17:02 Fri 23 Oct 2020
ITM Power PLC - Grants under Long Term Incentive Plan
ITM Power plc
Grants under Long Term Incentive Plan
ITM Power plc (the "Company") announces that on
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
No consideration is payable for the grant of the awards which are structured as nominal cost options at an option exercise price of
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
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) |
|
100,912 |
88,298 |
|
52,478 |
45,919 |
|
52,415 |
45,863 |
|
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
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 |
+44 (0)114 263 7646 |
|
|
1
|
Details of the person discharging managerial responsibilities / person closely associated |
||
a) |
Name |
|
|
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 |
|
|
f) |
Place of the transaction |
Outside a trading venue |
1
|
Details of the person discharging managerial responsibilities / person closely associated |
||
a) |
Name |
|
|
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 |
|
|
f) |
Place of the transaction |
Outside a trading venue |
1
|
Details of the person discharging managerial responsibilities / person closely associated |
||
a) |
Name |
|
|
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 |
|
|
f) |
Place of the transaction |
Outside a trading venue |
1
|
Details of the person discharging managerial responsibilities / person closely associated |
||
a) |
Name |
|
|
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 |
|
|
f) |
Place of the transaction |
Outside a trading venue |
-ends-
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