Share-Based Compensation |
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| Share-based Payment Arrangement [Abstract] | 听 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Share-Based Compensation Plan for Employees
On December听29, 2021, the Company adopted the 国产福利资源在线播放 2021 Incentive Plan (the 鈥2021 Plan鈥). The 2021 Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, cash-based awards and other stock-based awards. Awards granted under the 2021 Plan are generally subject to a minimum vesting period of at least one year. Awards may be subject to cliff-vesting or graded-vesting conditions, with graded-vesting starting no earlier than one year after the grant date. The maximum aggregate number of shares of the Company鈥檚 Common Stock that may be issued under the 2021 Plan is 75,000 shares.
The following table sets forth the restricted stock activity for the year ended December 31, 2021:
Restricted stock awards were granted December听29, 2021 with 1,993 shares vesting on December听29, 2022 and 1,337 shares vesting on December听29, 2023. Unvested restricted stock awards are entitled to dividends which are accrued and distributed to award recipients at the time such awards vest. For the year ended December 31, 2021, we recognized share compensation expense of less than $0.1听million. There was no share compensation expense for the year ended December 31, 2020.
On February 11, 2022, the Company granted awards totaling 3,823 restricted stock units (鈥淩SUs鈥) to certain employees. The grant date fair value was $1,105 per share. These time-based awards vest over three years upon the annual anniversary dates of the RSUs.
On February 11, 2022, the Company also granted performance stock units (鈥淧SUs鈥) to certain employees. Each PSU has a value equal to one share of Common Stock. The PSUs will vest three years after grant if certain performance metrics are met, as follows: 50% of the PSUs may be earned based on the Company鈥檚 relative total stockholder return (鈥淩TSR鈥) for the three year period from January 2022 to January 2025 compared to the XOP Index, and 50% of the PSUs may be earned based on the cumulative free cash flow per share over the three year vesting period.
Plan for Non-Employee Directors
On December听29, 2021, the Company adopted the 2021 Non-Employee Director and Deferred Compensation Plan (the 鈥2021 Directors Plan鈥). The maximum aggregate number of shares of Common Stock that may be issued under the 2021 Directors Plan is 10,000 shares, which may consist, in whole or in part, of authorized and unissued shares (if any), treasury shares, or shares reacquired by the Company in any manner. As of December听31, 2021, no shares had been granted under the 2021 Directors Plan. On January 1, 2022, the Company granted 680 shares of restricted stock to our directors. The shares will vest on the first anniversary of the award. The fair value as of the date of grant was $1,249 per share.
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