ITM Power PLC Grants under Long Term Incentive Plan
10 December 2024 - 5:00AM
RNS Regulatory News
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 Broker)
|
+44 (0)20 3207 7800
|
|
|
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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