The Company’s 2023 Omnibus incentive share-based compensation awards to the Company’s employees, officers, directors, are all equity-classified instruments. Stock options have service vesting conditions of one year. Compensation expenses are based on the grant-date fair value of the awards and recognized over the requisite service period using a straight-line method for stock options and a graded vesting method for RSUs. The Company has elected to account for forfeitures of employee stock awards as they occur.

Share-based compensation is in the form of restricted stock units (RSUs). The fair value per RSU is calculated using the Black-Scholes option valuation model.


	As of September 30, 2023 (Unaudited)
Fair value per share (as of grant date)	10.83
Assumptions:
Volatility		30.82	%
Expected dividends		0.00	%
Expected term (in years)	1.5
Risk free rate		5.24	%

Stock option activity

As of
September 30,
2023
(Unaudited)

Opening unvested units

Granted

9,903,480

Exercised

Cancelled

Closing unvested units

9,903,480

Stock-based compensation expense related to RSUs granted to employees was $3,526,209 for three months ended September 30, 2023. As of September 30, 2023, the unrecognized compensation expense related to unvested RSUs was approximately $103,728,507 which is expected to be recognized over a weighted-average period of approximately 11 months.