REG - Clean Power Hydrogen - Awards under Long-Term Incentive Plan
23/02/2024 07:00
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RNS Number : 1691E Clean Power Hydrogen 23 February 2024
23 February 2024
Clean Power Hydrogen plc
("CPH2", the "Company" or the "Group)
Awards under the Company's Long-Term Incentive Plan
CPH2, the UK-based green hydrogen technology and manufacturing company that
has developed the IP-protected Membrane-Free Electrolyser ("MFE"), announces
awards for 2023 and 2024 under the Company's new long-term incentive plan (the
"LTIP").
The Company has awarded options in respect of a total of 2,339,872 Ordinary
Shares of 1p each ("Ordinary Shares") under the Company's EMI Share Option
Scheme (the "Options"), which is designed to incentivise members of the
Company's senior management team (together the "Participants").
Subject to the achievement of certain performance criteria, the 2023 Options
will vest on 31 January 2026 and the 2024 Options will vest on 31 January
2027. All Options will expire ten years from the date of grant. The LTIP is
structured whereby 75% of the Options ("Threshold Options") are awarded
subject to total shareholder return performance conditions and the remaining
25% of the Options ("RSP Options") are awarded conditional upon continued
employment to the scheduled vesting date. The exercise price is £0.01 per
share.
The performance conditions of the Threshold Options are dependent on the
average closing share price in the 30 days prior to scheduled vesting date
(the "Relevant Period") and the continued employment of the Participants as at
that date. The calculation of the number of Threshold Options which will vest
is as follows:
1. If the average share price during the Relevant Period is below 60p, no
Threshold Options will vest.
2. If the average share price during the Relevant Period is equal to 60p,
25% of the Threshold Options will vest.
3. If the average share price during the Relevant Period is between 60p
and 80p, the number of Threshold Options which vest will be pro-rata between
25% and 100% of the total Threshold Options; and
4. If the average share price is 80p or more during the Relevant Period,
100% of the Threshold Options will vest.
The following directors and members of the senior management team (each a
person discharging managerial responsibilities ("PDMR")) have been awarded
Options:
Director / PDMR RSP Options awarded Threshold Options Aggregate Options awarded Option Type
awarded
2023 Options
Jon Duffy, CEO 156,217 468,650 624,867 EMI
James Hobson, CFO 80,000 240,000 320,000 EMI
Arash Selahi, COO 23,333 70,000 93,333 EMI
Paul Cassidy, CTO 27,778 83,333 111,111 EMI
2024 Options
Jon Duffy, CEO 161,685 485,053 646,738 EMI
James Hobson, CFO 82,800 248,400 331,200 EMI
Arash Selahi, COO 24,266 72,801 97,067 EMI
Paul Cassidy, CTO 28,889 86,667 115,556 EMI
584,968 1,754,904 2,339,872
Following these option grants, the Company has 24,656,788 shares under option.
This represents, following the increase in Options mentioned below, 9.19% of
the issued share capital of the Company.
The information in this announcement is disclosed in accordance with Article
19 of the EU Market Abuse Regulation.
ENDS
For more information, please contact:
Clean Power Hydrogen plc via Camarco
Jon Duffy, Chief Executive Officer
James Hobson, Chief Financial Officer
Cavendish Capital Markets Limited - NOMAD & Broker
Neil McDonald +44 (0)131 220 9771
Peter Lynch +44 (0)131 220 9772
Adam Rae +44 (0)131 220 9778
Camarco PR + 44(0) 20 3757 4980
Billy Clegg
Owen Roberts
Lily Pettifar
To find out more, please visit: https://www.cph2.com (https://www.cph2.com)
Overview of CPH2
CPH2 is the holding company of Clean Power Hydrogen Group Limited ("Clean
Power") which has almost a decade of dedicated research and product
development experience. This experience has resulted in the creation of
simple, safe and sustainable technology which is designed to deliver a modular
solution to the hydrogen production market in a cost-effective, scalable,
reliable and long-lasting manner. The Group's strategic objective is to
deliver the lowest LCOH in the market in relation to the production of green
hydrogen. The Group's MFE technology is already commercially available and
demonstrating cost efficiencies and technological advantages. CPH2 is listed
on the AIM market and trades under the ticker LON:CPH2.
1 Details of the person discharging managerial responsibilities ("PDMR") /
person closely associated ("PCA")
a) Name Jon Duffy
2 Reason for the notification
a) Position/status PDMR - CEO of Clean Power Hydrogen plc
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Clean Power Hydrogen plc
b) LEI 9845009D2AB08E5BF491
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Grant of options to subscribe for new ordinary shares under the Company's EMI
Scheme
Identification code GB00BP371R64
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price Volume
£0.01 1,271,605
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 23 February 2024
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities ("PDMR") /
person closely associated ("PCA")
a) Name James Hobson
2 Reason for the notification
a) Position/status PDMR - CFO of Clean Power Hydrogen plc
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Clean Power Hydrogen plc
b) LEI 9845009D2AB08E5BF491
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Grant of options to subscribe for new ordinary shares under the Company's EMI
Scheme
Identification code GB00BP371R64
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price Volume
£0.01 651,200
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 23 February 2024
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities ("PDMR") /
person closely associated ("PCA")
a) Name Arash Selahi
2 Reason for the notification
a) Position/status PDMR - COO of Clean Power Hydrogen Group Limited, subsidiary of Clean Power
Hydrogen plc
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Clean Power Hydrogen plc
b) LEI 9845009D2AB08E5BF491
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Grant of options to subscribe for new ordinary shares under the Company's EMI
Scheme
Identification code GB00BP371R64
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price Volume
£0.01 190,400
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 23 February 2024
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities ("PDMR") /
person closely associated ("PCA")
a) Name Paul Cassidy
2 Reason for the notification
a) Position/status PDMR - CTO of Clean Power Hydrogen Group Limited, subsidiary of Clean Power
Hydrogen plc
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Clean Power Hydrogen plc
b) LEI 9845009D2AB08E5BF491
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Grant of options to subscribe for new ordinary shares under the Company's EMI
Scheme
Identification code GB00BP371R64
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price Volume
£0.01 226,667
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 23 February 2024
f) Place of the transaction Outside a trading venue
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