Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 52

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 52
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 The performance stock units are valued using a Monte Carlo simulation with model inputs of opening average share value, valuation date stock price, expected volatilities, correlation coefficient, risk-free interest rate, and expected dividend yield for the Company and the custom peer group.

F-35

Table of Content

The following table summarizes the activity of performance stock units subject to forfeiture: Number ofsharesWeightedAverage GrantPriceOutstanding at January 1, 2024693,13916.49 Granted237,42124.43 Vested(260,842)13.81 Cancelled–– Outstanding at December 31, 2024669,71820.35 The Company recognizes forfeitures as they occur.As of December 31, 2024, the Company had 1,782,871 of unvested stock awards that vest between January 1, 2025 and June 30, 2028.For the years ended December 31, 2024, and 2023, stock compensation expense for the Stock Bonus Plan was $24.4 million and $24.7 million, respectively.The future expense of the unvested awards by year is as follows (in thousands):2025$13,688 20265,987 20272,302 2028867 2029– Total$22,844 

17. Employee Retirement Plan

The Company maintains a tax-deferred savings plan (the “Retirement Plan”) in accordance with section 401(k) of the Internal Revenue Code of 1986, as amended, which became effective January 1, 1996. In general, all full-time employees who have attained age eighteen are eligible to participate in the Retirement Plan on the first day of the month following the date of hire. Under terms of the Retirement Plan, the Company makes matching contributions to eligible employee wage deferrals into the Retirement Plan. Matching contributions are subject to a vesting period. Additionally, the Company may, at its discretion, make additional contributions to the Retirement Plan. 

For the years ended December 31, 2024 and 2023, employer contributions totaled $5.1 million and $4.1 million, respectively. 

18. Leases 

We lease certain office space, equipment and vehicles. These leases are either non-cancelable, cancellable only by the payment of penalties or cancellable upon notice provided. All lease payments are based on the lapse of time and certain leases are subject to annual escalations for increases