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

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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			$3.41
Expected dividend			—
Expected volatility			62%
Risk-free interest rate			3.33%
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 six months ended June 30, 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 June 30, 2023	14,210	$	192.52
Vested at June 30, 2023	4,398	$	212.38

The following table summarizes information about stock options activities for the six months ended June 30, 2023:


	Stock Options	Weighted Average Exercise Price
Outstanding at January 1, 2023	792,370	$	9.77
Granted	1,888,882	5.26
Forfeited	(72,347)	11.13

Outstanding at June 30, 2023	2,608,905	$	6.42
Vested at June 30, 2023	186,742	$	9.95

The following table summarizes information about the RSUs under the Omnibus Plan for the six months ended June 30, 2023:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	823,829	$	10.68
Granted	1,347,403	5.36
Forfeited	(101,401)	10.09
Vested	(307,642)	12.27
Nonvested at June 30, 2023	1,762,189	$	6.37