Sucro Announces Award of Restricted Share Units

CORAL GABLES, Fla., Feb. 2, 2024 /CNW/ - Sucro Limited (TSXV: SUG) ("Sucro" or the "Company"), an integrated sugar company focused primarily on serving the North American market, today announced that subject to regulatory approval, its Board of Directors has awarded 78,995 restricted share units ("RSUs") to directors, officers and employees of the Company and its subsidiaries under the Company's Omnibus Equity Incentive Plan.

Of the RSUs awarded, 78,159 have been awarded in connection with the cancellation of 128,391¹ equity appreciation rights ("EARs") previously awarded under the Equity Participation Plan of subsidiary Sucro Holdings, LLC (the "EAR Plan"). Under the EAR Plan, as amended, holders of EARs are entitled to a cash payment from Sucro Holdings on a sale of Sucro calculated as the difference between the sale price (net of transaction costs) and the specified base valuation indicated in the applicable EAR award, if any, and on the basis of each EAR representing one Subordinate Voting Share of Sucro. The purpose of these RSU awards is to transition equity-based compensation away from the former privately held Sucro Holdings to the new Omnibus Equity Incentive Plan of Sucro following the completion of its initial public offering on October 30, 2023. No further awards of EARs will be made under the EAR Plan and 227,685¹ EARs remain outstanding following these cancellations.

Each RSU represents the right to receive one Subordinate Voting Share of the Company on settlement. The RSUs awarded will vest over a period of a minimum of one year and a maximum of two years.

About Sucro

Sucro is a growth-oriented sugar company that operates throughout the Americas, with a primary focus on serving the North American sugar market. The Company operates a highly integrated and interconnected sugar supply business, utilizing the entire sugar supply chain to service its customers. Sucro's integrated supply chain includes sourcing raw and refined sugar from countries throughout Latin America, and refined sugar from its own refineries, and delivering to customers in North America and the Caribbean. Since its inception in 2014, Sucro has achieved significant growth by creating value for customers through continuous process innovation and supply chain re-engineering. Sucro has established a broad production, sales and sourcing network throughout North America with two cane sugar refineries and an additional value-added processing facility. The Company has offices in Miami, Mexico City, Sao Paulo, Guayaquil and Port of Spain. For more information, visit sucro.us and follow us on LinkedIn.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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¹ Number of Subordinate Voting Shares the EARs would represent on a sale of Sucro after adjustment to reflect the 3 for 1 exchange ratio in the reorganization of the Company completed on October 2, 2023.

SOURCE Sucro Limited

Contacts: Don Hill, Chairman, Sucro Limited, T: [phone], E: [email protected]; Investor Relations: Ian Tharp, T: [phone], E: [email protected]