Company: LIDRW
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001437749-25-004906
Chunk: 135

Company: AEye, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 135
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 three years. RSUs generally vest 25% at the end of the first year with the remaining RSUs vesting ratably over the next three years or they vest ratably over the four years. Under the 2014 Plan, the vesting period for options to purchase common stock range from immediate to four years. Under each plan, the options expire ten years from the date of grant.

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   2021 Equity Incentive Plan
    
   The Incentive Plan became effective immediately upon the closing of the business combination on  August 16, 2021 and initially reserved 514,681 shares of common stock for issuance thereunder. The Incentive Plan includes an evergreen provision that provides for an annual increase in the number of shares of common stock available for issuance thereunder beginning on  January 1, 2022 and ending on  January 1, 2032, equal to 5% of the shares of the Company’s common stock outstanding on  December 31, 2021 for the first year and by 3% of the total number of shares of common stock outstanding on  December 31 of the preceding calendar year for each year thereafter, or a lesser number of shares as determined by the Board of Directors. Since  January 1, 2022, the Board of Directors have authorized the addition of 1,143,844 shares of common stock to be added to the Incentive Plan for issuance.
    
   Under the Incentive plan, RSU’s vest depending on their vesting schedule. For newly hired employees, RSU’s generally vest 25% during the quarterly release date following the recipient’s one year anniversary of their start date. The remaining amounts generally vest quarterly over the next three years. For existing employees, these RSUs generally vest quarterly over three years. The fair value of the RSU is equal to the fair value of the Company’s common stock on the date of grant.
    
   As of  December 31, 2024, 1,761,881 RSUs were granted to certain individuals under the Incentive Plan.
    
   2022 Employee Stock Purchase Plan
    
   On  May 10, 2022, the Company's stockholders approved the 2022 Employee Stock Purchase Plan (the "ESPP"), authorizing 66,666 shares of common stock to be reserved for issuance under the ESPP. The number of shares reserved and