Company: EVLVW
Filing Date: 2025-04-23
Form Type: 8-K
Source: 0001104659-25-037732
Chunk: 1

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-23
Form: 8-K
Item: Item 5.02
Chunk 1
---
 offer letter (the “ Offer Letter”), dated April 21,
2025. Under the terms of the Offer Letter, Mr. Kutsor will receive an annual base salary of $425,000 and, commencing with fiscal year
2025, a target bonus opportunity equal to 75% of his annual base salary, which will be prorated for fiscal year 2025. Pursuant to the
Offer Letter, and based on the recommendation of the Compensation Committee of the Board (the “ Committee”), the Board granted
Mr. Kutsor (i) restricted stock units with an aggregate grant date fair market value of $1,750,000, which will vest based on the achievement
of certain Company stock price performance goals (the “ New Hire MSUs”) and (ii) restricted stock units with an aggregate grant
date fair market value of $1,750,000, which will vest based on Mr. Kutsor’s continued service with the Company in three equal annual
installments (the “ New Hire RSUs” and, together with the New Hire MSUs, the “ Initial Equity Awards”), pursuant
to the Company’s 2021 Incentive Award Plan.

The New Hire MSUs will vest based on the achievement of certain stock
price milestones (calculated as described in the Offer Letter) during the three-year performance period commencing on the first day of
the month immediately following the calendar month of his start date (the “ Vesting Commencement Date”) and ending on the third
anniversary of the Vesting Commencement Date (the “ Performance Period”), subject to Mr. Kutsor’s continuous employment
or service through the date on which the Board or the Committee, as applicable, certifies the total number of New Hire MSUs that have
been earned. The New Hire RSUs will vest in three equal tranches on the first, second, and third anniversaries of the Vesting Commencement
Date, subject to Mr. Kutsor’s continued employment or service through each vesting date.

The Offer Letter also provides that Mr. Kutsor will be eligible to
participate in the Company’s previously disclosed standard Severance and Change in Control Plan (the “ Severance Plan”)
at Plan Tier 1. In addition to the payments and benefits that Mr. Kutsor is entitled to receive pursuant to the Severance Plan, in the
event of a “covered termination” (as defined in the Severance Plan),