Effective as of June 19, 2015, the Company's Board adopted the InvenTrust Properties Corp. 2015 Incentive Award Plan (the "Incentive Award Plan"), under which the Company may grant cash and equity incentive awards to eligible employees, directors, and consultants. The Company is authorized to issue or transfer up to 3,000,000 shares (the "Share Limit") of the Company's common stock pursuant to awards granted under the Incentive Award Plan.

As of September 30, 2023, 536,429 shares were available for future issuance under the Incentive Award Plan. Outstanding restricted stock unit ("RSU") awards are categorized as either time-based awards, performance-based awards, or market-based awards. All awards are granted at fair value, earn dividends throughout the vesting period, and have no voting rights.

Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period. The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:


	At Grant Date
	2023	2022
Volatility	34.00%	33.89%
Risk free interest rate	4.45%	0.79	%	-	1.76%
Dividend Yield	3.20%	3.24%

The following table summarizes the Company's RSU activity during the nine months ended September 30, 2023:


	Unvested Time- Based RSUs	Unvested Performance and Market-Based RSUs	Weighted-Average Grant Date Value Per Share
Outstanding as of January 1, 2023	123,427	712,051	$	23.35
Shares granted	152,393	445,828	$	18.40
Shares vested	(30,256)	(60,042)	$	30.85
Unearned performance shares added back to Share Limit	—	(69,803)	$	31.40
Shares forfeited	(1,343)	(3,263)	$	19.51
Outstanding as of September 30, 2023	244,221	1,024,771	$	20.04

On May 4, 2023, the Company established an Employee Stock Purchase Plan (the "ESPP") through which employees may purchase up to an aggregate of 3,300,000 shares of its common stock. Shares may be purchased semi-annually at a price equal to 85% of the lesser of: (a) the closing price per share on the first day of such period, and (b) the closing price per share on the last day of such period. As of September 30, 2023, the Company has not issued any common stock under the ESPP.


	Three months ended September 30				Nine months ended September 30
	2023		2022		2023		2022
Incentive Award Plan, net (a)	$	2,307	$	1,527	$	6,576	$	3,929
Employee Share Purchase Plan (b)	34		—		34		—
Stock-based compensation expense, net	$	2,341	$	1,527	$	6,610	$	3,929

(a)As of September 30, 2023, there was $12,329 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2025.

(b)As of September 30, 2023, there was $239 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through June 2025.