Stock-Based Compensation |
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| Stock-Based Compensation | Stock-Based Compensation Stock Option Awards
All of the outstanding stock option awards are fully vested. To date, there have been no stock option awards granted under the Strata Critical Medical, Inc. 2021 Omnibus Incentive Plan (f/k/a the Blade Air Mobility, Inc. 2021 Omnibus Incentive Plan) (the “Plan”).
Following is a summary of stock option activities for the nine months ended September 30, 2025:
Restricted Stock Units
During the nine months ended September 30, 2025, the Company granted an aggregate of 5,749,265 restricted stock units (“RSUs”), of which 2,382,691 were to various employees, officers, directors, consultants, and service providers and 3,366,574 were performance-based restricted stock units (“PSUs”) granted to named executive officers and key employees under the Plan (as defined above).
The RSUs have various vesting dates, ranging from vesting on the grant date to as late as four years from the date of grant.
The PSUs granted in the nine months ended September 30, 2025 are tied to multi-year financial targets. The PSUs granted in March 2025 have a three-year service period ending on December 31, 2027 and a grant-date fair value of $3.01 per share, while the PSUs granted in August 2025 have a performance period ending September 30, 2028 and a grant-date fair value of $4.37 per share. These awards vest based on the achievement of specified Adjusted EBITDA and Free Cash Flow targets, subject to the executives continued service through the applicable performance period. Each PSU represents the right to receive one share of the Company’s common stock.
Compensation expense associated with PSUs is recognized over the service period of the awards that are ultimately expected to vest when the related performance objective is met. The estimate of the number of awards expected to vest is reassessed each reporting period.
Modification of Awards in Connection With Passenger Business Sale
In connection with the sale of the Company’s Passenger business completed on August 29, 2025, all equity awards held by the former Chief Executive Officer were modified. Because the new awards relate to the disposed business and no further service is provided to the Company, the associated compensation costs were included within discontinued operations. Refer to Note 3 for additional information regarding the modification and valuation of these awards. In addition, the modification resulted in a credit of $2,873 representing the reversal of previously recognized expense on unvested awards. This credit was included in continuing operations as it relates to services provided by the former Chief Executive Officer prior to his transfer to Joby Buyer.
(1) 4,461,115 are PSUs that will vest subject to the achievement of Adjusted EBITDA and Free Cash Flow goals by the Company as discussed above. Includes 2,950,219 awards (RSUs and PSUs) held by the Company’s former Chief Executive Officer that were modified in connection with the sale of the Passenger business. The modification changed the vesting conditions but did not affect the number of awards outstanding. See Note 3 for additional information.
As of September 30, 2025, unamortized stock-based compensation costs related to restricted share arrangements was $22,256 and will be recognized over a weighted average period of 2.1 years.
Stock-Based Compensation Expense
Stock-based compensation expense for stock options and restricted stock units in the unaudited interim condensed consolidated statements of operations is summarized as follows:
(1) Includes a credit of $2,873 due to the modification of awards as described above.
(2) Total stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 include accrued expenses.
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