REG - ITM Power PLC - Grants under Long Term Incentive Plan

ITM PowerAnnouncement

30/10/2023 07:15

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RNS Number : 6868R  ITM Power PLC  30 October 2023

30 October 2023

 

ITM Power PLC

 

Grants under Long Term Incentive Plan

 

ITM Power PLC (the "Company") announces that on 28 October 2023 awards over
ordinary shares of £0.05 each in the capital of the Company were granted to
certain employees under the ITM Power PLC Long Term Incentive Plan ("LTIP").

No consideration is payable for the grant of the awards which are structured
as nominal cost options at an option exercise price of £0.05 per ordinary
share. The number of ordinary shares granted under the award has been
calculated using a share price of 69 pence, being the average mid-market
quotation as derived from AIM for the last 5 days of trading prior to 25
October 2023.

 

The awards are subject to an overall three-year vesting period (followed by a
further two-year holding period), as well as to the achievement of the
performance conditions and the participant being a director or employee within
the Company's group at that time.

 

The LTIP awards granted to Executive Directors (who are Persons Discharging
Managerial Responsibilities) are as follows:

 

 Name of Director/PDMR  Number of Shares over which the LTIP Award is granted     £ value of grant as a % of salary
 Dennis Schulz, CEO       1,117,960                                               150%
 Andrew Allen, CFO      496,871                                                   100%
 Simon Bourne, CTO      496,871                                                   100%

 

As disclosed in the Company's remuneration report for the year ending 30 April
2023, the awards for the CFO and CTO have been made based on 100% of salary in
line with prior years, whilst an exceptional award of 150% of salary has been
made to the CEO comprising 50% to reflect the 5 month period during FY23 where
no annual award was made and the standard FY24 annual award of 100%.

 

The vesting of an award is subject to the satisfaction of performance
conditions which have been set by the Remuneration Committee of the Board of
Directors of the Company. 60% of the award is subject to the growth in the
Company's total shareholder return ("TSR").  The TSR performance shall be
assessed annually and is capable of being "banked" in equal thirds during the
performance period. 10% is subject to the Company's ESG performance and the
remaining 30% subject to stretching financial metrics related to EBITDA
performance, both of which will be assessed at the end of the Performance
Period.

 

The notification is intended to satisfy the Company's obligations under
Article 19 of the Market Abuse Regulations.

 

Enquiries:

 ITM Power PLC                                                                                                    +44 (0)114 263 7646
 Vicky Williams (Company Secretary)

 James Collins (Investor Relations)

 Investec Bank plc (Nominated Adviser and Broker)                                                                 +44 (0)20 7597 5970
 James Rudd / Chris Sim / Ben Griffiths

 1                                   Details of the person discharging managerial responsibilities / person closely

                                   associated

 a)                                  Name                                                         Dennis Schulz
 2                                   Reason for the notification
 a)                                  Position/status                                              Chief Executive Officer
 b)                                  Initial notification /Amendment                              Initial Notification
 3                                   Details of the issuer, emission allowance market participant, auction

                                   platform, auctioneer or auction monitor

 a)                                  Name                                                         ITM Power PLC
 b)                                  LEI                                                          21380042MB2JKZ6RRP12
 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  Options over ordinary shares of 5p each

                Identification code  ISIN: GB00B0130H42

 b)                                  Nature of the transaction                                    Issue of Options
 c)                                  Price(s) and volume(s)

                                     Price(s)                                                                                     Volume(s)
                                     Nominal cost option                                                                          1,117,960
 d)                                  Aggregated information

                - Aggregated volume  1,117,960

                - Price              NA

 e)                                  Date of the transaction                                      28 October 2023
 f)                                  Place of the transaction                                     Outside a trading venue

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Simon Bourne
 2    Reason for the notification
 a)   Position/status                                              Chief Technology Officer
 b)   Initial notification /Amendment                              Initial Notification
 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         ITM Power PLC
 b)   LEI                                                          21380042MB2JKZ6RRP12
 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  Options over ordinary shares of 5p each

      Identification code                                          ISIN: GB00B0130H42

 b)   Nature of the transaction                                    Issue of Options
 c)   Price(s) and volume(s)

                                                                   Price(s)                     Volume(s)
                                                                   Nominal cost option          496,871
 d)   Aggregated information

      - Aggregated volume                                          496,871

      - Price                                                      NA

 e)   Date of the transaction                                      28 October 2023
 f)   Place of the transaction                                     Outside a trading venue

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Andrew Allen
 2    Reason for the notification
 a)   Position/status                                              Chief Financial Officer
 b)   Initial notification /Amendment                              Initial Notification
 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         ITM Power PLC
 b)   LEI                                                          21380042MB2JKZ6RRP12
 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  Options over ordinary shares of 5p each

      Identification code                                          ISIN: GB00B0130H42

 b)   Nature of the transaction                                    Issue of Options
 c)   Price(s) and volume(s)

                                                                   Price(s)                     Volume(s)
                                                                   Nominal cost option          496,871
 d)   Aggregated information

      - Aggregated volume                                          496,871

      - Price                                                      NA

 e)   Date of the transaction                                      28 October 2023
 f)   Place of the transaction                                     Outside a trading venue

 

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