AFC ENERGY PLC

Remuneration Information • Jul 12, 2022

National Storage Mechanism | Additional information

RNS Number : 0910S

AFC Energy Plc

12 July 2022

12 July 2022

AFC Energy Plc

("AFC Energy" or the "Company")

Grant of Share Options

AFC Energy (AIM: AFC) is pleased to announce that the following Directors and Persons Discharging Managerial Responsibility ("PDMRs") of the Company have been granted awards by way of nominal cost options ("Awards") under the Company's Performance Share Plan:

Name of PDMR	Title	Maximum number of Shares (Total Award)
A Bond	CEO	1 697 802
J Gibson	COO	743 590

The Awards entitle the individual to acquire ordinary shares of £0.001 each in the Company ("Shares") up to the maximum number set out above, subject to the satisfaction of certain performance conditions and continued employment. The Awards will vest on 11th July 2025, or as soon as practicable after this date.

The performance testing relating to the Awards will be split equally between an Absolute Total Shareholder Return ("TSR") performance condition and a Relative TSR condition.

Under the Absolute TSR condition, at the vesting date the Company's end TSR value as at the end of the three year performance period will be calculated and tested against a threshold of 40p per Share. Below this threshold this portion of the Award will be forfeited. At the threshold, 12.5% of the maximum Award will vest and this will increase linearly up to 50% vesting at an upper limit of 75p.

Under the Relative TSR condition, the Company's TSR as at the end of the Performance Period will be ranked against constituents of the FTSE AIM 100 Index. A ranking below a median threshold will mean this portion of the Award will be forfeited. At the threshold, 12.5% of the maximum Award will vest and this will increase linearly up to 50% vesting at upper quartile ranking.

The Remuneration Committee will assess the value of the award at vesting and will ensure that the final outcome reflects all relevant factors, including consideration of any windfall gains as a result of material increases in share price. In making their assessment the Committee will take into account appropriate advice, also giving due consideration to the impact on shareholders and to what extent the outcome incorporates any windfall share price gain, which warrants adjustment to the vesting conditions.

Set out below are the notifications made in accordance with Article 19 of the UK Market Abuse Regulation.

For further information, please contact:

AFC Energy plc Gerry Agnew (Chairman Remuneration Committee) Ben Bradshaw (Head of Marketing)	+44 (0) 14 8327 6726 investors@afcenergy.com
Peel Hunt LLP - Nominated Adviser and Joint Broker Richard Crichton / Tom Ballard / Alexander Allen	+44 (0) 207 418 8900
M C Peat & Co LLP - Joint Broker Charlie Peat	+44 (0) 20 7104 2334
Zeus - Joint Broker Daniel Harris/ James Hornigold (Investment Banking) Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)	+44 (0) 203 829 5000
FTI Consulting - Financial PR Advisors Ben Brewerton / Nick Hennis / Dhruv Soni	+44 (0) 203 727 1000 afcenergy@fticonsulting.com

Notification of Dealing Form:

1

Details of the person discharging managerial responsibilities / person closely associate

a)

Name

Adam Bond

2

Reason for the notification

a)

Position/status

CEO

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

AFC Energy Plc

b)

LEI

213800SRJST19GNS9U35

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

Ordinary Shares of 0.1 pence each in the Company ("Shares")

Identification code

ISIN: GB00B18S7B29

b)

Nature of the transaction

Grant of awards over Shares under the AFC Energy Plc Performance Share Plan

c)

Price(s) and volume(s)

Price per share	Volume
£0.001	1 697 802

d)

Aggregated Information

Volume

Price

n/a single transaction

e)

Date of transaction

11 July 2022

f)

Place of transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities / person closely associate

a)

Name

J Gibson

2

Reason for the notification

a)

Position/status

COO

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

AFC Energy Plc

b)

LEI

213800SRJST19GNS9U35

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

Ordinary Shares of 0.1 pence each in the Company ("Shares")

Identification code

ISIN: GB00B18S7B29

b)

Nature of the transaction

Grant of awards over Shares under the AFC Energy Plc Performance Share Plan

c)

Price(s) and volume(s)

Price per share	Volume
£0.001	743 590

d)

Aggregated Information

Volume

Price

n/a single transaction

e)

Date of transaction

11 July 2022

f)

Place of transaction

Outside a trading venue

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCDGGDRSGBDGDB