Global Medical REIT Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

During the year ended December 31, 2022, pursuant to the recommendation of the Compensation Committee of the Board (the “Compensation Committee”), the Board approved the following LTIP Unit activity:


		Number of
Date	Description	Units Issued	Vesting Dates

March 4, 2022	Final awards under the 2019 Long-Term Incentive Plan	163	50% on March 4, 2022; and
			50% on March 4, 2023

February 24, 2022	Final awards under the 2021 Annual Incentive Plan	91	50% on February 24, 2022; and
			50% on February 24, 2023

February 24, 2022	Time-based awards under the 2022 Long-Term Incentive Plan	75	100% on February 24, 2025

May 11, 2022	Annual awards to independent directors	32	100% on May 11, 2023

Schedule of time-based vesting LTIP unit activity

During the year ended December 31, 2022, there were five vested LTIP Units redeemed for the Company’s common stock. A detail of the Company’s outstanding time-based LTIP Units as of December 31, 2022 is as follows:


Vested units		1,991
Unvested units		548
LTIP Units outstanding as of December 31, 2022		2,539

Schedule of the annual awards and long-term awards

During the year ended December 31, 2022, six performance-based LTIP awards collectively under the 2021 and 2022 programs were forfeited. A detail of the Company’s Long-Term Awards under the 2020 and 2021 programs, and the Annual Awards and Long-Term Awards under the 2022 program as of December 31, 2022 is as follows:


2020 Long-Term Awards		68
2021 Long-Term Awards		73
2022 Annual Awards ⁽¹⁾		86
2022 Long-Term Awards ⁽²⁾		104
Total target performance awards as of December 31, 2022		331

(1)

Approved by the Board on February 24, 2022. The number of target LTIP Units was based on the average closing price of the Company’s common stock reported on the New York Stock Exchange (“NYSE”) over the 15 trading days preceding the grant date.

⁽²⁾

Approved by the Board on February 24, 2022. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant.

Schedule of of the assumptions for the long-term awards using Monte Carlo simulations

Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations:


	2022 Long-Term			2021 Long-Term			2020 Long-Term
	Awards			Awards			Awards

Fair value	$	16.39		$	14.86		$	13.47
Target awards		106			76			70
Volatility		41.65	%		42.37	%		28.75	%
Risk-free rate		1.72	%		0.26	%		0.72	%
Dividend assumption		reinvested			reinvested			reinvested
Expected term in years		3			3			3