Quadrise Plc (LON:QED), the manufacturer of lower cost, lower emission, replacement fuels and biofuels for shipping and heavy industry, has announced that it has entered into an addendum to its existing Representation Agreement with Younes Maamar, the Company’s representative in Morocco that was originally announced by the Company on 6 March 2019 and amended on 13 June 2022.
Under the Agreement, the Representative supports Quadrise in pursuing commercial opportunities for MSAR® and related technologies in Morocco. The Agreement includes a success-based incentive structure designed to align the Representative’s interests with the achievement of key project milestones and the advancement of opportunities towards commercial fuel supply contracts.
Under the Addendum, the parties have agreed to extend the term of the Agreement to 31 December 2026. Conditional upon the public announcement of a signed Commercial MSAR® Fuel Supply Agreement relating to an active project by 31 December 2026, the Representative will be awarded 12,000,000 warrants over new ordinary shares of 1 pence each in the Company (Ordinary Shares).
The exercise price of the warrants will be calculated on the average mid-market closing price of the Company’s Ordinary Shares for the five trading days prior to the public announcement of the relevant signed Commercial MSAR® Fuel Supply Agreement. On vesting, the warrants may be exercised at any time until 31 December 2027, at which point they will expire.
If the deadline is not achieved due to matters considered to be outside of the Representative’s control, the parties have agreed to meet in good faith during the week prior to 15 December 2026 to agree a new deadline.
