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Share-based payments
 9 Months Ended
Sep. 30, 2023
Share-based payments  
Share-based payments


During the three months ended June 30, 2023, the Company granted 364,663 restricted stock units (“RSUs”) to executives and eligible employees under the 2022 Stock Incentive Plan ("the Plan"). These RSUs had a grant date fair value of $7.41 per unit and will generally vest and settle in common stock (on a one-for-one basis) one to three years after the grant date. Awards with a one-year vesting period contain performance conditions.  


During the three months ended September 30, 2023, the Company granted 101,949 RSUs with a weighted average grant date fair value of $8.84 per unit to Board Members, executives, and eligible employees under the Plan. These RSUs will generally vest and settle in common stock (on a one-for-one basis) one to three years after the grant date. The Company also granted 191,039 RSUs with a weighted average grant date fair value of $9.60 to executives and eligible employees under the Plan. These RSUs will generally vest and settle in common stock (on a one-for-one basis) four years after the grant date and upon achieving certain future market capitalization milestones. Finally, the Company modified the service period for grants issued to certain grantees. The modification shortened the service period from three years to one year. During the three months ended September 30, 2023, the Company recognized additional share-based compensation expense of $268,850 related to the modification.


The Board of Directors determine the vesting conditions for the awards granted, subject to the conditions established in the Plan.