PTX Protonex Regs

 

TIDMPTX TIDMPTXU 
 
RNS Number : 6046U 
Protonex Technology Corporation 
29 June 2009 
 

 
 
 
 
 
 
 
 
 
June 29, 2009 
 
 
 
 
CHanges to protonex SHARE OPTION scheme 
 
 
DATELINE: SOUTHBOROUGH, MA; Protonex Technology Corporation (LSE: AIM: PTX and 
PTXU), a leading provider of advanced fuel cell power systems for portable, 
remote and mobile applications, today announces two changes to its share option 
scheme. The first being the inclusion of an accelerated vesting provision upon a 
change of control and the second being an exchange offer for certain share 
options. 
 
 
The Company's Board of Directors has approved and will incorporate a new 
provision in all existing and future option grants issued to employees and to 
future grants issued to non-executive Directors under its share option program 
which provides that in the event of a future change in control of Protonex, the 
vesting of all outstanding stock options would be accelerated such that fifty 
percent (50%) of all unvested option shares would become vested upon the change 
of control. The acceleration of vesting would not shorten the overall vesting 
term of the options, but rather would provide that fifty percent (50%) of the 
option shares that would otherwise vest periodically over the entire vesting 
term would vest immediately upon the change in control.  Previously, the Company 
had no overarching provisions for accelerated vesting of options upon a change 
of control. 
 
 
The Company's Board of Directors has also approved a program (the "Offer") to 
allow option holders to exchange certain existing options that have an exercise 
price greater than the Company's Common Shares at the expiration date of the 
Offer for new options to be issued at the expiration date of the Offer. The 
Offer period begins today, and expires at 4:00 p.m. EST on 27 July 2009, unless 
extended.  Existing options granted from 10 May 2006 through 5 November 2008 and 
held by eligible employees and Directors will qualify for this Offer and may be 
exchanged on a one-to-one basis for new options with a strike price equal to the 
average of the closing bid and offer prices of Protonex's shares trading under 
the symbol PTX, as reported on AIM and converted into U.S. dollars on the 
expiration date of the exchange offer. Regardless of the vesting status of the 
exchanged options, new options resulting from this exchange will be unvested on 
the grant date and have a vesting term commencing on the date of exchange and 
equal to the original option grant, except options that were originally granted 
on 15 September 2006 which will have a two-year vesting term if exchanged. 
 
 
29 June 2009 is the record date for the Offer. As at 25 June 2009, Protonex had 
64,905,894 issued and outstanding Common Shares and there were 3,400,826 options 
eligible for this Offer.  2,152,343 of these eligible options are currently held 
by Directors. 
 
 
The Protonex Board of Directors view options as an important way to motivate and 
retain key employees and believe that these changes are in the best interests of 
Protonex and its shareholders. The Company expects to report on the final 
results of the exchange Offer at the expiration of the Offer period. 
 
 
 
 
 
 
- ENDS - 
 
 
Enquiries 
Protonex Technology CorporationTel: +1 508 490 9960 
Scott Pearson, Chief Executive Officer 
John Connolly, Chief Financial Officer 
 
 
Redleaf Communications Limited     Tel: +44 (0)20 7566 6700 
Press and Investor Relationsprotonex@redleafpr.com 
Samantha Robbins 
Paul 
Dulieu 
 
 
Piper Jaffray Ltd.  Tel: +44 (0)20 3142 8700 
Nominated Adviser 
Michael Covington 
James Steel 
 
 
 
 
Notes to Editors 
 
 
About Protonex Technology Corporation 
www.protonex.com 
Protonex Technology Corporation develops and manufactures compact, lightweight 
and high- performance fuel cell systems for portable power applications in the 
100 to 1000-watt range. The Company's fuel cell systems are designed to meet the 
needs of military, commercial and consumer customers for off-grid applications 
underserved by existing technologies by providing customizable, stand-alone 
portable power solutions and systems that may be hybridized with existing power 
technologies. The Company is headquartered in Southborough, Massachusetts. 
 
 
This announcement includes statements which are, or may be deemed to be, 
"forward-looking statements". All statements other than statements of historical 
facts included in this announcement, including, without limitation, those 
regarding Protonex' financial position, business strategy, plans and objectives 
of management for future operations (including development plans and objectives 
relating to Protonex' products and services) are forward-looking statements. By 
their nature, such forward-looking statements involve known and unknown risks, 
uncertainties and other important factors that could cause the actual results, 
performance or achievements of Protonex to be materially different from future 
results, performance or achievements expressed or implied by such 
forward-looking statements. These factors include but are not limited to those 
described in the Admission Document issued in connection with the Company's 
admission to AIM. 
 
 
Forward-looking statements may and often do differ materially from actual 
results. Any forward-looking statements in this announcement speak only as at 
the date of this announcement and are subject to risks relating to future events 
and other risks, uncertainties and assumptions relation to Protonex' operations, 
results of operations, growth strategy and liquidity. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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