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Equity-Based Compensation
 9 Months Ended
Sep. 30, 2023
Equity-Based Compensation  
Equity-Based Compensation

Note 17. Equity-Based Compensation

During the three and nine months ended September 30, 2023, the Company granted 0.1 million and 1.3 million restricted stock units (“RSUs”), respectively, under the Westrock Coffee Company 2022 Equity Incentive Plan (the “2022 Equity Plan”). The RSUs had a grant date fair value of $1.0 million and $15.0 million, respectively, which was calculated using the closing price of the Common Shares on the applicable date of grant. The RSUs are amortized on a straight-line basis to expense over the vesting period, which is generally three years. As of September 30, 2023, there were 2.3 million shares available for future issuance under the 2022 Equity Plan.

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The following table sets forth the RSU activity under the 2022 Equity Plan for the nine months ended September 30, 2023.

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Average Fair

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Units

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Market Value

Outstanding at December 31, 2022

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1,127,000

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$

11.49

Granted

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1,266,935

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11.82

Forfeited

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(79,052)

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11.64

Vested

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(404,371)

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11.51

Outstanding at September 30, 2023

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1,910,512

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$

11.70

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