Grants under Long Term Incentive Plan
Long Term Incentive Plan awards granted to CEO, CFO and CTO with three-year vesting subject to performance conditions.
- CEO award 1,675,501 shares at 100% of salary
- CFO award 975,141 shares at 97% of salary
- CTO award 1,005,300 shares at 100% of salary
- Share price used for calculation 33.96 pence
Select text to share a quote on X · sign in to keep highlights & notes in your ITM notes
ITM Power PLC (the "Company") announces that on 6 December 2024 awards over ordinary shares of £0.05 each in the capital of the Company were granted to certain employees under the ITM Power PLC Long Term Incentive Plan ("LTIP").
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 33.96 pence, being the average mid-market quotation as derived from AIM for the last 5 days of trading prior to 6 December 2024.
| Name of Director/PDMR | Number of Shares over which the LTIP Award is granted | £ value of grant as a % of current salary |
|---|---|---|
| Dennis Schulz, CEO | 1,675,501 | 100% |
| Andrew Allen, CFO | 975,141 | 97% |
| Simon Bourne, CTO | 1,005,300 | 100% |
As disclosed in the Company's remuneration report for the year ending 30 April 2024, the awards for the above employees have been linked to salary in line with prior years.
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. 40% of the award is subject to the growth in the Company's total shareholder return ("TSR"). The TSR performance shall be assessed annually and is capable of being "banked" in equal thirds during the 3-year performance period. The remaining 60% is subject to stretching financial and operational metrics related to EBITDA, sales order intake and successful project execution. The financial and sales order intake conditions shall be assessed annually and are capable of being "banked" in equal thirds during the performance period, and the project execution condition will be assessed at the end of the 3-year performance period.
| a) | Name | ITM Power PLC |
| b) | LEI | 21380042MB2JKZ6RRP12 |
| 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 | 1,675,501 | |
| d) | Aggregated information | |
| - Aggregated volume | 1,675,501 | |
| - Price | NA | |
| e) | Date of the transaction | 2024-12-06 |
| 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 Technology Officer |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | ITM Power PLC |
| b) | LEI | 21380042MB2JKZ6RRP12 |
| 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 | 1,005,300 | |
| d) | Aggregated information | |
| - Aggregated volume | 1,005,300 | |
| - Price | NA | |
| e) | Date of the transaction | 2024-12-06 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Andrew Allen |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Financial Officer |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | ITM Power PLC |
| b) | LEI | 21380042MB2JKZ6RRP12 |
| 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 | 975,141 | |
| d) | Aggregated information | |
| - Aggregated volume | 975,141 | |
| - Price | NA | |
| e) | Date of the transaction | 2024-12-06 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.