Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 132

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 132
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. In July 2024, two of the aforementioned executive officers separated from the Company, forfeiting 378,378 of these PSUs. 

F-34

A summary of the status of the PSU awards and changes during the years ended December 31, 2024, 2023 and 2022 are as follows:202420232022PerformanceStock UnitsWeighted-Average Grant Date Fair ValuePerformanceStock UnitsWeighted-Average Grant Date Fair ValuePerformanceStock UnitsWeighted-Average Grant Date Fair ValueOutstanding at beginning of year2,022,378$3.11 1,720,432$3.76 860,216$3.87 Granted1,378,3782.27 1,162,1622.71 860,2163.65 Incremental performance stock units vested248,742— 309,808— —— Forfeited, cancelled or rescinded(1,186,282)2.38 —— —— Vested(571,324)2.79(1,170,024)3.66 —— Outstanding at end of year1,891,892$2.47 2,022,378$3.11 1,720,432$3.76 The Company accrues for estimated forfeitures in share-based compensation by an annual factor of  3%. For forfeited awards, in the period of occurrence, the reduction in expense is booked as an incremental reduction to share-based compensation. For non-forfeited awards, in the final period of expense, the incremental remaining expense is recognized. As of December 31, 2024, the Company had $3,088,198 of unrecognized compensation cost related to the PSU Awards that will be recognized over a weighted average period of 1.60 years. During 2024, 571,324 PSUs vested. At the dates of vesting those PSUs had an aggregate intrinsic value of $877,420.401(k) Plan - In 2019, the Company initiated a sponsored 401(k) plan that is a defined contribution plan for the benefit of all eligible employees. The plan allows eligible employees, after a three-month waiting period, to make pre-tax or after-tax contributions, not to exceed annual limits established by the federal government. The Company makes matching contributions of up to 6% of any employee’s compensation. Employees are 100% vested in the employer contribution upon receipt.The following table presents the matching