TIDMCWP 
 
RNS Number : 8588U 
Clipper Windpower Plc 
01 July 2009 
 

Company:     Clipper Windpower Plc 
Headline: Director/PDMR Shareholding 
Released: 1 July 2009 
 
 
 
 
 
 
 
 
Clipper Windpower Plc 
Director/PDMR Shareholding 
 
 
The Board of Directors of Clipper Windpower Plc (the "Company") has approved an 
employee and Director Option Exchange Program (the "Program") designed to 
improve employee retention and strengthen alignment of employee incentives with 
shareholder interests. Like many companies, Clipper has experienced a 
significant decline in its stock price due to the recent global financial crisis 
and market downturn. Many of the Company's employees have stock options that 
have an exercise price higher than Clipper's current stock price. The Directors 
recognized that such options do not provide the employee incentive and retention 
needed to help drive Clipper's future success. 
 
 
Following consultation with and support from the Company's leading shareholders, 
the Company recently decided to offer the Program to all qualified option 
holders, including but not limited to senior management and Board members of the 
Company. This Program reduces the total number of options held by option 
holders, thus reducing existing option overhang. The Program will not result in 
any material increased expense to the Company and the Program has been applied 
in a consistent manner to all pre-existing options with an option exercise price 
of at least GBP2.15 per ordinary share. 
 
 
The awards are granted pursuant to the rules of the Company's 2005 Unapproved 
Executive Share Option Plan which has previously been approved by 
shareholders.As a result of the Program, the number of ordinary shares under 
option pursuant to the 2005 Unapproved Executive Share Option Plan has been 
reduced from 7,817,598 to 6,417,060 ordinary shares, a reduction of 1,400,538 
shares. 
 
 
The option price for each award under the Program is GBP1.50 per ordinary share 
which is a pre-determined price consisting of the greater of GBP1.50 or the 
market price on 26 June 2009 which was GBP1.14 per ordinary share.  On 26 June 
2010, options in respect of 25% of the ordinary shares vest and are immediately 
exercisable with the remaining 75% of the shares pursuant to the options vesting 
and being exercisable in equal installments on each anniversary date thereafter 
for the next three years. The options expire on 25 June 2019.  All exchanged 
options will be subject to the new vesting period and no consideration is 
payable for the grant of options. 
 
 
Pursuant to AIM Rule 17 and the terms and conditions of the Program, the 
"Company" makes notification of the following share option awards made on 26 
June 2009 to various Directors of the Company and related share options 
surrendered as detailed below: 
 
 
+--------------------+------------------+------------------+-----------------+ 
|     DIRECTORS      |  SHARE OPTIONS   | OPTION PRICE OF  |     SHARE       | 
|                    |   SURRENDERED    |      SHARES      |    OPTIONS      | 
|                    |                  |   SURRENDERED    |    AWARDED      | 
+--------------------+------------------+------------------+-----------------+ 
| Albert J Baciocco  |      10,000      |    GBP5.325      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Albert J Baciocco  |      10,000      |    GBP5.120      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Albert J Baciocco  |      10,000      |    GBP3.350      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Albert J Baciocco  |                  |                  |     12,476      | 
+--------------------+------------------+------------------+-----------------+ 
| James B Dehlsen    |      10,000      |    GBP3.350      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| James B Dehlsen    |                  |                  |      7,143      | 
+--------------------+------------------+------------------+-----------------+ 
| Anthony RC Durrant |      10,000      |    GBP3.350      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Anthony RC Durrant |      10,000      |    GBP5.120      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Anthony RC Durrant |      30,000      |    GBP5.120      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Anthony RC Durrant |      10,000      |    GBP3.350      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Anthony RC Durrant |                  |                  |     20,476      | 
+--------------------+------------------+------------------+-----------------+ 
| Finn M Hansen      |      35,000      |    GBP5.860      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Finn M Hansen      |      10,000      |    GBP5.120      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Finn M Hansen      |      10,000      |    GBP3.350      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Finn M Hansen      |                  |                  |     19,143      | 
+--------------------+------------------+------------------+-----------------+ 
| Douglas Pertz      |    1,000,000     |    GBP4.400      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Douglas Pertz      |                  |                  |    714,286      | 
+--------------------+------------------+------------------+-----------------+ 
| Sidney L Tassin    |      10,000      |    GBP5.325      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Sidney L Tassin    |      10,000      |    GBP5.120      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Sidney L Tassin    |      10,000      |    GBP3.350      |                 | 
+--------------------+------------------+------------------+-----------------+ 
| Sidney L Tassin    |                  |                  |     12,476      | 
+--------------------+------------------+------------------+-----------------+ 
 
 
For further information, please contact: 
 
 
Investors: 
 Jenny Matthews 
 Investor Relations Director 
 +44 (0)20 7820 
1078 
 
 
JPMorgan Cazenove (Nominated Adviser and Corporate Broker to Clipper): 
 
 Patrick Magee 
 +44 (0)207 588 2828 
 
 
Financial Press: 
 Patrick d'Ancona or Charlotte Kirkham 
 M: 
Communications 
 +44 (0)20 7153 1547 / 1531 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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