Black Rifle Coffee Company Quarterly report pursuant to Section 13 or 15(d)

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

The following assumptions were utilized in determining the fair value of the units at the grant date:


Expected dividend			—
Expected volatility			60% to 85%
Risk-free interest rate			0.13% to 2.53%
Expected life of incentive awards (in years)			1 to 5 years
Grant date performance and market threshold			$35,000 to $1,250,000

The following weighted average assumptions were utilized in determining the fair value of options granted:


Weighted average grant date fair value			$4.52
Expected dividend			—
Expected volatility			57%
Risk-free interest rate			2.60%
Options term (in years)			4.5

The Company used the Monte Carlo pricing model to estimate the fair value of PSUs utilizing the following assumptions at the grant date:

The following table summarizes the changes in the number of Incentive Units for the three months ended March 31, 2023:


	Incentive Units	Weighted Average Grant Date Fair Value
Granted and outstanding at January 1, 2023	14,210	$	192.52


Granted	—	—
Forfeited	—	—
Granted and outstanding at March 31, 2023	14,210	$	192.52
Vested at March 31, 2023	3,323	$	211.43

The following table summarizes information about stock options activities for the three months ended March 31, 2023:


	Stock Options	Weighted Average Exercise Price
Outstanding at January 1, 2023	792,370	$	9.77
Granted	126,556	7.34
Forfeited	(22,724)	9.10

Outstanding at March 31, 2023	896,202	$	9.44
Vested at March 31, 2023	150,696	$	10.00

The following table summarizes information about the RSUs under the Omnibus Plan for the three months ended March 31, 2023:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	823,829	$	10.68
Granted	141,729	7.34
Forfeited	(37,475)	11.03
Vested	(4,562)	13.70
Nonvested at March 31, 2023	923,521	$	10.14