Company: LIDRW
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001437749-25-004906
Chunk: 1244

Company: AEye, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1B
Chunk 1244
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 the Incentive plan, RSU’s vest depending on their vesting schedule. For newly hired employees, RSU’s generally vest 25% during the quarterly release date following the recipient’s one year anniversary of their start date. The remaining amounts generally vest quarterly over the next three years. For existing employees, these RSUs generally vest quarterly over three years. The fair value of the RSU is equal to the fair value of the Company’s common stock on the date of grant.
    
   As of  December 31, 2024, 1,761,881 RSUs were granted to certain individuals under the Incentive Plan.
    
   2022 Employee Stock Purchase Plan
    
   On  May 10, 2022, the Company's stockholders approved the 2022 Employee Stock Purchase Plan (the "ESPP"), authorizing 66,666 shares of common stock to be reserved for issuance under the ESPP. The number of shares reserved and available for issuance under the ESPP shall be cumulatively increased by the 1% of the number of shares issued and outstanding on  December 31 of the preceding calendar year for each year thereafter, or a lesser number of shares as determined by the Board of Directors. Since  January 1, 2023, the Board of Directors have authorized the addition of 117,465 shares of common stock to be added to the ESPP for issuance.
    
   The ESPP provides an offering period of 24 months, with four purchase periods that are generally six months long and end on  April 30 and  October 31 of each year. The first purchase period to the Company's employees to purchase shares under the ESPP began on  November 1, 2022. Each employee who is a participant in the ESPP  may purchase shares by authorizing contributions at a minimum of 1% up to a maximum of 10% of his or her compensation for each pay period, to a maximum of $15 per purchase period and $25 per year, which will then be used to purchase shares on the last business day of the purchase period at a price equal to 85% of the fair market value of common stock on the offering date or the exercise date whichever is less.
    
   During the years ended  December 31, 2024 and 2023, 107,336 and 64,773 shares, respectively, were purchased under the ESPP. As of