Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 197

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 19
Chunk 197
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 SARs for the year ended December 31, 2024 are set forth below:
Weighted average
No. of SARs exercise price
Balance as of January 1, 2024 176,360 $ 4.28
SARs granted during the year ended December 31, 2024 - - 
SARs exercised during the year ended December 31, 2024 ( 176,360) $ ( 4.28)
Balance as of December 31, 2024 (none of which are exercisable or convertible) - $ -
Time Restricted stock units
As of December 31, 2024, the Company has granted2,017,203TRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan, that will vest in three equal annual tranches from the date of grant. Changes in the TRSUs for the year ended December 31, 2024 is set forth below:
2024 2023 2022
Weighted average Weighted average Weighted average
Number of fair value at grant Number of fair value at grant Number of fair value at grant
TRSUs date TRSUs date TRSUs date
───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Balance as of January 1 677,739 $ 7.70 908,209 $ 546,935 $
TRSUs granted during the year 134,175 $ 16.99 172,034 $ 760,810 $
TRSUs vested during the year ( 528,157) $ ( 7.19) ( 402,504) $ ( 399,536) $
Balance as of December 31, 2024 283,757 $ 13.04 677,739 $ 908,209 $
The total cost related to non-vested awards expected to be recognized through 2027 is set forth below:
In thousands of U. S. Dollars
Period TOTAL
2025 1,272
2026 457
2027 67
1,796

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Table of Contents

Performance-Based Restricted stock units

As of December 31, 2024, the Company has granted86,607PRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan, that will vest in one tranche to the extent earned which are contingent upon the Company’s relative