Company: EVLVW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001805385-25-000017
Chunk: 204

Company: Evolv Technologies Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 204
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 on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the nine months ended September 30, 2024. No option grants were issued during the nine months ended  September 30, 2025.Nine Months Ended September 30,2024Risk-free interest rate4.1%Expected term (in years)6.1Expected volatility90.0%Expected dividend yield0.0%The following table summarizes the Company’s stock option activity since December 31, 2024 (in thousands, except for share and per share data):Number ofSharesWeightedAverageExercise PriceOutstanding as of December 31, 202418,125,937$1.18 Granted— — Exercised(8,079,161)1.06 Forfeited(525,981)3.61 Expired(20,306)3.63 Outstanding as of September 30, 20259,500,489$1.15 Restricted Stock UnitsThe following table summarizes the Company's restricted stock units activity since December 31, 2024:Number ofSharesGrant Date FairValueNonvested as of December 31, 202412,115,657 $3.50 Granted8,145,704 3.89 Vested(5,313,544)3.33 Forfeited(3,929,323)3.73 Nonvested as of September 30, 202511,018,494 $3.79 Market-based Stock UnitsDuring the nine months ended September 30, 2025, the Company granted market-based stock units ("MSUs") for which the vesting conditions consist of market-based vesting conditions, determined by the Company's level of achievement of pre-established parameters relating to the performance of the Company's stock price as set by the Board as well as service-based vesting conditions. Vesting may range from 0% to 200% of the target MSUs granted, based on the 

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

achievement of specified market conditions. The awards will be measured at each anniversary of the grant date and will vest following the completion of a performance period, which is generally three years unless shortened in the event of a change in