8.
Stock-Based Compensation
A
summary of the Company’s Restricted Stock Unit (“RSU”) activity during the six months ended June 30, 2023 is as follows:
Schedule of Restricted Stock Unit Activity
| | |
Number of Shares | |
| | |
| |
| Unvested Outstanding at January 1, 2023 | |
| 1,647,544 | |
| Granted (1) | |
| 888,225 | |
| Forfeited | |
| (8,872 | ) |
| Vested | |
| (262,978 | ) |
| Unvested Outstanding at June 30, 2023 | |
| 2,263,919 | |
| (1) |
The
amount shown as granted in the table includes 219,213 performance-based target RSUs as to which the number that ultimately vests
would range from 0% to 200% of the target amount of RSUs (a maximum of 438,426 RSUs based on attainment of Adjusted EBITDA targets
for 2023 and criteria previously set by the Compensation Committee). The amount includes additional performance-based RSUs, awarded
as sign-on grants to our Executive Chairman and our CEO in May 2023 (comprising tranches covering an aggregate of 250,000 Adjusted
EBITDA RSUs (with targets for 2025, 2026 and 2027) and 125,000 stock-price based RSUs) which can be earned at up to 100% of the target
amount of RSUs. |
The
Company issued a total of 357,836 shares during the six months ended June 30, 2023 which included an aggregate of 332,227 shares issued
in connection with the net settlement of RSUs that vested during the prior year (on December 30, 2022) pursuant to RSUs awarded under
the Company’s long-term incentive plan.
|