Company: REI
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001628280-25-017570
Chunk: 82

Company: RING ENERGY, INC.
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 82
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 granted                |                     |     |         2,867,570 |       |     |         2,270,842 |       |     |         1,393,273 |       |
| Performance stock units (PSUs) vested                |                     |     |           571,324 |       |     |         1,170,024 |       |     |                 — |       |
| Incremental performance stock units (PSUs) vested(1) |                     |     |           248,742 |       |     |           309,808 |       |     |                 — |       |
| Total                                                |                     |     |         3,687,636 |       |     |         3,750,674 |       |     |         1,393,273 |       |
| Weighted average number of shares outstanding        |                     |     |       197,937,683 |       |     |       190,589,143 |       |     |       121,264,175 |       |
| Burn rate                                            |                     |     |                   | 1.86% |     |                   | 1.97% |     |                   | 1.15% |

(1) The incremental performance stock units (PSUs) vested represents the additional shares that vested that were greater than the number of target shares due to the actual performance on the performance measures.

We will continue to monitor our equity use in future years to ensure our burn rate is within competitive market norms as defined by Institutional Investor Services (ISS). Our future burn rate will depend on a number of factors, including the number of participants in the 2021 Plan, the price per share, any changes to our compensation strategy, changes in business practices or industry standards, changes in our capital structure due to stock splits or similar events, the compensation practices of our competitors or changes in compensation practices in the market generally, and the methodology used to establish the equity award mix.

### EXPECTED PLAN DURATION
Based on our historic and projected future use of equity-based compensation, we estimate that the shares requested in the Plan Amendment will be sufficient to provide awards for approximately two to three years. However, the actual duration of the share reserve will depend on currently unknown factors, such as the Company’s future stock price, changes in participation, our hiring and promotion activity, future grant practices, award type mix and levels, competitive market practices, acquisitions and divestitures, and the rate of returned shares due to