Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 96

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 96
---
 $8.8 million. As of March 31, 2025, unrecognized stock-based compensation expense was $7.4 million for unvested stock options and is expected to be recognized over a weighted average period of 2.2 years.Restricted Stock Units (RSUs)A summary of RSU activity for the three months ended March 31, 2025 is as follows:RSUsWeighted Average Grant Date Fair Value per ShareUnvested and outstanding as of December 31, 20241,043,621$63.35 Granted1,194,11268.15 Vested(107,613)67.22 Forfeited or expired(224,852)67.82 Unvested and outstanding as of March 31, 20251,905,268$65.61 As of March 31, 2025, unrecognized stock-based compensation expense was $105.6 million for unvested RSUs and is expected to be recognized over a weighted average period of 3.4 years.CEO Performance-Based RSUOn April 17, 2024, the Company issued a performance-based RSU award to the CEO (CEO PRSU). The CEO PRSU awards a target number of RSUs to the CEO, totaling 125,216 RSUs, that become eligible to vest based on the Company’s total shareholder return (TSR) relative to the TSRs of the companies in the Russell 2000 Index during the performance period from the grant date through December 31, 2026. A percentage of the target number of RSUs, ranging from zero to 200%, will vest based on the percentile rank of the Company's TSR relative to that of the other companies in the index over the performance period. The award is subject to the CEO’s continued service to the Company, and the TSR condition is a market condition. In addition, the CEO PRSU is subject to acceleration upon a 

21

Table of ContentsIbotta, Inc.Notes to Condensed Financial Statements(unaudited)

change in control. During the three months ended March 31, 2025, we recognized $1.3 million of stock-based compensation expense related to the CEO PRSU.Employee Stock Purchase Plan (ESPP)In April 2024, the Company’s board of directors approved the 2024 ESPP, which became effective in connection with the IPO. The ESPP allows eligible employees to purchase shares of the Company’s Class A common stock at