Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 30

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 that the Stock Bonus Plan shall remain in effect with respect to awards granted under it until such awards have been forfeited or fully vested.During the three months ended March 31, 2025, no new restricted stock awards were granted under the Stock Bonus Plan. The following table summarizes the activity of restricted shares subject to forfeiture:Number ofSharesWeightedAverageGrant PriceOutstanding at January 1, 20251,113,153$24.34 Granted46,40723.87 Vested(274,364)23.76 Cancelled(6,998)20.63 Outstanding at March 31, 2025878,198$24.51 On November 10, 2021 the Company’s Board adopted the 2021 Executive Officers Long Term Incentive Plan (the “Officers LTIP”). The Officers LTIP is established under the Plan and is subject to the terms and conditions thereof. The purpose of this plan is to attract, retain and motivate key officers and employees through the grant of equity-based awards that reward Company performance over a period greater than one year and align their interests with long-term stockholder value.During the three months ended March 31, 2025, the compensation committee approved the grants of 116,669 performance-based stock units to certain executive officers of the Company under the Officers LTIP. The performance based restricted stock units are subject to a market condition, with vesting periods ranging from 2.91 years to 4.00 years. The number of units earned is based on total shareholder return (“TSR”) of the Company’s common stock relative to the TSR of the components of a custom peer group during the performance period ranging from February 9, 2025 to June 30, 2028. The performance stock units are valued using a Monte Carlo simulation with model inputs of opening average share value, valuation date stock price, expected volatilities, correlation coefficient, risk-free interest rate, and expected dividend yield for the Company and the custom peer group.

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The following table summarizes the activity of performance stock units subject to forfeiture:Number ofSharesWeightedAverageGrant PriceOutstanding at January 1, 2024669,718$20.35 Granted116,66917.18 Vested(85,181)11.76 Cancelled(101,406)11.76 Outstanding at March 31, 2025599,800$19.73 The Company recognizes forfeitures as they occur.As of March