Changes to Option Terms
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Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, announces the following changes to the expiry dates of certain existing share options.
Gamesa Electric
As part of the Joint Development and Commercialisation Agreement announced on 11 May 2021, the Company granted Gamesa Electric options over 8,672,273 Ordinary Shares ("Ordinary Shares"), exercisable at a price of £1.75 per Ordinary Share, with an expiry date of 10 May 2025.
The Board of Directors has agreed to extend the expiry date by one year to 10 May 2026. All other terms and conditions pertaining to the share options held by Siemens Gamesa remain unchanged.
Historic Employee Share Options
An aggregate of 1,052,134 options over ordinary shares of €0.01 each in the Company") are held by certain long-standing employees of the Company (the "Employee Share Options"). The Employee Share Options, which have an exercise price of 4.34p, were granted between 2014 and 2016 to retain and incentivise key members of staff. 774,489 of the Employee Share Options are currently due to expire on 21 November 2024 and 227,645 of the Employee Share Options are due to expire on 7 July 2026.
The Board of Directors has resolved that the date by which both tranches of the Employee Share Options must be exercised should be extended to 21 November 2029. The amendment extends the benefit of the Employee Share Options as a long-term performance incentive and removes the requirement for holders to exercise options in the near term which would likely have involved the sale of shares to fund the subscription cost and tax charges.
The exercise price of the Employee Share Options, and all other conditions, remain unchanged.
Matt Harper, Chief Commercial Officer of the Company, holds 336,099 of the Employee Share Options, of which 263,034 were due to expire on 21 November 2024 and 73,065 were due to expire on 7 July 2026. The expiry date of the 336,099 Employee Share Options held by Matt Harper will also be extended to 21 November 2029.
All other terms and conditions pertaining to Matt Harper's options remain unchanged.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a. | Name | Mr Matt Harper |
| 2 | Reason for notification | |
| a. | Position/Status | Chief Commercial Officer |
| b. | Initial notification/ Amendment | Initial notification |
| a. | Name | Invinity Energy Systems plc |
| b. | LEI | 213800N2NKOTYUNRCU14 |
| a. | Description of the financial instrument, type of instrument Identification Code | Options over Ordinary Shares of €0.01 each JE00BLR94N79 |
| b. | Nature of the transaction | Amendment to terms of existing share options |
| c. | Price(s) and volume(s) | Exercise Price Volume 4.34p 336,099 |
| d. | Aggregated information - Aggregated Volume - Price | N/a |
| f. | Place of the transaction | Outside a trading venue |
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