ITM Power PLC LTIP Grant (7782P)

TIDMITM

RNS Number : 7782P

ITM Power PLC

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 GBP0.05 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 GBP0.05 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                       Initial Notification 
        /Amendment 
      ------------------------------------  ------------------------------------------- 
 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          Options over ordinary shares of 5p each 
        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                                                               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 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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