The PitchBook incentive plan, which we adopted in connection with the acquisition of PitchBook for the 2017-2019 fiscal year period, was renewed at the end of 2019 for the 2020-2022 fiscal year period. Under that plan, which applies to certain PitchBook employees, awards are tied to financial targets in each year of the plan period, with higher target incentives in the third year of the plan. Each grant consists of performance-based share unit awards measured primarily on the achievement of certain revenue targets specifically related to PitchBook’s business. Under the plan, awards with an aggregate value of $30.0 million were available for issuance, with annual grants of $7.5 million in 2020 and 2021 and $15.0 million in 2022.

Based on the increase in the available awards and expected outperformance relative to targets in 2022, PitchBook employees participating in the plan will receive a significant increase this year relative to 2020 and 2021. That equated to a $17.0 million increase in related stock-based compensation in the first three quarters of 2022, a pattern that will continue in the fourth quarter.