Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 128

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 128
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 income for share-based awards during the years ended December 31, 2024, 2023, and 2022 is shown in the table below. These amounts are included in General and administrative expense in the Statements of Operations.

F-31

For the years ended December 31,202420232022Share-based compensation expense from:Employee stock options$— $— $— Restricted stock unit grants3,544,748 4,537,026 4,148,639 Performance stock unit awards1,961,269 4,296,399 3,013,592 Total share-based compensation$5,506,017 $8,833,425 $7,162,231 In 2011, the Board of Directors (the "Board") of the Company approved and adopted a long-term incentive plan (the “2011 Plan”), which was subsequently approved and amended by the shareholders. As of December 31, 2024, there were no shares available for future grants under the 2011 Plan.In 2021, the Board and Company shareholders approved and adopted the Ring Energy, Inc. 2021 Omnibus Incentive Plan (the “2021 Plan”). The 2021 Plan provides that the Company may grant options, stock appreciation rights, restricted shares, restricted stock units, performance-based awards, other share-based awards, other cash-based awards, or any combination of the foregoing. At the 2023 Annual Meeting, the shareholders approved an amendment to the 2021 Plan to increase the number of shares available under the 2021 Plan by 6.0 million. As of December 31, 2024, there were 5,317,129 shares available for grant under the 2021 Plan.Employee Stock Options – No stock options were granted in the years ended December 31, 2024, 2023, or 2022. All outstanding stock option awards vest at the rate of 20% each year over five years beginning one year from the date granted and expire ten years from the grant date. A summary of the status of the stock options as of December 31, 2024, 2023, and 2022 and changes during the years ended December 31, 2024, 2023, and 2022 is as follows:202420232022OptionsWeighted-AverageExercise PriceOptionsWeighted-AverageExercise PriceOptionsWeighted-AverageExercise PriceOutstanding at beginning of year70