Plaid Technologies Announces Appointment of Interim Chief Executive Officer

Executive Summary

• Plaid Technologies Inc. appointed Paul Hughes as Interim Chief Executive Officer, effective June 19, 2026.
• Outgoing CEO Guy Bourgeois transitions to Chairman of the Board to continue guiding the company's strategic direction.
• The Board granted Hughes a compensation package consisting of 100,000 stock options and 2,500,000 restricted share units (RSUs) with defined vesting schedules and terms.

Key Details

• Leadership Transition: Paul Hughes appointed Interim CEO; Guy Bourgeois steps down as CEO and assumes Chairman role.
• Stock Options Granted: 100,000 options issued under the Omnibus Long-Term Incentive Plan at an exercise price of $0.35 per common share.
• Option Vesting & Expiration: 100% vests 90 calendar days post-grant; expires 4 years from grant date.
• RSUs Granted: 2,500,000 RSUs issued under the same Plan.
• RSU Vesting Schedule: 500,000 at 6 months; 250,000 at 9 months; 500,000 at 12 months; 250,000 at 15 months; 1,000,000 at 18 months.
• RSU Expiration: 3 years from grant date.
• Regulatory/Plan Conditions: Grants subject to Plan adoption by the Board and shareholder ratification at the next AGM/SM (anticipated October 2026); subject to a 4-month statutory hold period under applicable securities legislation.
• Executive Background: Hughes brings 25+ years of experience as a serial entrepreneur and C-suite executive, notably founding Shift Clean Energy, scaling it to a 97-person global organization, raising over $60M in equity, securing Fortune 100 customers, and leading successful trade sales with expertise in turnarounds and restructuring.

Notable Quotes

• “The Board is delighted to welcome Paul to Plaid Technologies. His exceptional depth of operational, financial, and governance experience makes him ideally suited to lead the Company through this important phase of its development, and we look forward to the leadership and momentum his appointment will bring,” said Guy Bourgeois, Chairman of the Board.