Company: ASC
Filing Date: 2025-03-07
Form Type: 20-F
Source: 0001558370-25-002500
Chunk: 198

Company: Ardmore Shipping Corp
Filing Date: 2025-03-07
Form: 20-F
Item: Item 19
Chunk 198
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 total shareholder return (“ TSR”), which represents a market condition, and the grantee’s continued employment with the Company through the vesting date.

The TSR is calculated based on the Company’s total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a30trading-day period from the beginning to the end of the performance period, including reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range fromzeroto200% of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. Compensation for these awards is being amortized over the service period.

Changes in the PRSUs for the year ended December 31, 2024 is set forth below:

                                       For the years ended December 31                       
                                       2024                                 2023             
 ─────────────────────────────────────────────────────────────────────────────────────────────
                                       Number of PRSUs                      Number of PRSUs  
  Outstanding as of January 1          38,713                               -                
  Granted                              47,894                               38,713           
  Vested                               -                                    -                
  Balance as of December 31, 2024      86,607                               38,713           

Significant inputs used in the estimation of the fair value of these awards granted during 2024 and 2023 are as follows:

                                                  2024         2023  
 ─────────────────────────────────────────────────────────────────────
  Closing share price of our common stock      $ 16.25      $ 18.53  
  Risk-free rate of return                       4.27%        4.56%  
  Expected volatility of our common stock       52.11%       67.33%  
  Holding period discount                        0.00%        0.00%  
  Simulation term (in years)                      3.00         3.00  

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                                 412  
  2026                                 254  
  2027                                  37  
                                       703  

F-34

Table of Contents

16. Repurchase of common stock

In September