The Company's Board adopted the InvenTrust Properties Corp. 2015 Incentive Award Plan effective as of June 19, 2015 and the first amendment to such plan on May 6, 2016 (as amended, the "Incentive Award Plan"). 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.

On March 20, 2024, the Company's Board adopted the second amendment to the Incentive Award Plan (the "Amendment"), subject to approval of the Incentive Award Plan, as amended by the Amendment, by the Company's stockholders at the Company's 2024 annual meeting of stockholders to be held on May 7, 2024. If the Incentive Award Plan, as amended by the Amendment, is approved by the Company's stockholders, it will, among other things, increase the Share Limit by 2,750,000 shares to 5,750,000 shares.

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. As of March 31, 2024, 143,456 shares were available for future issuance under the Incentive Award Plan.

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
	2024	2023
Volatility	31.00%	34.00%
Risk free interest rate	4.42%	4.45%
Dividend Yield	3.40%	3.20%

The following table summarizes the Company's RSU activity during the three months ended March 31, 2024:


	Unvested Time- Based RSUs	Unvested Performance and Market-Based RSUs	Weighted-Average Grant Date Price Per Share
Outstanding as of January 1, 2024	147,592	1,024,771	$19.36
Shares granted	159,252	335,936	$19.39
Shares vested	—	(113,954)	$28.90
Unearned performance shares added back to Share Limit	—	(82,665)	$28.90
Shares forfeited	(2,190)	(17,360)	$17.41
Outstanding as of March 31, 2024	304,654	1,146,728	$18.24

On May 4, 2023, the Company established an Employee Stock Purchase Plan (the "ESPP") pursuant to which employees may purchase up to an aggregate of 3,300,000 shares of the Company's common stock, of which 3,288,272 shares remain available for future issuance as of March 31, 2024.


	Three months ended March 31
		2024		2023
Incentive Award Plan, net (a)		$	2,156	$	1,967
Employee Stock Purchase Plan (b)		35		—
Stock-based compensation expense, net		$	2,191	$	1,967

(a)As of March 31, 2024, there was $16,868 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2026.

(b)As of March 31, 2024, there was $183 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through December 2025.