Company: EVLVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001805385-25-000009
Chunk: 204

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 204
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 the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the six months ended June 30, 2024. No option grants were issued during the six months ended  June 30, 2025.Six Months Ended June 30,2024Risk-free interest rate4.1%Expected term (in years)6.1Expected volatility90.0%Expected dividend yield0.0%The following table summarizes the Company’s stock option activity since December 31, 2024 (in thousands, except for share and per share data):Number ofSharesWeightedAverageExercise PriceOutstanding as of December 31, 202418,125,937$1.18 Granted— — Exercised(5,948,881)1.10 Forfeited(525,981)3.61 Expired(20,306)3.63 Outstanding as of June 30, 202511,630,769$1.11 Restricted Stock UnitsThe following table summarizes the Company's restricted stock units activity since December 31, 2024:Number ofSharesGrant Date FairValueNonvested as of December 31, 202412,115,657 $3.50 Granted7,120,531 3.53 Vested(5,113,914)3.31 Forfeited(3,539,790)3.73 Nonvested as of June 30, 202510,582,484 $3.54 

F-22

Table of ContentsEVOLV TECHNOLOGIES HOLDINGS, INC.NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

Market-based Stock UnitsDuring the six months ended June 30, 2025, the Company granted market-based stock units ("MSUs") for which the vesting conditions consist of market-based vesting conditions, determined by the Company's level of achievement of pre-established parameters relating to the performance of the Company's stock price as set by the Board as well as service-based vesting conditions. Vesting may range from 0% to 200% of the target MSUs granted, based on the achievement of specified market conditions. The awards will be measured at each anniversary of the grant date and will vest following the completion of a performance period, which is generally three years unless shortened in the event of a change in control.Compensation expense for MSUs is based on