Stock-Based Compensation and Other Compensation Plans
|12 Months Ended|
Dec. 31, 2021
|Stock-Based Compensation and Other Compensation Plans|
|Stock-Based Compensation and Other Compensation Plans||
15.Stock-Based Compensation and Other Compensation Plans
2021 Equity Incentive Plan
In connection with the Offering, our Board of Directors adopted the 2021 Equity Incentive Plan (“2021 Plan”). The 2021 Plan allows for the grant of stock options, both incentive stock options and “non-qualified” stock options; stock appreciation rights (SARs), alone or in conjunction with other awards; restricted stock and restricted stock units (RSUs); incentive bonuses, which may be paid in cash, stock, or a combination thereof; and other stock-based awards. We refer to these collectively herein as Awards.
The 2021 Plan is administered by our compensation committee, or such other committee designated by our Board of Directors to administer the plan.
The maximum number of shares of Class A common stock that may be issued under the 2021 Plan will not exceed 5,350,000 shares (the “Share Pool”), subject to certain adjustments in the event of a change in our capitalization.
Recent Equity Awards
During the period October 26, 2021 through December 31, 2021, we made the following awards under the 2021 Plan:
As of December 31, 2021, approximately $17.0 million of compensation cost related to all of our unvested shares of restricted stock and RSUs remained to be recognized. The cost is expected to be recognized over a weighted-average period of 2.8 years. Common stock dividends are paid on unvested shares of restricted stock and RSUs. We issue new shares of our common stock when awarding restricted stock and RSUs.
For the year ended December 31, 2021, we recognized total stock-based compensation expense of approximately $1.6 million, of which $1.5 million is included in general and administrative expense and $0.1 million is included in direct operating costs.
We sponsor a Safe Harbor 401(k) Plan with a Company match of up to 4% of the employee’s salary.
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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