Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 51

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 51
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 value of the award is the closing price of the Share on such date, or if there are no sales on such date, on the next preceding day on which there were sales.Effective April 2003, the Company adopted the Bowman Consulting Group Ltd. Stock Bonus Plan (“the Stock Bonus Plan”), which allowed for the awarding of shares of common stock to employees. The Stock Bonus Plan was superseded by the Bowman Consulting Group Ltd. 2021 Omnibus Equity Incentive Plan except that the Stock Bonus Plan shall remain in effect with respect to awards granted under it until such awards have been forfeited or fully vested.During the year ended December 31, 2024, no new restricted stock awards were granted under the Stock Bonus Plan.The following table summarizes the activity of restricted shares subject to forfeiture: Number ofsharesWeightedAverageGrant PriceOutstanding at January 1, 20231,837,30914.33 Granted734,04228.91 Vested(816,837)12.54 Cancelled(34,895)20.71 Outstanding at December 31, 20231,719,61918.78 Granted515,07731.28 Vested(1,080,366)19.34 Cancelled(41,177)20.41 Outstanding at December 31, 20241,113,15324.34 On November 10, 2021 the Company’s Board of Directors adopted the 2021 Executive Officers Long Term Incentive Plan (“Officers LTIP”). The Officers LTIP is established under the Company’s 2021 Omnibus Equity Incentive Plan and is subject to the terms and conditions thereof. The purpose of this plan is to attract, retain and motivate key officers and employees through the grant of equity-based awards that reward Company performance over a period greater than one year and align their interests with long-term stockholder value.During the year ended December 31, 2024, the compensation committee approved the grants of 237,421 performance based stock units to certain executive officers of the Company under the Officers LTIP. The performance based restricted stock units are subject to a market condition, with an average vesting period of 3.37 years. The number of units earned is based on total shareholder return (“TSR”) of the Company’s common stock relative to the TSR of the components of a custom peer group during the performance period from February 8, 2024 to June 30, 2028.