LONDON – ITM Power PLC, the energy storage and clean fuel company, has announced the grant of share awards to several of its employees under its Long Term Incentive Plan (LTIP). On Monday, the company disclosed that the awards were given on Thursday to certain employees, including executive directors.

The awards, structured as nominal cost options, are based on an option exercise price of £0.05 per ordinary share. The number of shares granted is calculated using a share price of 33.96 pence, derived from the AIM market’s average mid-market quotation for the last five days of trading prior to the grant date.

These grants are part of a three-year vesting period, with an additional two-year holding period, and are contingent upon meeting specific performance conditions. Moreover, the recipients must remain directors or employees within the company’s group at the end of the vesting period.

The LTIP awards granted to Executive Directors, who are also considered Persons Discharging Managerial Responsibilities (PDMRs), are significant. CEO Dennis Schulz received 1,675,501 shares, equating to 100% of his current salary. CFO Andrew Allen was awarded 975,141 shares, representing 97% of his salary, and CTO Simon Bourne also received shares amounting to 100% of his salary with 1,005,300 shares granted.

The performance conditions set by the company’s Remuneration Committee include 40% of the award tied to the growth in the company’s total shareholder return (TSR), which will be assessed annually. The remaining 60% depends on achieving financial and operational metrics related to EBITDA, sales order intake, and successful project execution. The financial and sales order conditions will be reviewed annually, while the project execution condition will be evaluated at the end of the three-year period.

This notification is in accordance with the company’s obligations under Article 19 of the Market Abuse Regulations. The information provided is based on a press release statement from ITM Power PLC.

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