Annual report pursuant to Section 13 and 15(d)

INCENTIVE COMPENSATION PROGRAM (Tables)

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INCENTIVE COMPENSATION PROGRAM (Tables)
 12 Months Ended
Dec. 31, 2023
Compensation Related Costs [Abstract]  
Schedule of Nonvested Awards Non-vested 2021 LTI Awards as of December 31, 2023 during the period were as follows:
Number of Tracking Units (in thousands) Price per Tracking Unit
Balance at January 1, 2023 12,719  $ 1.68 
Granted —  $ — 
Vested (6,359) 2.13 
Forfeited (368) 1.50 
Unvested balance at December 31, 2023
 5,992  $ 0.76 
Non-vested 2022 LTI Awards as of December 31, 2023 and awards granted during the period were as follows:
Number of Tracking Units (in thousands) Price per Tracking Unit
Balance at January 1, 2023 —  — 
Granted 14,802  $ 2.10 
Vested (4,934) 1.63 
Forfeited (606) 1.46 
Unvested balance at December 31, 2023 9,262  $ 0.76 
Schedule of Recognized Compensation Expenses Related to the 2021 LTI Award and the 2022 LTI Award
The stock options that were granted to a former member of the Company’s executive management team during the year ended December 31, 2020 vest and become exercisable upon the achievement of both triggers as follows (stock options in thousands):
Service Trigger (1)
Stock Price Trigger (2)
Amount
December 15, 2021 (3)
$3.50 3,333
December 15, 2022 (4)
$4.50 3,333
December 15, 2023 (5)
$5.50 3,334
10,000
(1) Satisfied through continued employment or other service to the Company through the designated date.
(2) Satisfied upon the Company’s common stock price closing at a price per share at or equal to the designated closing price for any ten consecutive trading days.
(3) Vested during the year ended December 31, 2021.
(4) Vested during the year ended December 31, 2022.
(5) Vested during the year ended December 31, 2023.
Compensation expense (income) related to the second and third tranches of the 2021 LTI Awards and the 2022 LTI Awards are as follows (in thousands):
Year Ended December 31,
2023 2022
2022 LTI Awards $ 5,280  $ — 
2021 LTI Awards (788) 15,681