IdaTech Announcements

RNS Number : 0611I IdaTech PLC 13 November 2008  
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For immediate release
 13 November 2008

IdaTech plc 

Cancellation and New Grant of Restricted Stock  
and 
Date of Strategic Update
IdaTech plc ("IdaTech" or the "Company") (AIM: IDA), the advanced fuel cell solutions company headquartered in Bend, Oregon, USA, announces that its Executive Directors and members of its management team ("Senior Management") have unanimously agreed to the cancellation and re-granting of their restricted stock incentive awards, which has the effect of extending the period prior to vesting of the awards.

Prior to the Company's IPO in August 2007, Harol Koyama and James Cooke, the Executive Directors of the Company, held a total of 866,217 ordinary shares of the Company under the terms of IdaTech's Restricted Stock Plan ("Restricted Stock") and Senior Management held a total of 782,821 ordinary shares of the Company as Restricted Stock. On 14 July 2008, both of Executive Directors and each member of Senior Management agreed to cancel their entire holdings of Restricted Stock for nil consideration. On 5 August 2008, the Company agreed to issue new awards in respect of Restricted Stock to the Executive Directors and Senior Management to replace the Restricted Stock which had been previously cancelled. In consideration for all participants agreeing to extend the period before the vesting of the first tranche of their restricted stock awards by approximately 14 months (as compared to the cancelled Restricted Stock), the Company agreed to increase the total number of Restricted Stock granted by approximately 1 per cent.  

The following table sets out the number of awards cancelled in July and the number of new awards of Restricted Stock granted.

New Award*
Cancelled Award**
Net change 
Harol Koyama
600,434
597,206
3,228
James Cooke
273,495
269,011
4,484
Senior Management (as a Group)
794,300
782,821
11,479
Total
1,668,229
1,649,038
19,191
*New Award: vesting dates are 1 October 2009 and 1 October 2010. These awards are not subject to any performance conditions other than the holder must remain an employee of the Group at the vesting date

** Cancelled Award: vesting dates were 6 August 2008, 6 August 2009 and 6 August 2010. These awards were not subject to any performance conditions other than the holder remaining an employee of the Group at the vesting date  

Following these awards, in aggregate, Harol Koyama now holds 670,528 Restricted Stock (of which 40,472 will vest on 18 March 2009, 535,872 on 1 October 2009, 19,748 on 18 March 2010, 64,562 on 1 October 2010 and 9,874 on 18 March 2011).  James Cooke holds 299,555 Restricted Stock (of which 183,824 will vest on 1 October 2009, 17,373 on 18 March 2010, 89,671 on 1 October 2010 and 8,687 on 18 March 2011).  Senior Management as a group holds 992,894 Restricted Stock.

The Company believes that this cancellation and re-grant of awards, with the extended vesting period, demonstrates the commitment of these key individuals to the future success of IdaTech.

Additionally, IdaTech will publish a strategic update on 19 November 2008, following the announcement on 10 October 2008 of its major contract win with ACME.

For further information please contact:

IdaTech plc
Harol Koyama, Chief Executive Officer
+1 541 383 3390
James Cooke, Chief Financial Officer

Dresdner Kleinwort 
+44 (0) 20 7623 8000
Charles Batten / Ben Bailey / Jon Drage

Buchanan Communications
+44 (0) 20 7466 5000
Charles Ryland / Catherine Breen
About IdaTech

IdaTech is a global leader in the development and manufacturing of clean and reliable PEM fuel cell solutions for telecommunications, commercial and industrial backup power from 250W to 15kW. IdaTech's unique technologies provide solutions for a wide range of applications from portable to off grid power and directly support efforts towards sustainable energy. 

IdaTech's portfolio of industry-certified fuel cell solutions are based on the Company's fuel processing, fuel cell stack and power module and fuel cell system integration capabilities. With the support of strategic partners and customers, the Company's energy solutions are being deployed domestically and internationally for stationary, portable and other advanced applications. 

For more information on IdaTech's fuel cell solutions and advanced technologies, please visit www.idatech.com.
This information is provided by RNSThe company news service from the London Stock Exchange  END  MSCFKBKDKBDBBDD