On July 3, 2019, the Company’s Board of Directors adopted, and the Company’s sole stockholder approved, the 2019 Equity Incentive Plan (the “2019 Equity Incentive Plan”), which became effective on July 17, 2019, the date of effectiveness of the Company’s initial public offering (the “IPO”) registration statement on Form S-1. As of December 31, 2023, 800,766 shares were available for issuance under the 2019 Equity Incentive Plan.

Immediately following the pricing of the IPO, the Company issued an aggregate number of restricted stock awards (“RSAs”) equal to 6,309,049 shares of the Company’s common stock to the Company’s officers, certain sales employees and an independent director of the board.

Subject to the recipient’s continued employment through the vesting date, 50% of these RSAs vested in three (3) equal installments on the third, fourth and fifth anniversaries of November 18, 2016, and 50% vested subject to the recipient’s continued employment through February 1, 2021 and the satisfaction of a performance-based vesting condition. The performance condition for these RSAs was deemed to have been satisfied in connection with the IPO. In the event that the vesting conditions were not satisfied for any portion of an award, the shares covered by such RSAs transferred automatically to the Company. On November 18, 2021, the last installment of outstanding RSAs vested.


	Number of RSAs	Weighted-average grant-date fair value
Balance at December 31, 2020	4,198,133	$	22.00
Vested	(4,195,215)	22.00
Forfeited	(2,918)	22.00
Balance at December 31, 2021	—

In connection with the IPO, the Company issued options to certain officers to acquire an aggregate of 918,981 shares of the Company’s common stock outside of the 2019 Equity Incentive Plan, with an exercise price of $22 dollars per share. Each of these options vested and became exercisable in substantially equal installments on each of the first three anniversaries of July 18, 2019, subject to the recipient’s continued employment through the vesting date and have a ten-year contractual term. On July 18, 2022, the last installment of outstanding options vested.


	Number of options	Weighted-average exercise price		Aggregate intrinsic value		Weighted-average remaining contractual term (years)
Balance at December 31, 2020	900,271	$	22.00	$	1,981	8.5
Exercised	(17,860)	22.00		67
Forfeited	(10,206)	22.00		37
Balance at December 31, 2021	872,205	22.00		3,672		5.5
Exercised	(17,010)	22.00		17
Expired	(51,602)	22.00		29
Forfeited	(20,699)	22.00		16
Balance at December 31, 2022	782,894	22.00		783		4.3
Exercised	(373,918)	22.00		1,670
Balance at December 31, 2023	408,976	22.00		3,251		5.5
Options vested and exercisable at December 31, 2023	408,976	$	22.00	$	3,251	5.5

Periodically, the Company issues restricted stock units (“RSUs”) to all officers, certain employees and independent directors of the board under the 2019 Equity Incentive Plan. Most of these RSUs are scheduled to vest in substantially equal installments on each of the first four anniversaries of their grant date.


	Number of RSUs	Weighted-average grant-date fair value
Balance at December 31, 2020	343,735	$	27.63
Granted	819,011	25.35
Vested	(106,110)	27.30
Forfeited	(33,237)	26.65
Balance at December 31, 2021	1,023,399	25.87
Granted	525,195	21.29
Vested	(284,168)	25.93
Forfeited	(82,387)	25.41
Balance at December 31, 2022	1,182,039	23.85
Granted	635,955	29.91
Vested	(383,592)	24.23
Forfeited	(163,742)	26.97
Balance at December 31, 2023	1,270,660	$	26.37

There was $27,141 of total unrecognized compensation cost related to unvested RSUs granted under the 2019 Equity Incentive Plan as of December 31, 2023. These costs are expected to be recognized over a weighted average period of 2.7 years as of December 31, 2023. The total fair value of RSUs vested was $11,493 during the year ended December 31, 2023.

Periodically, the Company issues equity-settled stock appreciation rights (“Equity-settled SARs”) to certain officers with respect to shares of the Company’s common stock under the 2019 Equity Incentive Plan. Each Equity-settled SAR has a strike price equal to the fair market value of the Company’s common stock on the date of grant and is scheduled to vest and become exercisable in substantially equal installments on each of the first four anniversaries of their grant date, subject to the recipient’s continued employment through the vesting date, and have a ten-year contractual term. Upon exercise, each of these Equity-settled SARs will be settled in shares of the Company’s common stock with a value equal to the excess, if any, of the fair market value of the Company’s common stock measured on the exercise date over the strike price.


	2023			2022			2021
Weighted-average grant date fair value of Equity-settled SARs	$	13.96		$	8.67		$	9.81
Risk free rate	3.79		%	3.05		%	0.63% - 1.04%
Expected volatility	41		%	37		%	37% - 39%
Dividend yield	—			—			—
Expected term (in years)	6.25			6.25			6.25


	Number of Equity-settled SARs	Weighted-average exercise price		Aggregate intrinsic value		Weighted-average remaining contractual term (years)
Balance at December 31, 2020	831,902	$	28.42	$	139	9.4
Granted	894,411	25.59		363
Forfeited	(38,111)	27.12		10
Expired	(4,688)	28.48		—
Balance at December 31, 2021	1,683,514	$	26.94	571		8.6
Granted	1,030,037	20.72		—
Forfeited	(85,551)	26.58		31
Expired	(31,361)	27.88		—
Balance at December 31, 2022	2,596,639	$	24.48	2,324		8.3
Granted	109,889	30.30		—
Forfeited	(410,609)	23.84		1,935
Exercised	(339,150)	25.97		661
Balance at December 31, 2023	1,956,769	$	24.68	10,336		7.5
Equity-settled SARs vested and exercisable at December 31, 2023	912,542	$	25.86	$	3,729	7.1

There was $7,308 of total unrecognized compensation cost related to unvested Equity-settled SARs granted under the 2019 Equity Incentive Plan as of December 31, 2023. These costs are expected to be recognized over a weighted-average period of 2.1 years as of December 31, 2023.

The Company issued cash-settled stock appreciation rights (“Cash-settled SARs”) to certain officers with respect to shares of the Company’s common stock under the 2019 Equity Incentive Plan. Each Cash-settled SAR has a strike price equal to the fair market value of the Company’s common stock on the date of grant and is scheduled to vest and become exercisable in substantially equal installments on each of the first four anniversaries of their grant date, subject to the recipient’s continued employment through the vesting date, and has a ten-year contractual term. Upon exercise, each of

these Cash-settled SARs will be settled in cash with a value equal to the excess, if any, of the fair market value of the Company’s common stock measured on the exercise date over the strike price.


	2023
Weighted-average grant date fair value of Cash-settled SARs	$	15.01
Risk free rate	4.57		%
Expected volatility	40		%
Dividend yield	—
Expected term (in years)	9.7
Suboptimal exercise multiple	3.0


	Number of Cash-settled SARs	Weighted-average exercise price		Aggregate intrinsic value		Weighted-average remaining contractual term (years)
Balance at December 31, 2022	—	$	—	$	—
Granted	338,907	30.30		—
Forfeited	(172,798)	30.30		—
Balance at December 31, 2023	166,109	$	30.30	—		9.4
Cash-settled SARs vested and exercisable at December 31, 2023	—	$	—	$	—	9.4

There was $2,141 of total unrecognized compensation cost related to unvested Cash-settled SARs granted under the 2019 Equity Incentive Plan as of December 31, 2023. These costs are expected to be recognized over a weighted-average period of 3.4 years as of December 31, 2023.