Grants under Long Term Incentive Plan

RNS Number : 0311D

ITM Power PLC

23 October 2020

 

23 October 2020

ITM Power plc

Grants under Long Term Incentive Plan

ITM Power plc (the "Company") announces that on 22 October 2020 awards over ordinary shares of £0.05 each in the capital of the Company were granted to all staff under the ITM Power plc Long Term Incentive Plan ("LTIP"), over a total number of 1,006,590 ordinary shares.

Additional awards over a total number of 268,582 ordinary shares will be made to the Executive Directors and certain employees, conditional upon completion of the Fundraising announced on 22 October 2020.

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 270.5 pence, being the average mid-market quotation as derived from AIM for the last 5 days of trading prior to close on 21 October 2020.

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. The awards are subject to a three year vesting period and to the achievement of the performance conditions and the participant being a director or employee within the Company's group at that time.

This follows confirmation that the Company has implemented the LTIP, recently adopted by the Company in 2020 as is set out in the announcement of the Company's final results released on 22 October 2020.

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
	Annual	Exceptional (Conditional)
Graham Cooley	100,912	88,298
Andy Allen	52,478	45,919
Rachel Smith	52,415	45,863
Simon Bourne	77,530	67,839
Total awards granted	283,335	247,919

A further announcement will be made once the decision to grant the exceptional awards becomes unconditional after completion of the Fundraising post the general meeting to be held on 11 November 2020.

The performance conditions applying to these awards, being the first under the Company's recently adopted LTIP, (both annual and exceptional) compare the performance of the Company's shareholder return with that of the performance of the AIM 50 Index over the applicable performance period.

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

Enquiries:

ITM Power plc	[phone]
Nicola Ham Edmonds (Head of Legal and Company Secretary) James Collins (IR)

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Graham Cooley
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	100,912
d)	Aggregated information
	- Aggregated volume	100,912
	- Price	NA
e)	Date of the transaction	23 October 2020
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 Technical 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	77,530
d)	Aggregated information
	- Aggregated volume	77,530
	- Price	NA
e)	Date of the transaction	23 October 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Rachel Smith
2	Reason for the notification
a)	Position/status	Executive Director
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	52,415
d)	Aggregated information
	- Aggregated volume	52,415
	- Price	NA
e)	Date of the transaction	23 October 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Andy 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	52,478
d)	Aggregated information
	- Aggregated volume	52,478
	- Price	NA
e)	Date of the transaction	23 October 2020
f)	Place of the transaction	Outside a trading venue

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