Annual report pursuant to Section 13 and 15(d)

Equity Incentive Plan and Unit Option Plan (Tables)

v3.23.1
Equity Incentive Plan and Unit Option Plan (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity
RSUs are subject to a one year or four year service vesting period. RSUs activity for the years ended January 1, 2022 and December 31, 2022 is as follows:
RSUs Weighted-Average Grant Date Fair Value
Outstanding at December 26, 2020 —  $ — 
Granted 275,370  11.9 
Vested —  — 
Forfeited —  — 
Outstanding at January 1, 2022 275,370  $ 11.9 
Granted 368,777  9.9 
Vested (142,132) 11.6 
Forfeited (36,951) 10.3 
Outstanding at December 31, 2022 465,064  $ 10.5 
Unvested at December 31, 2022 465,064  $ 10.5 
As of December 31, 2022, PSUs activity for the twelve months ended December 31, 2022 is as follows:
Year Ended December 31, 2022
PSUs Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2022 — 
Granted 252,923  9.5 
Vested — 
Forfeited —  — 
Outstanding at December 31, 2022
 252,923  $ 9.5 
Unvested at December 31, 2022
 252,923  $ 9.5 
Schedule of Valuation Assumptions
A summary of the assumptions used in determining the fair value of stock options is as follows

Year Ended December 31, 2022
Expected life of option (years) (1)
6.25
Risk-free interest rate (2)
2.9% - 3.01%
Expected volatility of the Company’s stock (3)
45  %
Expected dividend yield on the Company’s stock —  %
(1) Expected life is the weighted average of mid-point between vesting and expiry.
(2) The risk-free rate is based on an average of U.S. Treasury yields in effect at the time of grant corresponding with the expected term.
(3) Expected volatility is based on historical volatilities from a group of comparable entities for a time period similar to that of the expected term.
Schedule of Stock Option Activity
Stock options activity for the year ended December 31, 2022 is as follows:

Year Ended December 31, 2022
Stock Options Weighted-Average Grant Date Fair Value Weighted Average Remaining Contractual Life (in years) Intrinsic value
Outstanding at January 1, 2022 —  $ —  $ —  $ — 
Granted 736,105  4.5  9.3 0.2 
Vested —  —  —  — 
Forfeited (35,376) 4.5  —  — 
Outstanding at December 31, 2022
 700,729  $ 4.5  9.8 $ — 
Unvested at December 31, 2022
 700,729  $ 4.5  9.8 $ —