Westrock Coffee Co
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
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17. Equity-Based Compensation
Note 17. Equity-Based Compensation
During the three months ended March 31, 2024 and 2023, the Company granted 1.3 million and 1.1 million restricted stock units (“RSUs”), respectively, under the Westrock Coffee Company 2022 Equity Incentive Plan (the “2022 Equity Plan”). The RSUs had a grant date fair value of $12.3 million and $13.0 million, respectively, which was calculated using the closing price of the Common Shares on the applicable date of grant. The RSUs are amortized on a straight-line basis to expense over the vesting period. For RSUs issued during 2024, the vesting period isfour years, and for RSUs issued prior to 2024, the vesting period isthree years. As of March 31, 2024, there were 2.7 million shares available for future issuance under the 2022 Equity Plan.
The following table sets forth the RSU activity under the 2022 Equity Plan for the three months ended March 31, 2024.
| | | | | | |
|---|---|---|---|---|---|
| · · · · Weighted-Average | |||||
| · · · · Fair Value at | |||||
| · · Units · · Grant Date | |||||
| Outstanding at December 31, 2023 | | 1,989,782 | | $11.51 | |
| Granted | | 1,276,276 | | | 9.60 |
| Forfeited | | (17,563) | | | 11.63 |
| Vested | | (348,895) | | | 11.93 |
| Outstanding at March 31, 2024 | | 2,899,600 | | $10.62 | |
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