ITM Power PLC Grants under Long Term Incentive Plan (6868R)
October 30 2023 - 3:00AM
UK Regulatory
TIDMITM
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 GBP0.05 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 GBP0.05 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 GBP value
the LTIP Award is granted 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
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Dennis Schulz
------------------------------------ ----------------------------------------------------
Reason for the notification
2
------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------------------ ----------------------------------------------------
b) Initial notification /Amendment Initial Notification
------------------------------------ ----------------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name ITM Power PLC
------------------------------------ ----------------------------------------------------
b) LEI 21380042MB2JKZ6RRP12
------------------------------------ ----------------------------------------------------
Details of the transaction(s): section to be repeated
4 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 Options over ordinary shares of
instrument, type of instrument 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
------------------------------------ ----------------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Simon Bourne
------------------------------ -------------------------------------------
Reason for the notification
2
---------------------------------------------------------------------------
a) Position/status Chief Technology Officer
------------------------------ -------------------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------------ -------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name ITM Power PLC
------------------------------ -------------------------------------------
b) LEI 21380042MB2JKZ6RRP12
------------------------------ -------------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Options over ordinary shares of 5p each
financial instrument,
type of instrument
------------------------------ -------------------------------------------
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
------------------------------ -------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Andrew Allen
------------------------------ -------------------------------------------
Reason for the notification
2
---------------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------------ -------------------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------------ -------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name ITM Power PLC
------------------------------ -------------------------------------------
b) LEI 21380042MB2JKZ6RRP12
------------------------------ -------------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Options over ordinary shares of 5p each
financial instrument,
type of instrument
------------------------------ -------------------------------------------
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
------------------------------ -------------------------------------------
-ends-
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