Refer to Note 12 of the Company’s audited consolidated financial statements of its 2025 Form 10-K for a summary of the Company’s 2023 Incentive Plan, including the definition of performance-based and service-based stock awards.

At June 30, 2026, 2,668,249 (December 31, 2025: 2,932,559) ordinary shares remained available for future issuance under the Company’s 2023 Incentive Plan.

The following table summarizes the activity for unvested outstanding restricted share awards (“RSs”) during the six months ended June 30, 2026 and 2025:


	Performance RSs			Service RSs
	Number of non-vested restricted shares	Weighted average grant date fair value		Number of non-vested restricted shares	Weighted average grant date fair value
Balance at December 31, 2024	944,587	$	9.87	191,556	$	9.96
Granted	—	—		—	—
Vested	(222,532)	9.65		(75,667)	8.08
Forfeited	(374,474)	9.08		(2,212)	9.85
Balance at June 30, 2025	347,581	$	10.87	113,677	$	11.21

Balance at December 31, 2025	347,581	$	10.87	111,248	$	11.45
Granted	—	—		—	—
Vested	(290,647)	10.87		(54,926)	9.82
Forfeited	(56,934)	10.87		—	—
Balance at June 30, 2026	—	$	—	56,322	$	13.05

For the six months ended June 30, 2026, the total fair value of Performance and Service RSs vested was $5.1 million (2025: $4.2 million). The remaining outstanding Service RSs were granted to independent directors. Starting in 2024, stock award to employees were made in the form of restricted stock units.

The following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the six months ended June 30, 2026 and 2025:


	Performance RSUs			Service RSUs
	Number of non-vested RSUs	Weighted average grant date fair value		Number of non-vested RSUs	Weighted average grant date fair value
Balance at December 31, 2024	403,526	$	10.43	149,834	$	11.14
Granted	185,551	13.16		149,435	13.16
Vested	(38,752)	6.82		(62,041)	10.46
Forfeited	(54,635)	7.11		(4,326)	11.85
Balance at June 30, 2025	495,690	$	12.10	232,902	$	12.60

Balance at December 31, 2025	490,823	$	12.10	224,751	$	12.60
Granted	182,098	15.15		155,591	15.08
Vested	(49,495)	9.85		(93,333)	12.31
Forfeited	(12,481)	10.66		(3,961)	13.87
Balance at June 30, 2026	610,945	$	13.22	283,048	$	14.04

For the awards granted during the six months ended June 30, 2026, the Service RSUs vest evenly over three years on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs will cliff vest at the end of a three-year performance period within a range of 0% and 200% of the awarded Performance RSUs, with a target of 100%.

For the six months ended June 30, 2026, the total fair value of Performance and Service RSUs vested was $2.1 million (2025: $1.4 million).

For the six months ended June 30, 2026, the Company recorded $2.8 million (2025: $2.5 million) of total stock compensation expense (net of forfeitures), respectively. Forfeiture recoveries were immaterial for both periods.