Quarterly report pursuant to Section 13 or 15(d)

Restricted Stock Units

v3.20.1
Restricted Stock Units
 3 Months Ended
Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Restricted Stock Units

14. RESTRICTED STOCK UNITS (RSUs)

On March 24, 2020, the Board’s Compensation Committee approved the grant of 113,506 RSUs to a new manager of the Company. These RSUs have no performance conditions and vest as follows: (i) 25% of the shares vest on February 1, 2021 and (ii) the remaining 75% vests in equal quarterly installments over a three-year period starting from February 1, 2021.

The following table sets forth the activity related to the number of outstanding RSUs for the three months ended March 31, 2020:

 

 

 

Number of

shares

 

 

Weighted-

average

grant date

fair value

(per share)

 

Non-vested as of December 31, 2019

 

 

3,336,095

 

 

$

8.25

 

Vested

 

 

(137,104

)

 

 

8.25

 

Granted

 

 

113,506

 

 

 

6.23

 

Cancelled

 

 

(132,897

)

 

 

8.25

 

Non-vested as of March 31, 2020

 

 

3,179,600

 

 

$

8.18

 

 

RSUs compensation expense for the three months ended March 31, 2020 was $6.2 million, which was recorded as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Research and development

 

$

1,312

 

 

$

—

 

Sales and marketing

 

 

1,053

 

 

 

—

 

General and administrative

 

 

3,839

 

 

 

—

 

Total

 

$

6,204

 

 

$

—

 

As of March 31, 2020, there was $19.2 million of unrecognized compensation cost related to non-vested RSUs to be recognized over a weighted-average remaining period of 1.55 years.