Company: CXAI
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001829126-25-002438
Chunk: 299

Company: CXApp Inc.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 1A
Chunk 299
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 the awards granted during the period was determined to be $0.78 per option on the grant date. The fair value of the common stock as of the grant date utilized in the Black-Scholes option valuation model was $1.21 per share.

In June 2024, the Company received a notice for a net exercise of 70,350 options to purchase shares of common stock resulting in the issuance of 12,570 shares of the Company’s Class A Common Stock with par value $0.0001 per share. In accordance with the terms of the Incentive Plan, 51,012 shares were withheld by the Company to cover the exercise price, and 6,768 shares were withheld in satisfaction of the taxes required to be paid in connection with the exercise.

On August 26, 2024, the Board approved the award of 230,000 options to purchase common stock pursuant to the 2023 Equity Incentive Plan to Joy Mbanugo, the Chief Financial Officer of the Company. The option has an exercise price of $2.40 per share. The options expire on August 26, 2034. The stock options were valued using the Black-Scholes option valuation model and the fair value of the awards granted was determined to be $1.49 per option on the grant date. The fair value of the common stock as of the grant date utilized in the Black-Scholes option valuation model was $2.40 per share.

See below for a summary of the stock options granted under the Incentive Plan:

    Schedule of stock options activity

    Number ofOptions

    Weighted-averageexerciseprice

    Weightedaverageremainingcontractualterm (years)

        Weighted-Average
        Fair Value atGrant Date

        Aggregate Intrinsic Value
        (In thousands) 

    Options outstanding at January 1, 2024

    984,900

    $
    1.53

    9.25

    $
    0.90

    Granted

    895,000

    $
    1.51

    9.25

    $
    0.96

    Exercised

    (70,350
    )
     
    $
    1.53

    $
    0.90

    $
    108

    Forfeited

    (10,000
    )
     
    $
    1.20

    Options outstanding at December