Stock-Based Compensation

3 Months Ended

Mar. 29, 2025

Share-Based Payment Arrangement [Abstract]

In June 2023, the Company's stockholders approved the NV5 Global, Inc. 2023 Equity Incentive Plan (the "2023 Equity Plan"). The 2023 Equity Plan provides directors, executive officers, and other employees of the Company with additional incentives by allowing them to acquire ownership interest in the business and, as a result, encouraging them to contribute to the Company’s success. The Company may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other cash-based or stock-based awards. As of March 29, 2025, 6,941,463 shares of common stock are authorized, reserved, and registered for issuance under the 2023 Equity Plan. The restricted shares of common stock granted generally provide for service-based cliff vesting after two to four years following the grant date.

The following summarizes the activity of restricted stock awards during the three months ended March 29, 2025:


	Number of Unvested Restricted Shares of Common Stock and Restricted Stock Units	Weighted Average Grant Date Fair Value
December 28, 2024	3,100,945	$	25.96
Granted	399,674	$	17.85
Vested	(257,304)	$	29.50
Forfeited	(43,492)	$	25.05
March 29, 2025	3,199,823	$	24.67

Stock-based compensation expense relating to restricted stock awards during the three months ended March 29, 2025 and March 30, 2024 was $6,770 and $6,666, respectively. Stock-based compensation expense during the three months ended March 29, 2025 and March 30, 2024 includes $1,000 and $948, respectively, of expense related to the Company's liability-classified awards. The total estimated amount of the liability-classified awards for fiscal 2025 is approximately $9,158. Approximately $38,680 of deferred compensation, which is expected to be recognized over the remaining weighted average vesting period of 1.64 years, is unrecognized at March 29, 2025. The total fair value of restricted shares vested during the three months ended March 29, 2025 and March 30, 2024 was $4,537 and $2,593, respectively.

NV5 Global, Inc. 10-Q