How many vested units of Amerispec Inspection Services were outstanding at December 31, 2024?
Amerispec_Inspection_Services Franchise · 2025 FDDAnswer from 2025 FDD Document
hey occur resulting in a reversal of all previously recognized compensation expense for awards forfeited. There were no forfeitures of time or performance vesting Units during the period ended December 31, 2024 and 2023.
Information regarding activity under the Company's Equity Plan is summarized as follows:
| Number of Units | Number of Vested Units | Weighted Average Fair Value per Unit at Grant Date | |
|---|---|---|---|
| Units outstanding at March 31, 2023 | - | - | $ - |
| Grante |
Source: Item 23 — Receipts (FDD pages 47–172)
What This Means (2025 FDD)
According to Amerispec Inspection Services's 2025 Franchise Disclosure Document, there were two types of units outstanding: performance vesting units and time vesting units. The document states that as of December 31, 2024, there were 1,000 performance vesting units outstanding. However, the number of vested performance units is not specified; the table shows "-" for vested units. The weighted average fair value per unit at the grant date was $479.68.
Time vesting units vest over a 5-year period, with 20% vesting on each anniversary of the grant date. The FDD mentions that no compensation expense has been recorded for performance vesting units as a liquidation event was not considered probable as of December 31, 2024 and 2023. For time vesting units, Amerispec Inspection Services recognized compensation expenses of approximately $96,000 for the year ended December 31, 2024, and $51,000 for the period ended December 31, 2023.
The FDD also notes that no units shall vest after the termination of continuous service, but units vested prior to termination without cause may be purchased by Amerispec Inspection Services at fair value within a prescribed time period. There were no forfeitures of time or performance vesting units during the period ended December 31, 2024, and 2023.
In summary, while the FDD provides information on the total number of performance vesting units outstanding (1,000) and the mechanics of time vesting units, it does not specify the exact number of vested performance or time vesting units outstanding as of December 31, 2024. A prospective franchisee should seek clarification from Amerispec Inspection Services regarding the number of vested units and the specific vesting schedules applicable to these units.