Company: EVLVW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001628280-25-026845
Chunk: 263

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 263
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 in force during the three months ended March 31, 2025. These charges consisted of termination charges arising from severance obligations of approximately $2.0 million, extended eligibility for the vesting of certain equity awards originally scheduled to vest on or before March 1, 2025, resulting in incremental non-cash expense of $0.5 million, and other customary employee benefit payments in connection with a reduction in force of $0.2 million. All of these restructuring costs are reported within restructuring costs in our condensed consolidated statements of operations and comprehensive loss. All actions related to the reduction in force were completed by March 31, 2025, with the exception of payouts of severance obligations to certain employees who are subject to continuous payment through November 2025 under the Company's Severance And Change In Control Plan. The following table summarizes the liabilities recognized in relation to the cash obligations from reduction in force, which are included in accrued expenses and other current liabilities in our condensed consolidated balance sheets (in thousands):

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

Balance at December 31, 2024$— Charges incurred2,137 Cash payments(1,471)Balance at March 31, 2025$666 

17. Subsequent Events

Appointment of Chief Financial OfficerOn April 29, 2025, the Company appointed a new executive officer. In connection with this appointment, on May 1, 2025, the Board granted the officer (i) market-based restricted stock units with an aggregate grant date fair market value of $1,750,000, which will vest based on the achievement of certain Company stock price performance goals, as described in Note 3, Summary of Significant Accounting Policies and Estimates, and (ii) restricted stock units with an aggregate grant date fair market value of $1,750,000, which will vest based on the executive's continued service with the Company in three equal annual installments, pursuant to the Company’s 2021 Incentive Award Plan.

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Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q