Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 194

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 194
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. In June 2024, the Company granted to the members of its board of directors certain share-based awards with a fixed monetary amount of $0.7 million equally allocated among six grantees (“2024 RSUs”). The number of shares issuable to each grantee under the 2024 RSUs is calculated by dividing one-fourth of the allocated fixed monetary amount by the closing price of the Company’s common stock at the end of each fiscal quarter between April 1, 2024 and March 31, 2025. The RSUs will vest on March 31, 2025, subject to the grantees’ continuous service to the Company and will be settled in common stock on various dates in 2026 and 2027. The 2024 RSUs are initially classified as a liability and reclassified to equity up to the monetary amount for which the number of shares to be issued becomes determinable. Through December 31, 2024, this determination was made for 151,728 shares based on the closing price of the Company’s common stock as of each fiscal quarter-end after the grant date. In August 2024, the Company granted various employees 140,000 RSUs that vest in four equal annual installments subject to continuous service.In December 2024, the Company granted various employees 629,500 RSUs, of which 329,500 RSUs vest in four equal installments subject to continuous service, and 300,000 RSUs vest quarterly between April 2025 and ending February 2026.

 71

GCT SEMICONDUCTOR HOLDING, INC.Notes to Consolidated Financial Statements 

RSUs outstanding under the 2024 Plan were as follows (in thousands, except per share amounts): 

        Number of RSUsOutstanding

        WeightedAverage GrantDate Fair Value

        Balance as of December 31, 2023

        2,100

        $
        1.15

        Reverse recapitalization

        (1,708
        )

        5.01

        Balances as of December 31, 2023(1)

        392

        $
        6.16

        Granted

        921

        2.77

        Vested

        (98
        )

        6.16

        Cancelled

        (1
        )

        6.16

        Balance as of December 31, 2024