Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 319

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 319
---
 The Company valued the Retainer Shares at $9.0 per
share, the closing price of the Company’s Common Stock on November 18, 2024, adjusted for the Reverse Stock Split. The Company
previously accrued in the unpaid retainers in Accrued expenses and other current liabilities in the Company’s consolidated
balance sheets. Upon issuance of the shares of Common Stock, the accrual was reduced based on the value of the shares
issued.

On
November 18, 2024, the Board of Directors approved a one-time equity retainer in the form of 750 fully
vested shares of Common Stock (the “Board Shares”) to a member of the Board of Directors for prior services. The Company
valued the Board Shares at $9.20 per
share, the closing price of the Company’s Common Stock on November 18, 2024, adjusted for the Reverse Stock Split. The total
compensation for these shares is $75 thousand
which was immediately recognized within General and administrative expense in the consolidated statement of operations and
comprehensive income (loss). The shares of common stock were issued under the 2023 Plan.

November
18, 2024, Mr. Heilbron elected to have the $0.1 million owed to him under the Consulting Agreement paid in share of the Company’s
Common Stock. In total 8,161 shares are to be issued to Mr. Heilbron based on the closing price of the Company’s Common Stock on
November 18, 2024, $9.20 per share, adjusted for the Reverse Stock Split. As of December 31, 2024, the shares had not been issued to Mr.
Heilbron. The value of the shares are recorded as an accrued expense and other current liability on the consolidated balance sheets as
of December 31, 2024.

    F-27

Restricted
Stock

In
connection with the Merger, as discussed in Notes 1 and 2, and by Unanimous Written Consent of the Board of Directors, the then
Chief Financial Officer of the Company was granted 745 RSUs
on December 1, 2023 at a weighted average grant date fair value of $551 per unit.
The RSUs were to vest in equal annual instalments on the first three anniversaries of the closing of the Merger. Upon the then Chief
Financial Officer’s resignation, effective May 15, 2024, all such RS