Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 292

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 8
Chunk 292
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273

11. Stock-Based Compensation2011 Incentive Compensation PlanLegacy GCT’s 2011 Incentive Compensation Plan (the “2011 Plan”) permitted the grant of options, stock awards, and RSUs. In connection with the Closing of the Business Combination, the 2011 Plan was terminated, and the remaining unallocated shares reserved under the 2011 Plan were cancelled. In March 2024, each award of Legacy GCT stock options and RSUs were converted into equivalent Company stock options and RSUs with the same terms and conditions under the plan described below.2024 Employee Stock Purchase PlanIn December 2023, the Company’s board of directors adopted the 2024 Employee Stock Purchase Plan, which was subsequently approved by the Company’s stockholders in February 2024 (the “2024 ESPP”), under which eligible employees may be provided with the opportunity to periodically purchase shares of the Company’s common stock at a discount through their accumulated periodic payroll deductions. As of December 31, 2024, the Company had 600,000 shares authorized for issuance under the 2024 ESPP, and no offering periods started.2024 Incentive Compensation PlanIn March 2024, the Company adopted the 2024 Omnibus Incentive Compensation Plan (the “2024 Plan”), under which 3,983,334 shares of common stock were initially reserved for issuance. The 2024 Plan permits the grant of stock options, stock appreciation rights, stock awards, RSUs, dividend equivalent rights, cash awards, and other awards to employees and non-employees, including members of the board of directors, consultants, or advisors.

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GCT SEMICONDUCTOR HOLDING, INC.Notes to Consolidated Financial Statements 

Stock options outstanding under the 2024 Plan were as follows (in thousands, except per share amounts and years): 

        Number ofOptionsOutstanding

        WeightedAverageExercise Price

        WeightedAverageRemainingContractual Life(in Years)

        AggregateIntrinsic Value

        Balance as of December 31, 2023

        3,579

        $
        0.02

        5.5

        $
        4,045

        Reverse recapitalization

        (2,911
        )

        0.09

        —

        —

        Balance as of December 31, 2023(1)

        668

        0.11

        5.5