Company: FGMCU
Filing Date: 2025-09-18
Form Type: S-4
Source: 0001104659-25-091249
Chunk: 537

Company: FG Merger II Corp.
Filing Date: 2025-09-18
Form: S-4
Chunk 537
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 closing date of a transaction resulting in a change in control; or (2) the effective date of an IPO. The RSUs vest on the date upon which both the service-based and performance-based requirements are satisfied. If a Qualifying Transaction occurs prior to the Vesting Date, the RSUs shall fully (100%) vest effective immediately prior to and contingent upon the Qualifying Transaction. If the Grantee’s employment by the Company terminates for any reason prior to a Qualifying Transaction, such termination shall result in the immediate forfeiture and cancellation of the RSUs, which means the Grantee will not be entitled to any payment pursuant to this Agreement after the date of such termination. If the RSUs vest, the Company will deliver one share of common stock for each vested RSU on the settlement date. The unvested RSUs expire ten years from the grant date. As of December 31, 2024, the Company concluded that the event performance condition described above for the RSUs was not probable of being satisfied at such time. As a result, the Company has not recognized any compensation cost to date for any RSUs granted. In the period in which the performance-based condition is achieved, the Company will accelerate all vesting and record the stock-based compensation expense using the accelerated attribution method, based on the grant date fair value of the RSUs.

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 Number of Units | ​ 
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 ​ | ​                
 Weighted-Average 
 Grant Date       
 Fair Value       |           ​ |
|:----------------------------------------------|:--|----------------:|:--|:-----------------|------------:|
| Outstanding and unvested at December 31, 2023 |   |      60,500,072 | ​ | $                |  30,900,000 |
| RSUs Granted                                  |   |     126,500,031 | ​ | $                | 101,200,025 |
| RSUs Forfeited                                |   |      13,428,595 | ​ | $                |  10,742,876 |
| Outstanding and unvested at December 31, 2024 |   |     173,571,508 | ​ | $                | 121,357,149 |

As of December 31, 2024, all stock-based compensation expenses related to the Company’s RSUs remained unrecognized because the performance-based condition was