The share-based compensation awards issued under the Company’s 2023 Omnibus Incentive Plan (the "Incentive Plan") to the Company’s employees, officers and directors, are all equity-classified instruments. Restricted stock units ("RSUs") outstanding as of June 30, 2024 have service vesting conditions up to March 2027. Compensation expenses are based on the grant-date fair value of the awards and recognized over the requisite service period using a straight-line method for stock options and a graded vesting method for RSUs. The Company has elected to account for forfeitures of employee stock awards as they occur.

During the three month period ended June 30, 2024, the Company granted 215,000 RSUs under the existing omnibus Incentive Plan having vesting period till November 2026. Fair value of the granted RSUs is $3.74 per share as on grant date.

Share-based compensation is in the form of RSUs. The fair value per RSU is calculated using the Black-Scholes option valuation model.



Fair value per share (as of grant date)	$	10.83
Exercise price	$	0
Assumptions:
Volatility		30.82	%
Expected dividends		0.00	%
Expected term (in years)	1.5
Risk free rate		5.24	%

        RSU vesting schedule for year ended

        As of
June 30,
2024

March 2025

9,787,923

March 2026

71,669

March 2027

63,336


Stock option activity	As of June 30, 2024
Opening unvested units		9,707,986
Granted		215,000
Exercised		-
Cancelled		-
Closing unvested units		9,922,986

Stock-based compensation expense related to RSUs granted to employees was $26,230,989 for the period ended June 30, 2024. As of June 30, 2024, the unrecognized compensation expense related to unvested RSUs was approximately $23,407,463 which is expected to be recognized over the remaining unvested period of RSUs.