Company: MMI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001578732-25-000031
Chunk: 96

Company: Marcus & Millichap, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 pre-determined performance targets. At the end of each reporting period, we evaluate the probability that the PSUs will vest. Compensation expense related to PSUs is recognized over the three-year performance period, based on the grant-date fair value and the probability that the pre-determined performance targets will be achieved. Dividend equivalents granted for unvested stock awards are paid at the time the stock awards vest. Any unvested awards and dividend equivalents are forfeited upon termination as a service provider. As of March 31, 2025, there were no issued or outstanding options or SARs under the Amended Plan.During the three months ended March 31, 2025, 426,884 RSUs vested, with 133,096 shares of common stock withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the Amended Plan. Unvested RSUs will be settled through the issuance of new shares of common stock.Outstanding Awards Activity under the Amended Plan consisted of the following (dollars in thousands, except weighted average per share data): Shares Weighted-Average GrantDate Fair ValuePer ShareNonvested shares at December 31, 2024(1)1,986,007$38.74 Granted236,65337.95 Granted, with vesting subject to performance targets74,91637.95 Vested(426,884)39.85 Forfeited/canceled(9,514)36.09 Nonvested shares at March 31, 2025(1)1,861,178$38.32 (1)Nonvested RSUs will be settled through the issuance of new shares of common stock. As of March 31, 2025, the Company had unrecognized stock-based compensation relating to RSUs and RSAs of approximately $62.8 million, which is expected to be recognized over a weighted-average period of 3.1 years.Employee Stock Purchase PlanIn 2013, the Company adopted the 2013 Employee Stock Purchase Plan (the “ESPP”). The ESPP is intended to qualify under Section 423 of the Internal Revenue Code and provides for consecutive, non-overlapping six-month offering periods. The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. Qualifying employees may purchase