Equity based compensation |
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| Equity based compensation | Note 20. Equity based compensation On May 30, 2019, the Company’s shareholders approved (i) a stock option plan (the “2019 Option Plan”) and (ii) a restricted share unit plan (the “2019 RSU Plan”), which were amended and re-approved by shareholders of the Company on June 7, 2024 to, among other things, increase the rolling limit thereunder from 10% to 15% of the common shares then issued and outstanding. Following the approval of Legacy Mount Logan shareholders on August 22, 2025 and the closing of the Business Combination, on November 5, 2025, the Board approved and ratified the 2025 Omnibus Incentive Plan (the “2025 Plan”). The effective date of the 2025 Plan was September 12, 2025 and upon its effectiveness, the 2019 Option Plan and 2019 RSU Plan were terminated and no further awards will be granted under either the 2019 Option Plan or the 2019 RSU Plan. The Company awarded 722,905 RSUs with a grant date fair value of $2.1 million during the six months ended June 30, 2026, under the 2025 Plan. The Company awarded 652,135 RSUs with a grant date fair value of $1.2 million during the six months ended June 30, 2025, under the 2019 RSU Plan, which all accelerated and fully vested upon the closing of the Business Combination. For the three months ended June 30, 2026 and 2025, the Company recorded equity-based compensation expense related to RSUs awarded under the 2025 Plan and 2019 RSU Plan of less than $0.1 million and $0.3 million, respectively. For the six months ended June 30, 2026 and 2025, the Company recorded equity-based compensation expense related to RSUs awarded under the 2025 Plan and 2019 RSU Plan of less than $0.1 million and $0.7 million, respectively. As of June 30, 2026, there was $2.1 million of total unrecognized equity-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average term of 1.3 years. The Company has elected to account for forfeitures as they occur. Expense is recognized on a straight line basis over the life of the award. A summary of the status of service-vesting awards granted under the 2025 Plan for the six months ended June 30, 2026 is presented below:
There were no options or awards issued or outstanding under the 2019 Option Plan as of June 30, 2026 (December 31, 2025 – nil)
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