Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 128

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 6
Chunk 128
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 the date of vesting, which payment may be paid in the form of cash or common shares or a combination of both, as determined by the plan administrator. The plan administrator may grant dividend equivalents with respect to grants of restricted stock units.

Adjustments may be made to outstanding awards in the event of a corporate transaction or change in capitalization or other extraordinary event. In the event of a “change in control” (as defined in the plan), unless otherwise provided by the plan administrator in an award agreement, awards then outstanding will become fully vested and exercisable in full.

Our board of directors may amend or terminate the plan and the plan administrator may amend outstanding awards, provided that no such amendment or termination may be made that would materially impair any rights, or materially increase any obligations, of a grantee under an outstanding award without the consent of the grantee.

Shareholder approval of plan amendments may be required under certain circumstances. Unless terminated earlier by our board of directors, the plan will expire ten years from the date the plan is adopted.

Stock Appreciation Rights (“ SARs”)

As of December 31, 2024, no SARs were outstanding under the Company’s 2013 Equity Incentive Plan. Under a SAR award, the grantee is entitled to receive the appreciation of a share of the Company’s common stock following the grant of the award. No SAR awards were granted during the years ended December 31, 2024, 2023 and 2022.

Table of Contents

Each SAR provides for a payment of an amount equal to the excess, if any, of the fair market value of a share of the Comapny’s common stock at the time of exercise of the SAR over the per share exercise price of the SAR, multiplied by the number of shares for which the SAR is then exercised. Payment under the SAR will be made in the form of shares of the Company’s common stock, based on the fair market value of a share of the Company’s common stock at the time of exercise of the SAR.

Restricted Stock Units (“ RSUs”)

On March 1, 2024, the Company granted 113,314 Time-Based RSUs (“ TRSUs”) to certain members of management that will vest in three equal annual tranches from the date of grant. On March 1, 2024, the Company granted 47,894 Performance-Based RSUs (“ PRSUs”) to certain members of management that will vest in one tranche on March 1, 2027,