Company: FGI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025588
Chunk: 91

Company: FGI Industries Ltd.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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 date fair value of $18,000. As of March 31, 2025, none of these RSUs were vested.The following is a summary of the restricted shares granted:Restricted shares grantsSharesNon-vested as of January 1, 2024256,736 Granted426,687 Vested(64,167)Canceled(29,696)Non-vested as of December 31, 2024589,560 Granted833,832 Vested(61,979)Canceled— Non-vested as of March 31, 20251,361,413 The following is a summary of the status of restricted shares as of March 31, 2025:Outstanding Restricted SharesFair Value per shareNumberAverage RemainingAmortization Period (Years)$2.522430.04$2.0896,6350.99$2.0817,3490.99$1.50413,3541.97$0.81690,6412.99$0.8198,7533.00$0.8144,4382.991,361,413

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Share options (“Options”)In March 2022, the Company issued 98,747 share options under the 2021 Equity Plan with an exercise price per share of $3.07 and a contractual life of 10 years to the Company’s executive officers and directors to incentivize their performance and continue to align their interests with the Company’s shareholders. The grant date fair value for these options was $141,401 determined using the Black-Scholes simplified method at the per option fair value of $1.43. All these options will vest as to one-third of the options on the one-year anniversary of the grant date. The remaining options will vest in a series of 24 successive equal monthly installments upon completion of each additional month of service. As of March 31, 2025, 98,747 of these granted options were vested. In April 2022, the Company issued 97,371 share options under the 2021 Equity Plan with an exercise price per share of $2.52 and a contractual life of 10 years to the Company’s employees to incentivize their performance and continue to align their interests with the Company’s shareholders. The grant date fair value for these options was $114,972 determined using the Black-Scholes simplified method at the per option fair value of $1.18. All these options will