Global Medical REIT Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023


		Number of
Date	Description	Units Issued	Vesting Dates

February 23, 2023	Final awards under the 2022 Annual Incentive Plan	68	50% on February 23, 2023; and
			50% on February 23, 2024

February 23, 2023	Time-based awards under the 2023 Long-Term Incentive Plan	165	100% on February 23, 2026

May 10, 2023	Annual awards to independent directors	45	100% on May 10, 2024

May 10, 2023	Discretionary awards	11	33.33% on May 10, 2024;
			33.33% on May 10, 2025; and
			33.33% on May 10, 2026

Schedule of time-based vesting LTIP unit activity


Vested units		2,270
Unvested units		486
LTIP Units outstanding as of September 30, 2023		2,756

Schedule of the annual awards and long-term awards

The Board has approved annual performance-based LTIP awards (“Annual Awards”) and long-term performance-based LTIP awards (“Long-Term Awards” and together with the Annual Awards, “Performance Awards”) to the executive officers and other employees of the Company. As described below, the Annual Awards have one-year performance periods and the Long-Term Awards have three-year performance periods. In addition to meeting specified performance metrics, vesting in both the Annual Awards and the Long-Term Awards is subject to service requirements.

During the nine months ended September 30, 2023, certain participants forfeited an aggregate of 16 Performance Awards. Additionally, none of the 2020 Long-Term Awards were earned. A detail of the Performance Awards under the 2021, 2022 and 2023 programs as of September 30, 2023 is as follows:


2021 Long-Term Awards		67
2022 Long-Term Awards		96
2023 Annual Awards ⁽¹⁾		151
2023 Long-Term Awards ⁽²⁾		154
Total target performance awards as of September 30, 2023		468

(1)	Approved by the Board on May 10, 2023. 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 award date.

(2)	Approved by the Board on February 23, 2023. 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:


	2023 Long-Term			2022 Long-Term			2021 Long-Term
	Awards			Awards			Awards

Fair value	$	11.67		$	16.39		$	14.86
Target awards		154			96			67
Volatility		43.54	%		41.65	%		42.37	%
Risk-free rate		4.35	%		1.72	%		0.26	%
Dividend assumption		reinvested			reinvested			reinvested
Expected term in years		3			3			3