Surface Transforms Regulatory News (SCE)

Surface Transforms plc

("Surface Transforms" or the "Company")

Grant of Options

Surface Transforms plc (AIM: SCE) announces that it has granted options over 250,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Options") to 3 employees, one of whom is a PDMR.

The Options are exercisable at a price of 50.0 pence per Ordinary Share. Ordinarily, the Company has granted share options priced at the most recent closing price of the Ordinary Shares. When Rebecca Hooper joined Surface Transforms in December 2020, the Company was in advanced stages of the recently conducted Placing, Subscription and Open Offer, as announced on 19 January 2021. The Board concluded it was inappropriate to grant options at that time. Given the circumstances however, the Board has priced this share option award to Rebecca Hooper, at the same price as the issue price of the recent fundraising, noting that this was higher that the prevailing price when she joined the Company. Furthermore, it was felt that those other employees being awarded share options now should be treated the same and not disadvantaged by the fact that the options were not awarded to them in January.

The vesting of the Options for all employees is conditional on the continued employment of the option holder. For managers there are also financial and non-financial performance conditions. The Options will vest in one-third tranches upon meeting confidential internal criteria.

For all employees below manager level, the Options will vest in two years, subject to their continued employment.

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Nottification and public disclosure of transactions by Persons Discharging Managerial Responsibilities ("PDMR") and persons closely associated with them ("PCA")