TEEKAY TANKERS LTD

All grants in 2023 were made under our 2023 Long-Term Incentive Plan (or the 2023 Plan), which was adopted in March 2023 in conjunction with the suspension of our 2007 Long-Term Incentive Plan (or the Prior Plan). We authorized the issuance of up to 600,000 additional shares of Class A common stock pursuant to the 2023 Plan, in addition to up to an aggregate maximum of 1,291,416 shares that were previously reserved for issuance under the Prior Plan and either available or subject to outstanding awards (to the extent such awards terminate without the issuance of vested and non-forfeitable shares).

During 2023, we granted (i) no options to acquire shares of Class A common stock (2022: nil; 2021: nil) and (ii) 63,699 restricted stock units (2022: 104,185; 2021: 111,067) to officers and employees of the Company and to certain employees of Teekay Corporation’s subsidiaries that provide services to us. Each option has a 10-year term and vests equally over three years from the grant date, with the exception of options granted to directors, which vest on their respective grant dates. Each restricted stock unit is equal in value to one share of our Class A common stock plus reinvested dividends, if any, from the grant date to the vesting date. Upon vesting, the value of the restricted stock unit awards is paid to each recipient in the form of shares of Class A common stock. We intend to satisfy these grants by issuing shares from authorized capital. Please read "Item 18 – Financial Statements: Note 11 – Capital Stock".