Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 130

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 130
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, 20242,647,970April 5, 202460,000July 31, 202476,600December 9, 202483,000Restricted stock unit grants issued prior to 2020 vest at the rate of 20% each year over five years beginning one year from the date granted. Restricted stock unit grants issued during 2020 and in following years vest at a rate of 33% each year over three years beginning one year from the date granted for all employees. Restricted stock unit awards granted to members of the Board generally vest on the first anniversary of the grant date. 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.

F-33

A summary of the status of restricted stock unit grants and changes during the years ended December 31, 2024, 2023 and 2022 is as follows:202420232022Restricted Stock UnitsWeighted-Average GrantDate Fair ValueRestricted Stock UnitsWeighted-Average GrantDate Fair ValueRestricted Stock UnitsWeighted-Average GrantDate Fair ValueOutstanding at beginning of year3,148,226$2.40 2,623,790$2.29 2,572,596$1.75 Granted2,867,5701.34 2,270,8422.22 1,393,2732.83 Forfeited or rescinded(510,351)1.61 (66,174)2.22 (31,185)2.83 Vested(1,688,317)2.43 (1,680,232)1.99 (1,310,894)1.79 Outstanding at end of year3,817,128$1.70 3,148,226$2.40 2,623,790$2.29 As of December 31, 2024, the Company had $2,247,371 of unrecognized compensation cost related to restricted stock unit grants that will be recognized over a weighted average period of 1.76 years.During 2024, 2023, and 2022, 1,688,317, 1,680,232, and 1,