Company: EVLVW
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001628280-25-021091
Chunk: 51

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 51
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 150% funding available if maximums are met. We have not disclosed our funding targets for each metric as such targets were not set until after the conclusion of fiscal year 2024, and the disclosure of such targets prior to the completion of the performance period would cause us competitive harm. We intend to disclose such targets in next year’s proxy statement.

Changes to Long-Term Incentives:

For 2025, in response to stockholder feedback that a significant portion of our equity-based compensation program be performance-based and tied to stockholder value creation, the Compensation Committee approved granting MSUs along with RSUs for the 2025 executive compensation program. Because MSUs require meaningful stock price growth to deliver value, we believe these incentives promote stockholder value creation and align the interests of our executives with our stockholders.

#### Compensation Decision-making Process
Our Committee is responsible for assisting the Board in its oversight responsibilities related to executive compensation programs, including determining the payouts for the last completed fiscal year and setting the annual performance goals for the upcoming performance cycle for each of our executive officers including the CEO. The Compensation Committee is comprised solely of independent directors. The following timeline of key events reflects the Compensation Committee’s process in benchmarking, compensation design, compensation determinations and goal setting:

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#### Role of Compensation Consultant
The Compensation Committee has retained Frederic W. Cook & Co., Inc. (“FW Cook”) as its independent compensation consultant to provide counsel on various compensation-related matters, including peer group selection and competitive market assessment, market insights and trends in executive compensation and executive officer compensation decisions. The Compensation Committee held four meetings over the course of 2024. During 2024, FW Cook attended Committee and Board meetings, including certain executive sessions, and provided compensation advice independent of the Company’s Management. FW Cook does not engage in other work for the Company. The Compensation Committee assessed the independence of FW Cook pursuant to SEC rules and concluded that their work did not raise any conflicts of interest.

#### Peer Group
The Compensation Committee uses peer groups and compensation surveys to maintain awareness of peer pay levels and ensure market competitiveness. Peer groups are regularly evaluated with regard to size, industry, and overall makeup.

The Compensation Committee, with assistance from its independent compensation consultant, annually reviews the composition of our peer group. As part of such reviews, the Compensation Committee considers specific criteria and recommendations regarding companies to add to or remove from the peer group. The review process is consistent with best practice, where potential peers