Company: ASC
Filing Date: 2025-05-07
Form Type: 6-K
Source: 0001558370-25-006618
Chunk: 24

Company: Ardmore Shipping Corp
Filing Date: 2025-05-07
Form: 6-K
Chunk 24
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31, 2024 (Expressed in thousands of U.S. Dollars, except for shares and as otherwise stated)

6. Share-based Compensation

Time Restricted stock units (“TRSUs”)

Changes in the TRSUs for the three months ended March 31, 2025 are set forth below:

| ​                                                          
 ​                                                          
 ​                                                          
 ​                                                          | ​ 
 ​ 
 ​ |         ​ 
         ​ 
 Number of 
     TRSUs | ​ 
 ​ 
 ​ | ​                   
 Weighted average    
 fair value at grant 
 date                |     ​ |
|:-----------------------------------------------------------|:--|----------:|:--|:--------------------|------:|
| Balance as of January 1, 2025                              |   |   283,757 |   | $                   | 13.04 |
| TRSUs granted during the three months ended March 31, 2025 | ​ |   123,080 | ​ | $                   |  9.16 |
| TRSUs vested during the three months ended March 31, 2025  | ​ |  -142,808 | ​ | $                   | -7.82 |
| Balance as of March 31, 2025 (none of which are vested)    |   |   264,029 | ​ | $                   | 14.05 |

The total cost related to non-vested TRSU awards expected to be recognized through 2028 is set forth below in thousands of U.S. Dollars:

| ​       
 Period  | ​ | ​ 
 ​ |     ​ 
 TOTAL |
|:--------|:--|:--|------:|
| 2025(1) | ​ | $ | 1,058 |
| 2026    | ​ | ​ |   833 |
| 2027    | ​ | ​ |   443 |
| 2028    | ​ | ​ |    63 |
| ​       | ​ | $ | 2,397 |

| (1) | Nine-month period ending December 31, 2025 |

Performance-Based Restricted stock units (“PRSUs”)

Changes in the PRSUs for the three months ended March 31, 2025 are set forth below:

| ​                                                          | ​ |            ​ |
| ​                                                          | ​ | No. of PRSUs |
| Balance as of January 1, 2025                              |   |       86,607 |
| PRSUs