Effective June 7, 2021, the Company adopted the 2021 Omnibus Incentive Plan (as amended, “the 2021 Plan”) which superseded the 2015 Stock Option Plan. Pursuant to the 2021 Plan, the Board of Directors may grant up to 11,200,000 shares under share-based awards to officers, directors, employees and consultants. The 2021 Plan provides for the issuance of stock options, stock appreciation rights, performance shares, performance

units, stock, restricted stock, restricted stock units and cash incentive awards. Shares issued under share-based payment awards may either be authorized and unissued shares or shares held in treasury. The 2021 Plan was approved by the stockholders of the Company at its Annual Meeting, on February 2, 2022. The 2021 Plan will terminate on June 7, 2031.

Incentive and non-statutory stock options may be granted with exercise prices not less than 100% of the fair value of our common stock on the date of grant. Awards granted under the 2021 Plan generally expire no later than 10 years after the date of grant.

The following table provides total share-based compensation expense by award type:


	June 30,
(in thousands)	2022		2021
Stock option awards	$	2,551	$	-
Restricted stock units		4,363		-
Total share-based compensation	$	6,914	$	-

Stock-based compensation expense is included as a component of selling, general and administrative expenses in the consolidated statement of operations.

Stock options granted under the 2021 Plan are subject to market conditions. The stock options are exercisable for ten years and only become exercisable if the volume-weighted average price per share of our common stock is at least $12.50 over a 30-day consecutive trading period following the grant date. The fair value of the stock options was estimated using a Monte Carlo simulation valuation model. Stock option awards vest in four equal installments of 25%, with the first installment vesting 18 months after the vesting commencement date with respect to an additional 25% of the total stock-based award on each of the 2nd, 3rd and 4th anniversaries of the vesting commencement date, providing in each case the employee remains in continuous employment or service with the Company or an Affiliate. Compensation expense is recognized ratably over the requisite service period.

The following table presents a summary of stock option activity under the 2021 Plan:


	Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at June 30, 2020		-		$	-		-	$	-
Granted		-			-		-		-
Exercised		-			-		-		-
Forfeited or cancelled		-			-		-		-
Outstanding at June 30, 2021		-		$	-		-	$	-
Granted		3,533,627			10.50		3.22		-
Exercised		-			-		-		-
Forfeited or cancelled		(30,100	)		10.50		-		-
Outstanding at June 30, 2022		3,503,527		$	10.50		3.22	$	-

Total unrecognized compensation expense related to the stock options was $8.0 million, which is expected to be recognized over a weighted-average period of 3.2 years. No stock options were vested and exercisable as of June 30, 2022.

The weighted-average grant date fair value was $3.27. The fair value of the options was estimated at the grant date using the Monte Carlo Simulation model with the following assumptions: weighted average risk free rate 1.8%; weighted average expected term 5.5 years; weighted average expected volatility 40%; and no expected dividend yield.

Restricted stock units are subject only to service conditions and vest ratably over four years.

The following table presents a summary of restricted stock units activity for the periods presented:


	Restricted Stock Units		Weighted-Average Grant Date Fair Value
Outstanding at June 30, 2020		-	$	-
Granted		-		-
Issued		-		-
Forfeited or cancelled		-		-
Outstanding at June 30, 2021		-	$	-
Granted		1,902,068		8.14
Issued		-		-
Forfeited or cancelled		-		-
Outstanding at June 30, 2022		1,902,068	$	8.14

Total unrecognized compensation expense related to the restricted stock units was $10.1 million, which is expected to be recognized over a weighted-average period of 2.6 years. No restricted stock units were vested as of June 30, 2022.