On June 28, 2018 (and as amended and restated on March 10, 2020), in connection with the IPO, the Company’s Board of Directors adopted, and its stockholders approved, the BrightView Holdings, Inc. 2018 Omnibus Incentive Plan (the “2018 Omnibus Incentive Plan”). The 2018 Omnibus Incentive Plan provides that the total number of shares of common stock that may be issued under the plan is 18,650,000. Under the plan, the Company may grant stock options, stock appreciation rights, restricted stock, other equity-based awards and other cash-based awards to employees, directors, officers, consultants and advisors.

A summary of the Company’s restricted stock award activity for the three month period ended December 31, 2021 is presented in the following table:


	Shares		Weighted-Avg Distribution Price per Share
Outstanding at September 30, 2021		802,000	$	14.31
Granted		—		—
Less: Redeemed		224,000	$	14.07
Less: Forfeited		21,000	$	14.41
Outstanding at December 31, 2021		557,000	$	14.40

A summary of the Company’s restricted stock unit activity for the three month period ended December 31, 2021 is presented in the following table:


	Shares		Weighted-Avg Distribution Price per Share
Outstanding at September 30, 2021		1,299,000	$	15.14
Granted		714,000	$	15.04
Vested		359,000	$	15.42
Forfeited		54,000	$	15.17
Outstanding at December 31, 2021		1,600,000	$	15.03

During the three month period ended December 31, 2021, the Company issued 714,000 restricted stock units (“RSUs”) at a weighted average grant date fair value of $15.04 per share, all of which are subject to vesting. The majority of these units will vest ratably over a four-year period commencing on the grant date. Non-cash equity-based compensation expense associated with the new grants will be approximately $9.4 over the requisite service period. During the three month period ended December 31, 2021, 359,000 RSUs were vested and 54,000 RSUs were forfeited.

A summary of the Company’s stock option activity for the three month period ended December 31, 2021 is presented in the following table:


	Shares		Weighted-Avg Exercise Price per Share
Outstanding at September 30, 2021		7,017,000	$	21.55
Granted		783,000	$	15.04
Exercised		1,000	$	13.49
Forfeited		97,000	$	17.60
Outstanding at December 31, 2021		7,702,000	$	19.05
Vested and exercisable at December 31, 2021		4,234,000	$	20.01
Expected to vest after December 31, 2021		3,468,000	$	17.87

On November 18, 2021, the Company issued 783,000 stock options at a weighted average exercise price of $15.04 per share and a weighted average grant date fair value of $6.84 per share, the majority of which will vest and become exercisable ratably over a four-year period commencing on the grant date. Non-cash equity-based compensation expense associated with the grant will be approximately $4.7 over the requisite service period. During the three month period ended December 31, 2021, 1,000 options were exercised and 97,000 options were forfeited.

The Company recognizes equity-based compensation expense using the estimated fair value as of the grant date over the requisite service or performance period applicable to the grant. Estimates of future forfeitures are made at the date of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

The Company recognized $4.7 and $4.9 in equity-based compensation expense for the three months ended December 31, 2021 and 2020, respectively, included in Selling, general and administrative expense in the accompanying Consolidated Statements of Operations. The resulting charge increased Additional paid in capital by the same amount. Total unrecognized compensation cost was $ 35.1 and $40.5 for the three months ended December 31, 2021 and 2020, respectively, which is expected to be recognized over a weighted average period of 1.9 years.

The Company’s Stockholders have approved the Company’s 2018 Employee Stock Purchase Plan, (the “ESPP”). A total of 1,100,000 shares of the Company’s common stock were made available for sale under the Company’s 2018 Employee Stock Purchase Plan on October 22, 2018, of which 112,000 were issued on November 15, 2021 and 120,000 were issued on November 16, 2020. An additional portion thereof is expected to be issued in November 2022.