Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)

v3.24.0.1
SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Performance-based Non-qualified Stock Options Activity
The table below summarizes the PBNQSO activity:
Number of Options
Weighted-Average
Exercise/Conversion
Price
 Weighted-Average
Remaining Contractual
Life (years)		 Aggregate
Intrinsic Value
(in thousands)
Outstanding at December 31, 2022
 10,339,171  $ 9.75 
Granted 2,580,000  $ 7.76 
Exercised —  $ — 
Forfeited (1,675,000) $ 9.71 
Outstanding at December 31, 2023
 11,244,171  $ 9.75  8.24 $ 154 
Options vested and exercisable 245,004  $ 10.00  6.14 $ — 
Schedule of Stock Option Valuation Assumptions
The weighted-average assumptions used to fair value the PBNQSO for Post Modification 2023 Option Grants, Prior Option Grants on the modification date and Pre Modification 2023 Option Grants were as follows:
Post Modification 2023 Option Grants Prior Option Grants Pre Modification 2023 Option Grants
Dividend yield —  % —  % —  %
Risk-free interest rate
4.01% to 4.40%
 3.48  %
3.93% to 4.18%
Expected volatility
45.00% to 48.00%
 44.00  % 45.00  %
Expected life (years) 10.00
8.50 to 9.25
 6.50
Suboptimal exercise multiple
2.50
2.50
 — 
Drift rate
4.01% to 4.40%
3.51% to 3.52%
 —  %
Weighted average exercise price of options granted $ 4.82  $ 9.78  $ 8.31 
Weighted average fair value of options granted $ 2.48  $ 3.15  $ 4.24 
Schedule of Award Valuation Assumptions The key inputs into the Monte Carlo simulation model for the Variable Annual Advisory Amounts were as follows at December 31, 2023, 2022 and 2021 and at the initial measurement date:
December 31, 2023 December 31, 2022 December 31, 2021 November 9, 2021
Dividend yield —  % —  % —  % —  %
Risk-free interest rate 3.84  % 3.87  % 1.52  % 1.47  %
Expected volatility 48.10  % 43.10  % 37.50  % 35.00  %
Expected life (years) 8.00 9.00 10.00 10.15
10-day volume weighted average share price $ 4.51  $ 8.86  $ 13.63  $ 12.00