Company: FGI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025588
Chunk: 44

Company: FGI Industries Ltd.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 none of these RSUs were vested.

22

In April 2024, the Company issued 13,333 RSUs under the 2021 Equity Plan to one of the Company’s employees. This award was subject to performance obligations through December 31, 2024. The grant date fair value for these RSUs was $20,000 based on the closing share price of $1.50 as of April 1, 2024. If the maximum performance is met, the Company will issue an additional 6,667 RSUs under these awards with a grant date fair value of $10,000. As of March 31, 2025, all RSUs were canceled and none of them were vested.In March 2025, the Company issued 690,641 RSUs under the 2021 Equity Plan to the Company’s executive officers. All these awards are subjected to performance conditions through December 31, 2027. The grant date fair value for these RSUs was $559,489 based on the closing share price of $0.81 as of March 28, 2025. If the maximum performance is met, the Company will issue an additional 345,321 RSUs under these awards with a grant date fair value of $279,745. As of March 31, 2025, none of these RSUs were vested.In March 2025, the Company issued 98,753 RSUs under the 2021 Equity Plan to the Company’s executive officers. The fair value for these RSUs was $80,000 based on the closing share price of $0.81 as of March 28, 2025. These awards will vest as to one-third of the shares on the one-year anniversary of March 31, 2025. The remaining shares will vest in a series of 24 successive equal monthly installments upon completion of each additional month of service thereafter. As of March 31, 2025, none of these granted RSUs were vested.In March 2025, the Company issued 44,438 RSUs to its independent directors under the 2021 Equity Plan as compensation award. All these awards are subjected to performance conditions through December 31, 2027. The grant date fair value for these RSUs was $36,000 based on the closing share price of $0.81 as of March 28, 2025. If the maximum performance is met, the Company will issue an additional 22,219 RSUs under these