Reykjavík, April 10, 2026 – Amaroq Ltd. (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), a mine development corporation focused on Greenland’s mineral potential, has announced significant activity under its Restricted Share Unit (“RSU”) Plan. The company granted a total of 2,254,467 RSUs to certain directors and employees on April 10, 2026. This move aligns with Amaroq’s strategy to incentivize its leadership and workforce through performance-based equity compensation, linking individual achievements directly to shareholder value.
New RSU Awards Drive Performance Alignment
The newly granted RSUs represent a right to receive common shares in Amaroq Ltd. upon the successful achievement of specific time and performance targets. These awards are governed by the established rules of the Company’s RSU Plan, ensuring a structured and transparent framework for executive and employee compensation. The performance period for these awards spans from January 1, 2026, to December 31, 2028, with the Measurement Date set for December 31, 2028. This extended period underscores a long-term commitment to strategic objectives and sustainable growth.
Notably, the award designated for the Chief Executive Officer is subject to an additional two-year post-vesting holding period. This provision reinforces a commitment to long-term ownership and aligns the CEO’s interests even more closely with the sustained performance of the company over an extended horizon.
Key Awards to Managerial Personnel
A substantial portion of the new RSU grants was allocated to persons discharging managerial responsibilities (PDMRs), reflecting their critical roles in Amaroq’s operations and strategic direction. The individual awards are detailed as follows:
- Eldur Olafsson, Chief Executive Officer (CEO), received 1,039,199 RSUs.
- Ellert Arnarson, Chief Financial Officer (CFO), received 350,730 RSUs.
- Joan Plant, Interim Chief Operating Officer (COO), received 328,127 RSUs.
- Edward Westropp, Chief Corporate Development & Strategy Officer, received 320,128 RSUs.
These four individuals collectively received 2,038,184 RSUs, representing a significant portion of the total 2,254,467 RSUs granted. The awards, identified as Restricted Share Units, were issued in accordance with the RSU Plan, with a transaction date of April 10, 2026, and a price of N/A, as is typical for such grants.
Vesting of Previous RSU Awards
In a separate but related development, Amaroq Ltd. also announced the vesting of RSUs previously granted to Edward Westropp, Chief Corporate Development & Strategy Officer. Following an award made on March 31, 2025, a total of 20,927 RSUs vested on April 8, 2026. This vesting event represents the successful fulfillment of the conditions attached to that earlier grant.
Upon vesting, Mr. Westropp undertook a transaction to cover applicable tax obligations. He sold a portion of the newly vested shares, specifically 9,907 common shares of no par value in Amaroq Ltd., at a price of GBP 0.97 per share. Following this sale, Mr. Westropp’s holding in the company amounts to 13,114 shares. This action is a standard practice for managing tax liabilities arising from equity compensation and provides transparency regarding executive shareholdings.
The dual announcement of new RSU awards and the vesting of prior units underscores Amaroq Ltd.’s ongoing commitment to its equity compensation framework. By granting performance-linked RSUs, the company aims to foster long-term value creation and ensure that the interests of its key personnel remain closely aligned with those of its shareholders as it continues to unlock Greenland’s mineral potential.
