Company: FGI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025588
Chunk: 47

Company: FGI Industries Ltd.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 issued 106,341 share options under the 2021 Equity Plan with an exercise price per share of $1.74 and a contractual life of 10 years to the Company’s employees to incentivize their performance and continue to align their interests with the Company’s shareholders. The grant date fair value for these options was $112,423 determined using the Black-Scholes simplified method at the per option fair value of $1.06. All these options will vest as to one-third of the shares on the one-year anniversary of the grant date. The remaining options will vest in a series of 24 successive equal monthly installments upon completion of each additional month of service. As of March 31, 2025, 67,940 of these granted options were vested.In May 2023, the Company issued 11,444 share options under the 2021 Equity Plan with an exercise price per share of $1.89 and a contractual life of 10 years to the Company’s officers to incentivize their performance and continue to align their interests with the Company’s shareholders. The grant date fair value for these options was $12,800 determined using the Black-Scholes simplified method at the per option fair value of $1.12. All these options were subjected to performance conditions through December 31, 2023, which could have resulted in additional options awarded if maximum performance metrics are met. In addition to the performance criteria, the options will vest as to one-third of the shares on the one-year anniversary of the grant date. The remaining options will vest in a series of 24 successive equal monthly installments upon completion of each additional month of service. As of March 31, 2025, none of these granted options were vested.In March 2024, the Company issued 529,635 share options under the 2021 Equity Plan with an exercise price per share of $1.50 and a contractual life of 10 years to Company officers to incentivize their performance and continue to align their interests with the Company’s shareholders. The grant date fair value for these options was $447,000 determined using the Black-Scholes simplified method at the per option fair value of $0.84. All these options were subject to performance 

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conditions through December 31, 2024, which could have resulted in additional options awarded if maximum performance metrics are met. In addition to the performance criteria, the options will vest as to one-third of the shares on the one-year anniversary of the grant date