Company: SUNE
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0000022701-25-000002
Chunk: 46

Company: SUNation Energy, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 46
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75

                Weighted Average   Grant Date Shares Fair ValueOutstanding – December 31, 2022 917 $ 1,932.41Granted 545   1,040.99Vested (379)   1,486.15Forfeited (36)   1,500.00Outstanding – December 31, 2023 1,047   1,513.36Granted 168   442.50Vested (391)   1,428.57Forfeited (527)   1,065.74Outstanding – December 31, 2024 297   1,151.72 All RSUs and weighted average grant date fair value per share values have been adjusted to reflect the impact of the Reverse Stock Splits of the common stock at ratios of 1-for-50 that became effective on October 17, 2024 and 1-for-15 that became effective on June 12, 2024. See Note 1, "Nature of Operations," for further details. The grant date fair value is calculated based on the Company’s closing stock price as of the grant date.  Compensation Expense Share-based compensation expense is recognized based on the fair value of awards granted over the vesting period of the award. Share-based compensation expense recognized for 2024 and 2023 was $29,002 and $1,212,956 respectively. Unrecognized compensation expense related to outstanding RSUs was $96,694 at December 31, 2024 and is expected to be recognized over a weighted-average period of 1.2 years.  Share-based compensation expense is recorded as a part of selling, general and administrative expenses. Employee Stock Purchase Plan On December 7, 2022, the Company’s shareholders approved an Employee Stock Purchase Plan (“ESPP”), pursuant to which eligible employees are able to acquire shares of common stock at a purchase price determined by the board of directors or compensation committee prior to the start of each six-month plan phase, which price may not be less than 85% of the fair market value of the lower of the value on the first day or the last day of the phase, or the value on the last day of the phase. The ESPP is considered compensatory under current Internal Revenue Service rules. At December 31, 2024, 400 shares remained available for purchase under the ESPP.  Employee Stock Ownership Plan (ESOP) The Company has an Employee Stock Ownership Plan