AI assistant
ITM POWER PLC Remuneration Information 2020
7722_def-14a_2020-10-23_4bc5cb67-bc4f-40c6-ad09-a891d6868ed9.html
Remuneration Information
Open in viewerOpens in your device viewer
National Storage Mechanism | Additional information 
RNS Number : 0311D
ITM Power PLC
23 October 2020
23 October 2020
ITM Power plc
Grants under Long Term Incentive Plan
ITM Power plc (the "Company") announces that on 22 October 2020 awards over ordinary shares of £0.05 each in the capital of the Company were granted to all staff under the ITM Power plc Long Term Incentive Plan ("LTIP"), over a total number of 1,006,590 ordinary shares.
Additional awards over a total number of 268,582 ordinary shares will be made to the Executive Directors and certain employees, conditional upon completion of the Fundraising announced on 22 October 2020.
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 270.5 pence, being the average mid-market quotation as derived from AIM for the last 5 days of trading prior to close on 21 October 2020.
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. The awards are subject to a three year vesting period and to the achievement of the performance conditions and the participant being a director or employee within the Company's group at that time.
This follows confirmation that the Company has implemented the LTIP, recently adopted by the Company in 2020 as is set out in the announcement of the Company's final results released on 22 October 2020.
The LTIP awards granted to Executive Directors (who are Persons Discharging Managerial Responsibilities) are as follows:
| Name of Director/PDMR | Number of Shares over which the LTIP Award is granted | |
| Annual | Exceptional (Conditional) |
|
| Graham Cooley | 100,912 | 88,298 |
| Andy Allen | 52,478 | 45,919 |
| Rachel Smith | 52,415 | 45,863 |
| Simon Bourne | 77,530 | 67,839 |
| Total awards granted | 283,335 | 247,919 |
A further announcement will be made once the decision to grant the exceptional awards becomes unconditional after completion of the Fundraising post the general meeting to be held on 11 November 2020.
The performance conditions applying to these awards, being the first under the Company's recently adopted LTIP, (both annual and exceptional) compare the performance of the Company's shareholder return with that of the performance of the AIM 50 Index over the applicable performance period.
The notification is intended to satisfy the Company's obligations under Article 19 of the Market Abuse Regulations.
Enquiries:
| ITM Power plc | +44 (0)114 263 7646 |
| Nicola Ham Edmonds (Head of Legal and Company Secretary) James Collins (IR) |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Graham Cooley | |
| 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 | 100,912 | ||
| d) | Aggregated information | ||
| - Aggregated volume | 100,912 | ||
| - Price | NA | ||
| e) | Date of the transaction | 23 October 2020 | |
| 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 Technical 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 | 77,530 | ||
| d) | Aggregated information | ||
| - Aggregated volume | 77,530 | ||
| - Price | NA | ||
| e) | Date of the transaction | 23 October 2020 | |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Rachel Smith | |
| 2 | Reason for the notification | ||
| a) | Position/status | Executive Director | |
| 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 | 52,415 | ||
| d) | Aggregated information | ||
| - Aggregated volume | 52,415 | ||
| - Price | NA | ||
| e) | Date of the transaction | 23 October 2020 | |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Andy Allen | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Financial 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 | 52,478 | ||
| d) | Aggregated information | ||
| - Aggregated volume | 52,478 | ||
| - Price | NA | ||
| e) | Date of the transaction | 23 October 2020 | |
| f) | Place of the transaction | Outside a trading venue |
-ends-
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 [email protected] 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
DSHUOVVRRNURURA