Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 253

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 253
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— — Exercised(320,211)0.44 Forfeited(370,397)3.61 Expired— — Outstanding as of March 31, 202517,435,329$1.14 Restricted Stock UnitsThe following table summarizes the Company's restricted stock units activity since December 31, 2024:Number ofSharesGrant Date FairValueNonvested as of December 31, 202412,115,657 $3.50 Granted6,307,594 3.38 Vested(3,389,364)3.45 Forfeited(2,320,000)3.87 Nonvested as of March 31, 202512,713,887 $3.39 Market-based Stock UnitsDuring the three months ended March 31, 2025, the Company granted MSUs for which the vesting conditions consist solely of market-based vesting conditions, determined by the Company's level of achievement of pre-established parameters relating to the performance of the Company's stock price as set by the Board. Vesting may range from 0% to 

F-20

Table of ContentsEVOLV TECHNOLOGIES HOLDINGS, INC.NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

200% of the target MSUs granted, based on the achievement of specified market conditions. The awards will be measured at each anniversary of the grant date and will ultimately vest at the end of a three-year period performance period.Compensation expense for MSUs is based on the estimated value of the awards on the grant date, and is recognized over the period from the grant date through the expected vest date. The fair value of the awards were estimated based on a Monte Carlo simulation model applying the following key assumptions, on a weighted average basis:Three Months Ended March 31,2025Risk-free interest rate4.0%Expected term (in years)3.0Expected volatility91.7%Expected dividend yield0.0%The following table summarizes the Company's market-based stock units activity since December 31, 2024:Number ofSharesGrant Date FairValueNonvested as of December 31, 2024— $— Granted1,456,225 4.99 Vested— — Forfeited— — Nonvested as of March 31, 20251,456,225 $4.99