Company: RSI
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001793659-25-000111
Chunk: 27

Company: Rush Street Interactive, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 issuance of shares incremental to the initial target when the conditions were met.(2)Includes 479,552 and 279,061 of RSUs that vested during the three months ended March 31, 2025 and 2024, respectively, but the resulting shares of Class A Common Stock have not yet been issued. There were 985,588 and 530,780 RSUs that vested for which the resulting shares of Class A Common Stock were not issued as of March 31, 2025 and 2024, respectively.The aggregate fair value of the RSUs granted during the three months ended March 31, 2025 and 2024 was approximately $13.7 million and $20.9 million, respectively. The aggregate grant date fair value of RSUs vested during the three months ended March 31, 2025 and 2024 was approximately $18.1 million and $6.0 million, respectively. As of March 31, 2025, the Company had unrecognized share-based compensation expense related to RSUs of $41.8 million. The outstanding RSUs had a remaining weighted-average vesting period of 1.26 years as of March 31, 2025. The Company withheld 1,704,266 shares of its Class A Common Stock associated with the tax withholding obligations due from employees upon the vesting of equity-based awards at an average price of $13.11 and a total cost of $22.3 million during the three months ended March 31, 2025, compared to nil shares for the same period in 2024. 

F-15

Table of ContentsRUSH STREET INTERACTIVE, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Stock OptionsThe Company granted 344,391 and 630,897 stock options during the three months ended March 31, 2025 and 2024, respectively. The estimated grant date fair value of stock options was determined using a Black-Scholes valuation model using the following weighted-average assumptions:Three Months EndedMarch 31,20252024Volatility rate65.00 %68.00 %Risk-free interest rate4.10 %4.30 %Expected term(1) (in years)6.06.0Dividend yieldNoneNoneStock price at grant date$10.70$5.79Exercise price$10.70$5.79____________________________(1)