Amount available for repurchase

[Table of Contents](#i77b271276a234b51923cb690f1158463_7)  
As of September 30, 2022, we expect to recognize $154.1 million of total unamortized compensation costs, net of estimated forfeitures, related to RSUs over a weighted average period of 2.4 years.  
Market-Performance Based Restricted Stock Units (“MSUs”)  
We grant MSUs to members of senior management. Each MSU represents the right to one share of Align’s common stock. The actual number of MSUs which will be eligible to vest will be based on the performance of Align’s stock price relative to the performance of a stock market index over the vesting period. MSUs vest over a period of three years and the maximum number eligible to vest in the future is 250% of the MSUs initially granted.   
The following table summarizes the MSU performance for the nine months ended September 30, 2022: 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Number of SharesUnderlying MSUs(in thousands) |  | Weighted Average Grant Date Fair Value |  | Weighted AverageRemainingContractual Term (in years) |  | AggregateIntrinsic Value(in thousands) |
| Unvested as of December 31, 2021 | 174  |  |  | $ | 551.57  |  |  |  |  |  |
| Granted 1 | 101  |  |  | 607.96  |  |  |  |  |  |
| Vested and released | (128) |  |  | 396.10  |  |  |  |  |  |
| Forfeited | (3) |  |  | 744.39  |  |  |  |  |  |
| Unvested as of September 30, 2022 | 144  |  |  | $ | 725.73  |  |  | 1.2 |  | $ | 29,838  |  |

1    Includes MSUs vested during the period above 100% of the grant as actual shares released is based on Align’s stock performance over the vesting period.  
As of September 30, 2022, we expect to recognize $47.7 million of total unamortized compensation costs, net of estimated forfeitures, related to MSUs over a weighted average period of 1.2 years.  
Employee Stock Purchase Plan  
As of September 30, 2022, we have 2,108,898 shares available for future issuance under our Amended and Restated 2010 Employee Stock Purchase Plan (the “2010 Purchase Plan”).  
The fair value of the option component of the 2010 Purchase Plan shares was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |  | Three Months EndedSeptember 30, |  | Nine Months EndedSeptember 30, |
|   |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
| Expected term (in years) |  | 1.5 |  | 1.2 |  | 1.5 |  | 1.1 |
| Expected volatility |  | 52.3  | % |  | 51.1  | % |  | 50.2  | % |  | 52.7  | % |
| Risk-free interest rate |  | 2.9  | % |  | 0.1  | % |  | 1.8  | % |  | 0.1  | % |
| Expected dividends |  | —  |  |  | —  |  |  | —  |  |  | —  |  |
| Weighted average fair value at grant date |  | $ | 112.84  |  |  | $ | 257.89  |  |  | $ | 159.44  |  |  | $ | 246.84  |  |

  
As of September 30, 2022, we expect to recognize $22.0 million of total unamortized compensation costs related to future employee stock purchases over a weighted average period of 1.1 years.  
Note 9. Common Stock Repurchase Program  
In May 2018, our Board of Directors authorized a plan to repurchase up to $600.0 million of our common stock (“May 2018 Repurchase Program”). As of December 31, 2021, the authorization under the May 2018 Repurchase Program was completed. In May 2021, our Board of Directors authorized a plan to repurchase up to $1.0 billion of our common stock (“May 2021 Repurchase Program”). As of September 30, 2022, we have $449.9 million available for repurchases under the May 2021 Repurchase Program.  
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