LTIP Grant

14 February 2023

 

ITM Power plc

 

Grant under Long Term Incentive Plan

 

ITM Power plc (the "Company") announces that on 13 February 2023 a Discretionary Award over ordinary shares of 0.05 each in the capital of the Company was granted to Dennis Schulz, CEO, under the ITM Power plc Long Term Incentive Plan ("LTIP"), over a total number of 253,515 ordinary shares.

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 101 pence, being the average mid-market quotation as derived from AIM for the last 5 days of trading prior to close on 1 December 2022 (being the date Dennis joined the company).

 

The performance condition applying to this award, compares the performance of the Company's shareholder return with that of the performance of the AIM 50 Index over the applicable performance period.

 

This Discretionary Award is subject to a 17-month vesting period to more closely reflect the performance horizon of the revised 12-month priorities announced in January 2023 and also to align with the FY24 year end. Vesting shall be conditional to the achievement of the performance condition and to Dennis being a director or employee within the Company's group at the time of vesting. 

 

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

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dennis Schulz
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	5p
d)	Aggregated information
	- Aggregated volume	253,515
	- Price	NA
e)	Date of the transaction	13 February 2023
f)	Place of the transaction	Outside a trading venue

 

 

For further information please visit  www.itm-power.com  or contact:

 

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR

 

 

About ITM Power PLC:

ITM Power was founded in 2000 and ITM Power PLC was admitted to the AIM market of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.