Company: SERV
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001832483-25-000010
Chunk: 16

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-06
Form: 10-K
Item: Item 11
Chunk 16
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 in accordance with FASB ASC Topic 718. The valuation methodology and assumptions used in determining such amounts are described in Note 7 of the Company’s financial statements for the year ended December 31, 2024.

(2)Amounts reflected in this column represent the grant date fair value of options to purchase common stock computed in accordance with FASB ASC Topic 718. The valuation methodology and assumptions used in determining such amounts are described in Note 7 of the Company’s financial statements for the year ended December 31, 2024.

Salaries

In fiscal year 2024, Dr. Kashani, Mr. Parang, and Mr. Read received an annual salary of $236,667, $328,333, and $168,561, respectively, to compensate them for services rendered to Serve. In fiscal year 2023, Dr. Kashani and Mr. Parang received an annual base salary of $105,738 and $238,500, respectively, to compensate them for services rendered to Serve. The salary payable to each of Dr. Kashani and Mr. Parang was intended to provide a fixed component of compensation reflecting the executive’s skill set, experience, role and responsibilities.

Equity Awards

On June 6, 2023, Dr. Kashani and Mr. Parang were each granted an option to purchase 45,182 and 11,403 shares of Serve common stock, which fully vested on the one-month anniversary of the closing of the Merger, subject to the executive’s continued employment through the vesting date. In addition, on June 6, 2023, Dr. Kashani and Mr. Parang were each granted an option to purchase 19,373 and 8,451 shares of Serve common stock, which are scheduled to vest as to 1/48th of the option shares on July 1, 2023 and monthly thereafter, subject to the executive’s continued employment through each vesting date.

On April 3, 2024, Mr. Read was awarded a restricted stock unit grant of 240,000 shares of Serve common stock scheduled to vest as to 25% of the shares on April 29, 2025 and as to 1/48th of the shares monthly over the 36 month-period thereafter, subject to the executive’s continued employment through each vesting date. On June 11, 2024, Dr. Kashani and Mr. Parang 

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were each awarded a restricted