Company: SKLZ
Filing Date: 2025-11-06
Form Type: 10-K
Source: 0001801661-25-000050
Chunk: 192

Company: Skillz Inc.
Filing Date: 2025-11-06
Form: 10-K
Item: Item 8
Chunk 192
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Exercisable at December 31, 202481,729 $10.30 4.01$30 Unvested at December 31, 2024600,000 $353.60 5.96$— 

105

TABLE OF CONTENTSSKILLZ INC.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(Amounts in tables are in thousands, unless otherwise noted)

The number of RSUs granted and outstanding does not include 0.7 million of performance based RSUs the Company issued as of December 31, 2023 as these awards are not deemed granted for accounting purposes as they are subject to the Company achieving performance targets that were not met. The performance targets in 2024 were based on Net Gaming Revenue (“NGR” or GMV less prizes and other incentives paid to players) and Adjusted EBITDA.  For 2023, the targets were based on Revenue After Engagement Marketing, and Adjusted EBITDA Margin. Additionally, the activity related to stock options and RSUs presented in the table above does not include the 2022 CFO RSUs and performance awards, the 2022 CEO RSUs and performance awards, and the 2021 CEO performance award, described below.       Equity award shares exercised/vested as presented in the above table are net of shares withheld to cover tax obligations on stock-based compensation.As of December 31, 2024, unrecognized stock-based compensation expense related to unvested stock options, RSUs and  performance-based RSUs was $26.2 million. Restricted stock generally vests over periods of one to eight years. The weighted-average period over which such compensation expense will be recognized is 1.82 years. The aggregate intrinsic value of options exercised was $9.6 thousand and $0.8 million during the years ended December 31, 2024 and 2023, respectively.No options were granted during the years ended December 31, 2024 and 2023. 2022 Former CFO Restricted Stock Unit and Performance AwardThe Company granted the Company’s former President and Chief Financial Officer (“Former CFO”) a restricted stock unit award covering shares of the Class A common stock with a grant date value equal to $15.0 million, comprised of 0.5 million restricted stock units. These grants vest 25% on the first anniversary of the Former CFO’s start date and the remainder vest in 12 substantially equal quarterly installments, in