We grant time-based RSUs to certain employees as part of our annual employee equity compensation review program as well as to new hire employees and to non-employee members of our Board. RSUs are share awards that entitle the holder to receive freely tradable shares of our common stock upon vesting. RSUs vest over four years from the date of grant. The fair value of an RSU is equal to the closing price of our common stock on the grant date.

The following table summarizes our RSU activities and related information: