REG - ITM Power PLC - LTIP Grant

ITM PowerAnnouncement

14/02/2023 07:00

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RNS Number : 7782P  ITM Power PLC  14 February 2023

14 February 2023

 

ITM Power plc

 

Grant under Long Term Incentive Plan

 

ITM Power plc (the "Company") announces that on 13 February 2023 a
Discretionary Award over ordinary shares of £0.05 each in the capital of
the Company was granted to Dennis Schulz, CEO, under the ITM Power plc Long
Term Incentive Plan ("LTIP"), over a total number of 253,515
ordinary shares.

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 101 pence, being the average mid-market
quotation as derived from AIM for the last 5 days of trading prior to close
on 1 December 2022 (being the date Dennis joined the company).

 

The performance condition applying to this award, compares the performance of
the Company's shareholder return with that of the performance of the AIM 50
Index over the applicable performance period.

 

This Discretionary Award is subject to a 17-month vesting period to more
closely reflect the performance horizon of the revised 12-month priorities
announced in January 2023 and also to align with the FY24 year end. Vesting
shall be conditional to the achievement of the performance condition and to
Dennis being a director or employee within the Company's group at the time of
vesting.

 

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

 

 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           5p

 d)   Aggregated information

      - Aggregated volume                                          253,515

      - Price                                                      NA

 e)   Date of the transaction                                      13 February 2023
 f)   Place of the transaction                                     Outside a trading venue

 

 

For further information please visit www.itm-power.com
(http://www.itm-power.com/)  or contact:

 

 ITM Power PLC
 James Collins, Investor Relations                  +44 (0)114 551 1205

 Justin Scarborough, Investor Relations             +44 (0)114 551 1080

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

 Tavistock (Financial PR and IR)                    +44 (0)20 7920 3150
 Simon Hudson / Tim Pearson / Charlie Baister

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of MAR

 

 

About ITM Power PLC:

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM
market of the London Stock Exchange in 2004. Headquartered in Sheffield,
England, ITM Power designs and manufactures electrolysers based on proton
exchange membrane (PEM) technology to produce green hydrogen, the only net
zero energy gas, using renewable electricity and water.

 

 

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