Company: PED
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013092
Chunk: 89

Company: PEDEVCO CORP
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 89
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,568,000 based on the market price on the grant date.  On July 7, 2025, the Company appointed John K. Howie to the Company's Board of Directors and as consideration for Mr. Howie joining the Board of Directors, the Board granted Mr. Howie 150,000 shares of restricted common stock of the Company under the Company’s 2021 Equity Incentive Plan, as amended, which shares vest on July 7, 2026, contingent to Mr. Howie’s continued service with the Company. These shares have a total fair value of $92,000, based on the market price on the grant date. On August 28, 2025, an aggregate of 540,000 restricted stock awards were granted to three board members under the Company’s 2021 Equity Incentive Plan, as amended. The grant of the 540,000 shares of restricted common stock vest as follows: 100% of 200,000 shares, 100% of 200,000 shares and 100% of 140,000 shares vesting on January 1, 2026, July 12, 2026 and September 27, 2026, respectively, contingent upon each recipient’s continued service with the Company. These shares have a total fair value of $313,000, based on the market price on the grant date. Stock-based compensation expense recorded relating to the vesting of restricted stock for the three and nine months ended September 30, 2025 and 2024, was $482,000 and $396,000 and $1,320,000 and $1,191,000, respectively. The remaining unamortized stock-based compensation expense at September 30, 2025 related to restricted stock was $1,460,400. Options On January 23, 2025, the Company granted options to purchase an aggregate of 464,000 shares of common stock to various Company employees at an exercise price of $0.85 per share under the Company’s 2021 Plan. The options have a term of five years and fully vest in November 2027, with 33.3% vesting on the 10-month anniversary of the vesting commencement date, 33.3% vesting on the 22-month anniversary date of the vesting commencement and 33.4% vesting on the 34-month anniversary date of the vesting, contingent upon the