Mr. Guy Bourgeois reports

PLAID TECHNOLOGIES ANNOUNCES APPOINTMENT OF INTERIM CHIEF EXECUTIVE OFFICER

Plaid Technologies Inc. has appointed Paul Hughes as interim chief executive officer, effective June 19, 2026. Concurrently, Guy Bourgeois has stepped down as chief executive officer and assumed the role of chairman of the board of directors. Mr. Bourgeois will continue to play a significant role in the company's strategic direction in his capacity as chairman.

Mr. Hughes is a serial entrepreneur and C-suite executive with over 25 years of experience building and scaling companies across deep tech, clean energy, industrial technology and renewables. As founder of Shift Clean Energy, he grew the business from a two-person start-up to a 97-person global organization, raising over $60-million in equity, securing Fortune 100 customers and 30-plus strategic partnerships across 26 countries, and leading the business to a successful trade sale. He brings a proven record of stabilizing and scaling technology businesses, including software as a service, energy as a service, and mining and energy tech, with deep expertise in turnarounds, restructuring and restoring enterprise value, and extensive board and governance experience as CEO and chairman across Canada, the United Kingdom, Australia, Denmark and the United States.

"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.

Stock options

In connection with Mr. Hughes's appointment, the company has granted 100,000 stock options pursuant to the company's omnibus long-term incentive plan (amended and restated) at an exercise price of 35 cents per common share. The stock options will vest in full on the date that is 90 calendar days following the grant date and will expire four years from the grant date.

Restricted share units

The company has also granted 2.5 million restricted share units (RSUs) to Mr. Hughes pursuant to the plan, expiring three years from the grant date. The RSUs will vest in accordance with the following schedule:

1. 500,000 RSUs on the date that is six months from the grant date;
2. 250,000 RSUs on the date that is nine months from the grant date;
3. 500,000 RSUs on the date that is 12 months from the grant date;
4. 250,000 RSUs on the date that is 15 months from the grant date;
5. One million RSUs on the date that is 18 months from the grant date.

The stock options and RSUs are subject to the terms and conditions of the plan, which has been adopted by the board of directors, and is subject to ratification by shareholders of the company at the company's next annual general and special meeting, anticipated to be held in October, 2026. The stock options and common shares issuable upon settlement of the RSUs will be subject to a four-month statutory hold period under applicable securities legislation from the date of grant.

About Plaid Technologies Inc.

Plaid Technologies is a Canadian advanced materials company focused on the development and commercialization of graphene-enhanced technologies, with applications across construction, energy and industrial materials.

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