Westrock Coffee Co
For the period ended Jun 30, 2024. Filed Aug 8, 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.
Jun 30, 2024 · Filed Aug 8, 2024
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17. Equity-Based Compensation
Note 17. Equity-Based Compensation
During the three and six months ended June 30, 2024, the Company granted 0.1 million and 1.4 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 $1.0 million and $13.2 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 June 30, 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 six months ended June 30, 2024.
| | | | | | |
|---|---|---|---|---|---|
| · · · · Weighted-Average | |||||
| · · · · Fair Value at | |||||
| · · Units · · Grant Date | |||||
| Outstanding at December 31, 2023 | | 1,989,782 | | $11.51 | |
| Granted | | 1,367,139 | | | 9.66 |
| Forfeited | | (128,150) | | | 10.58 |
| Vested | | (373,293) | | | 11.93 |
| Outstanding at June 30, 2024 | | 2,855,478 | | $10.61 | |
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