Company: MMI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001578732-25-000040
Chunk: 40

Company: Marcus & Millichap, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 Any unvested awards and dividend equivalents are forfeited upon termination as a service provider. As of June 30, 2025, there were no issued or outstanding options or SARs under the Amended Plan.During the six months ended June 30, 2025, 492,238 RSUs vested, with 141,661 shares of common stock withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the Amended Plan. Unvested RSUs will be settled through the issuance of new shares of common stock.Outstanding Awards Activity under the Amended Plan consisted of the following (dollars in thousands, except weighted average per share data): Shares Weighted-Average GrantDate Fair ValuePer ShareNonvested shares at December 31, 2024(1)1,986,007$38.74 Granted272,64836.90 Granted, with vesting subject to performance targets74,91637.95 Vested(492,238)38.99 Forfeited/canceled(25,869)36.96 Nonvested shares at June 30, 2025(1)1,815,464$38.30 (1)Nonvested RSUs will be settled through the issuance of new shares of common stock. As of June 30, 2025, the Company had unrecognized stock-based compensation relating to RSUs, RSAs and PSUs of approximately $56.7 million, which is expected to be recognized over a weighted-average period of 2.9 years.Employee Stock Purchase PlanIn 2013, the Company adopted the 2013 Employee Stock Purchase Plan (the “ESPP”). The ESPP is intended to qualify under Section 423 of the Internal Revenue Code and provides for consecutive, non-overlapping six-month offering periods. The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. Qualifying employees may purchase shares of the Company stock at a discount based on the lower of the market price at the beginning or end of the offering period, subject to Internal Revenue Service (“IRS”) limitations. The Company determined that the ESPP was a compensatory plan and is required to expense the fair value of the awards over each six-month offering period.In October 2023 and February 2024, the Board