Grants under Long Term Incentive Plan
LTIP awards granted to CFO Amy Grey over 401,193 shares with performance conditions.
- LTIP Award to Amy Grey 401,193 shares
- Award as % of salary 33.3%
- Share price used for calculation 35.22 pence
- Option exercise price £0.05 per share
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ITM Power PLC (the "Company") announces that on 31 January 2025 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 35.22 pence, being the average mid-market quotation as derived from AIM for the last 5 days of trading prior to 31 January 2025.
| Name of Director/PDMR | Number of Shares over which the LTIP Award is granted | £ value of grant as a % of current salary |
|---|---|---|
| Amy Grey, CFO | 401,193 | 33.3% |
As disclosed in the Company's remuneration report for the year ending 30 April 2024, the award for the above employee has 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 | 401,193 | |
| d) | Aggregated information | |
| - Aggregated volume | 401,193 | |
| - Price | NA | |
| e) | Date of the transaction | 2025-01-31 |
| f) | Place of the transaction | Outside a trading venue |
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