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 six month period ended March 31, 2022 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		229,000	$	14.08
Less: Forfeited		23,000	$	14.39
Outstanding at March 31, 2022		550,000	$	14.40

A summary of the Company’s restricted stock unit activity for the six month period ended March 31, 2022 is presented in the following table:


	Shares		Weighted-Avg Distribution Price per Share
Outstanding at September 30, 2021		1,299,000	$	15.14
Granted		759,000	$	14.94
Vested		394,000	$	15.48
Forfeited		103,000	$	15.02
Outstanding at March 31, 2022		1,561,000	$	15.03

During the six month period ended March 31, 2022, the Company issued 759,000 restricted stock units (“RSUs”) at a weighted average grant date fair value of $14.94 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 total approximately $10.0 over the requisite service period. During the six month period ended March 31, 2022, 394,000 RSUs vested and 103,000 RSUs were forfeited.

A summary of the Company’s stock option activity for the six month period ended March 31, 2022 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		122,000	$	17.55
Outstanding at March 31, 2022		7,677,000	$	19.05
Vested and exercisable at March 31, 2022		4,220,000	$	20.03
Expected to vest after March 31, 2022		3,457,000	$	17.86

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 six month period ended March 31, 2022, 1,000 options were exercised and 122,000 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 $4.6 and $5.3 in equity-based compensation expense for the three months ended March 31, 2022 and 2021, respectively, included in Selling, general and administrative expense in the accompanying Consolidated Statements of Operations. The Company recognized $9.3 and $10.2 in equity-based compensation expense for the six month periods ended March 31, 2022 and 2021, respectively, included in Selling, general and administrative expense in the accompanying Consolidated Statements of Operations. The resulting charges increased Additional paid in capital by the same amount for each applicable period. Total unrecognized compensation cost was $31.8 and $25.6 as of March 31, 2022 and September 30, 2021, respectively, which is expected to be recognized over a weighted average period of 1.4 and 1.2 years as of March 31, 2022 and September 30, 2021, respectively.

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.