Company: GROVW
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001628280-25-013839
Chunk: 230

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 8
Chunk 230
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 to 8,107,744 shares. The number of shares available shall increase annually on the first day of each calendar year continuing until (and including) calendar year December 31, 2032, with annual increases equal to lesser of (i) 5% of the number of shares of the Company’s Class A and Class B Common Stock issued and outstanding on December 31 of the immediately preceding fiscal year, and (ii) an amount determined by the board of directors.Stock option activity under the Company’s equity incentive plan is as follows (in thousands, except share and per share amounts):Options OutstandingNumber of Options Weighted–Average Exercise PriceWeighted-Average Remaining Contractual Life (years)Aggregate Intrinsic ValueBalance – December 31, 20231,894,303 $7.82 4.23$32 Exercised(6,762)1.02 Cancelled/forfeited(180,091)12.63 Balance – December 31, 20241,707,450 7.34 3.6412 Vested and expected to vest – December 31, 20241,707,450 $7.34 3.64$12 Options vested and exercisable – December 31, 20241,502,787 $5.77 3.31$12 No stock options were granted during the years ended December 31, 2024 and 2023. The total grant date fair value of stock options that vested during the years ended December 31, 2024 and 2023 was $0.1 million and $0.2 million, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2024 and 2023 was nominal. The aggregate intrinsic value is the difference between the current fair value of the underlying common stock and the exercise price for in-the-money stock options. Market-Based Stock Options In February 2021, the Company granted 203,434 stock options with market and liquidity event-related performance-based vesting criteria with an exercise price of $18.85 per share. 100% of the stock options vest upon valuation of the Company’s stock at a stated price upon occurrence of specified transactions. Fair value was determined using the probability weighted expected term method (“PWERM”), which involves the estimation of future potential outcomes as well as values and probabilities associated with each potential outcome. Two potential scenarios were used in the PWERM that utilized 1) the