OREANDA-NEWS. Avita Medical Limited (ASX: AVH), (OTCQX: AVMXY), a regenerative medicine company specialising in the treatment of wounds and skin defects, has implemented a Long Term Incentive (LTI) plan for Chief Executive Officer Mr Adam Kelliher in accordance with the Employee Share Plan approved by shareholders at the General Meeting on 24 August 2015. The LTI plan involves the issue of 40 million shares funded by a loan, subject to escrow and vesting conditions designed to incentivise the CEO to achieve share price growth in alignment with shareholders' interests.

The key vesting conditions are weighted towards a scale of hurdles at up to 6 times the current share price combined with tenure over 1-5 years. The employee share incentive plan was approved at the Company's shareholder General Meeting on 24 August 2015.

"Following the appointment of Adam as Chief Executive Officer in April 2015, the Company has accelerated development and commercialisation including significant achievements such as the USD$53m US federal agency BARDA contract and an expedited regulatory pathway with the FDA for ReCell® approval in the US market," said Chairman Lou Panaccio.

"We are focused on maximising shareholder value and this LTI plan is designed and weighted to reward our CEO once significant growth in share price is achieved."

Mr Kelliher commenced as CEO of Avita in April 2015 and has more than 18 years industry experience as a successful entrepreneur with a strong marketing background and track record of creating and building life science companies. Mr Kelliher was a global pioneer in the omega-3 space launching Equateq Limited (2006), a cGMP-certified manufacturer providing super-pure fatty acids for the nutritional, pharmaceutical and research sectors, which was sold to BASF in 2012. He also started Equazen Limited (2000), a leading omega-3 and omega-6 supplement company whose lead product eye q™, for lipid deficiencies linked to learning conditions, was marketed in 16 countries. Equazen was sold to Galencia of Switzerland in December 2007.