REG - ITM Power PLC - Grants under Long Term Incentive Plan
09/12/2024 18:00
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RNS Number : 3967P ITM Power PLC 09 December 2024
9 December 2024
ITM Power PLC
Grants under Long Term Incentive Plan
ITM Power PLC (the "Company") announces that on 6 December 2024 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 33.96 pence, being the average mid-market
quotation as derived from AIM for the last 5 days of trading prior to 6
December 2024.
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 current salary
Dennis Schulz, CEO 1,675,501 100%
Andrew Allen, CFO 975,141 97%
Simon Bourne, CTO 1,005,300 100%
As disclosed in the Company's remuneration report for the year ending 30 April
2024, the awards for the above employees have been linked to salary in line
with prior years.
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. 40% 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
3-year performance period. The remaining 60% is subject to stretching
financial and operational metrics related to EBITDA, sales order intake and
successful project execution. The financial and sales order intake conditions
shall be assessed annually and are capable of being "banked" in equal thirds
during the performance period, and the project execution condition will be
assessed at the end of the 3-year 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
Huan Quayle (Company Secretary)
Justin Scarborough (Investor Relations)
Joh. Berenberg, Gossler & Co KG, London (Nominated Adviser and Joint +44 (0)20 3207 7800
Broker)
Ciaran Walsh and Harry Nicholas
J.P. Morgan Cazenove (Joint Broker) +44 (0) 20 7742 4000
Richard Perelman and Charles Oakes
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 1,675,501
d) Aggregated information
- Aggregated volume 1,675,501
- Price NA
e) Date of the transaction 2024-12-06
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 1,005,300
d) Aggregated information
- Aggregated volume 1,005,300
- Price NA
e) Date of the transaction 2024-12-06
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 975,141
d) Aggregated information
- Aggregated volume 975,141
- Price NA
e) Date of the transaction 2024-12-06
f) Place of the transaction Outside a trading venue
-ends-
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