Company: QLYS
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001107843-25-000031
Chunk: 155

Company: QUALYS, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 155
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 and performance-based vesting conditions. During the fourth quarter each year, the Company’s board of directors (the "Board") or the Compensation and Talent Committee ("CTC") approves the target value for the PRSUs. The target PRSUs are scheduled to vest in three equal annual installments over a three-year  period, beginning the year after approval. The performance-based vesting condition is satisfied upon the achievement of certain Company annual performance metrics, including revenue growth and adjusted EBITDA margin, which are approved annually by the Board or the CTC. Each annual installments at 200% of the annual target will be considered granted when the performance metrics for the corresponding performance year is determined and approved. The actual number of the PRSUs earned and eligible to vest ranges from 0% to 200% of the annual target, based on the weighted-average achievement of such Company annual performance metrics set for the corresponding annual performance period. Up to 100% of the first and second installment will vest and be released upon completion of the respective performance period following the certification by the Audit and Risk Committee ("ARC"), with cumulative achievement over 100%, if any, to be vested and released at the end of the third year performance period, along with the third installment, following the certification by the ARC. Under the Plan, any 

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unvested PRSU award may be accelerated in part or in full upon the occurrence of certain events, such as death or disability, or a change in control, as defined in the grant agreement.A summary of the Company’s RSU activity, inclusive of PRSU activity, during the six months ended June 30, 2025 is as follows:Outstanding RSUsWeighted Average Grant Date Fair ValuePer Share(in thousands)Balance as of December 31, 20241,086(1)$140.72 Granted268(2)$136.57 Vested(257)(3)$143.68 Forfeited(163)(4)$150.34 Balance as of June 30, 2025934(5)$137.02 Outstanding and expected to vest as of June 30, 2025724$136.57 (1)Included 161 thousand PRSUs granted to certain executive officers in 2024, 2023, 2022 and 2021.(2)Included 164 thousand PRSUs granted to certain executive officers in the six months ended June 30, 2025.(3)Included 90