| SHARE-BASED COMPENSATION RESERVE |
SHARE-BASED COMPENSATION RESERVE As at June 30, 2026 and December 31, 2025, the Company had the following share options and restricted share units (“RSUs”) outstanding under the Amended and Restated 2020 Stock Incentive Plan (as defined in Note 14) and Founders’ Awards outstanding:
| | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | | | | | Share options | | 1,317,536 | | | 1,137,079 | | | RSUs | | 2,602,934 | | | 927,840 | | | Total grants outstanding under Amended and Restated 2020 Stock Incentive Plan | | 3,920,470 | | | 2,064,919 | | | Founders' Awards granted in 2021 | | 4,056,770 | | | 4,056,770 | | | Total grants and awards outstanding | | 7,977,240 | | | 6,121,689 | |
Changes in the share-based compensation reserve are as follows: | | | | | | | | | | | | | OPTIONS, WARRANTS AND RESTRICTED SHARE UNITS | | USD thousand | | As at January 1, 2026 | 6,121,689 | | | 15,450 | | | Share options expense | — | | 598 | | | Share options granted | 204,624 | | | 29 | | | Share options forfeited | (2,917) | | | (7) | | | Share options expired | (21,250) | | (96) | | | Restricted Share Units expense | — | | 1,736 | | | Restricted Share Units granted | 2,119,194 | | | 1,288 | | Restricted Share Units vested (1) | (256,443) | | (3,105) | | | Restricted Share Units forfeited | (187,657) | | (542) | | | As of June 30, 2026 | 7,977,240 | | 15,351 | | | | | | | As at January 1, 2025 | 5,834,519 | | | 10,624 | | | Share options expense | — | | | 874 | | | Share options granted | 28,340 | | | 15 | | Share options exercised (Note 14) | (36,857) | | | (98) | | | | | | | | | | | Share options expired | (2,500) | | | (13) | | | Restricted Share Units expense | — | | | 952 | | | Restricted Share Units granted | 503,946 | | | 1,340 | | | Restricted Share Units vested | (147,183) | | | (1,366) | | | Restricted Share Units forfeited | (30,569) | | (94) | | | As of June 30, 2025 | 6,149,696 | | 12,234 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) During the six months ended June 30, 2026, 15,895 vested RSUs were used to settle employee taxes of $61.
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