Company: LIDRW
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001437749-25-004906
Chunk: 136

Company: AEye, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 136
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 available for issuance under the ESPP shall be cumulatively increased by the 1% of the number of shares issued and outstanding on  December 31 of the preceding calendar year for each year thereafter, or a lesser number of shares as determined by the Board of Directors. Since  January 1, 2023, the Board of Directors have authorized the addition of 117,465 shares of common stock to be added to the ESPP for issuance.
    
   The ESPP provides an offering period of 24 months, with four purchase periods that are generally six months long and end on  April 30 and  October 31 of each year. The first purchase period to the Company's employees to purchase shares under the ESPP began on  November 1, 2022. Each employee who is a participant in the ESPP  may purchase shares by authorizing contributions at a minimum of 1% up to a maximum of 10% of his or her compensation for each pay period, to a maximum of $15 per purchase period and $25 per year, which will then be used to purchase shares on the last business day of the purchase period at a price equal to 85% of the fair market value of common stock on the offering date or the exercise date whichever is less.
    
   During the years ended  December 31, 2024 and 2023, 107,336 and 64,773 shares, respectively, were purchased under the ESPP. As of  December 31, 2024 and 2023, the Company has withheld $41 and $58 of contributions from its employees within accrued expenses and other current liabilities on the consolidated balance sheets.
    
   2023 CEO Inducement Grant Plan
    
   The CEO Plan became effective on  February 13, 2023 with 233,332 shares of common stock initially reserved for issuance.
    
   In connection with the appointment of the Company's CEO on  February 13, 2023, the Company granted 166,666 service-based RSUs and 66,666 market-based RSUs to the CEO. The service-based RSUs will vest over three years. The market-based RSUs would have vested quarterly over six (6) calendar quarters following the satisfaction of the market condition. The market condition would have been satisfied if the closing price of the Company's common stock, as reported by NASDAQ, met or exceeded $36.00 per share