Company: LIDRW
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001437749-25-004906
Chunk: 755

Company: AEye, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 2
Chunk 755
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 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 available for issuance under the ESPP shall be cumulatively increased by the 1% of the number of shares issued and 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, 2023, the Board of Directors have authorized the addition of 117,465 shares of common stock to be added to the ESPP for issuance.
    
   The ESPP provides an offering period of 24 months, with four purchase periods that are generally six months long and end on  April 30 and  October 31 of each year. The first