| SHARE-BASED COMPENSATION RESERVE |
13. SHARE-BASED COMPENSATION RESERVE As of December 31, 2025, December 31, 2024 and December 31, 2023, the Company had the following warrants, share options and restricted share units (“RSUs”) outstanding under the Amended and Restated 2020 Stock Incentive Plan (the “2020 Stock Incentive Plan”) and Founders Awards (as defined below) outstanding:
| | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | | 2025 | | 2024 | | 2023 | | | | Warrants | — | | — | | 50,000 | | | | | Share options | 1,137,079 | | | 1,165,918 | | | 1,746,094 | | | | | RSUs | 927,840 | | | 611,831 | | | — | | | | | Total grants outstanding under 2020 Stock Incentive Plan | 2,064,919 | | | 1,777,749 | | | 1,796,094 | | | | | Founders Awards granted in 2021 | 4,056,770 | | | 4,056,770 | | | 4,056,770 | | | | | | | | | | | | | Total grants and awards outstanding | 6,121,689 | | | 5,834,519 | | | 5,852,864 | | | |
Changes in the share-based compensation reserve are as follows: | | | | | | | | | | | | | OPTIONS,
WARRANTS
AND
RESTRICTED
SHARE UNITS | | USD
thousand | | As at January 1, 2025 | 5,834,519 | | 10,624 | | | Share options expense | — | | 1,829 | | | Share options granted | 28,340 | | 83 | | | Share options exercised (Note 14) | (48,221) | | (125) | | | Share options expired | (2,500) | | (13) | | | Share options forfeited | (6,458) | | (19) | | | Restricted Share Units expense | — | | 1,952 | | | | | | | Restricted Share Units forfeited | (75,665) | | (407) | | | Restricted Share Units granted | 543,960 | | 2,947 | | | Restricted Share Units vested | (152,286) | | (1,421) | | | | | | | As of December 31, 2025 | 6,121,689 | | 15,450 | | | | | | | As at January 1, 2024 | 5,852,864 | | 7,414 | | | Share options expense | — | | 2,172 | | | Share options granted | 41,787 | | 72 | | | | | | | Share options exercised (Note 14) | (384,454) | | (1,001) | | | | | | | Share warrants exercised | (50,000) | | (84) | | | Share options forfeited | (202,093) | | (278) | | | Share options expired | (35,416) | | (204) | | | Restricted share units granted | 628,515 | | 2,564 | | | Restricted share units forfeited | (16,684) | | (31) | | | | | | | As of December 31, 2024 | 5,834,519 | | 10,624 | | | | | | | As at January 1, 2023 | 5,562,984 | | 4,411 | | | Share options expense | — | | | 2,667 | | | Share options granted | 359,666 | | | 509 | | | Share options and warrants exercised | (39,786) | | | (95) | | | | | | | | | | | Share options forfeited | (26,042) | | | (52) | | | Share options expired | (3,958) | | | (26) | | | As at December 31, 2023 | 5,852,864 | | 7,414 | |
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