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Stock Incentive Plan
 3 Months Ended
Sep. 30, 2025
Stock Incentive Plan  
Stock Incentive Plan

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8. Stock Incentive Plan

Restricted Stock Units

On August 1, 2025, the Company, granted 113,847 time-based restricted stock units (“RSUs”) with a grant date fair value of $25.19 to certain senior-level employees pursuant to the Company’s Incentive Plan. Each RSU represents the right to receive a share of our common stock upon vesting. These RSUs vest in three equal annual amounts on each anniversary of August 1, 2025, subject to continued employment through the applicable vesting date.

In fiscal 2024, our Board of Directors approved grants of 600,000 RSUs to certain officers of the Company, pursuant to the Company’s Incentive Plan and the RSU award agreements. Certain of these RSUs are subject to time-based vesting and certain RSUs are subject to performance-based vesting contingent upon the achievement of certain stock price targets.

The fair value of time-based RSUs is equal to the closing market price of the underlying common stock on the grant date, less the present value of expected dividends over the vesting period. A Monte Carlo simulation model was used to determine the grant date fair value of the performance-based RSUs. We recognize stock-based compensation expense for the RSUs on a straight-line basis over the vesting periods.

Stock-based compensation expense related to the RSUs was $339 and $179 for the three months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, there was $4,601 of unrecognized compensation expense related to the RSUs, which will be recognized over a weighted average period of 2.9 years. As of September 30, 2025, 683,847 RSUs with a weighted average grant date fair value of $8.52 remain unvested.