amendment to the Executive Directors' service terms, completion of the Transaction means the conclusion, by whatever means, of the acquisition of (i) the Company or (ii) the Company's interest in the majority of its portfolio companies.

The bonuses payable to François Martelet and Ian Postlethwaite would amount to GBP123,600 and GBP103,000, respectively, based on current salary. The amendments to their service terms represent related party transactions in accordance with AIM Rule 13. The Independent Directors, being each of the Directors of the Company other than the Executive Directors, consider, having consulted with the Company's nominated adviser, that the terms of the amendments are fair and reasonable insofar as shareholders are concerned.

Commenting on the above, Sir Richard Sykes, Chairman of the Remuneration Committee, stated:

"We believe that to achieve the best outcome for our shareholders it is crucial that we retain the services of our key executives throughout the formal sale process, hence we have amended their service terms as described above."

For more information, please contact:

 
  NetScientific                                             Tel: +44 (0)20 3514 1800 
   François R. Martelet, M.D., CEO 
   Ian Postlethwaite, CFO 
  WHIreland (NOMAD, Financial Adviser and                   Tel: +44 (0)20 7220 1666 
   Broker) 
   Chris Fielding / Jessica Cave / Chris Viggor 
   Ondra (Financial Adviser)                                Tel: +44 (0)20 7082 8827 
    Michael Tory / Michiel Bröker 
             Consilium Strategic Communications             Tel: +44 (0)20 3709 5700 
        Mary-Jane Elliott / Chris Welsh / Laura    NetScientific@consilium-comms.com 
                                       Thornton

About NetScientific

NetScientific is a transatlantic healthcare technology group with an investment strategy focused on sourcing, funding and commercialising technologies that significantly improve the health and well-being of people with chronic diseases. For more information, please visit the website at www.NetScientific.net

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November 26, 2018 10:01 ET (15:01 GMT)

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