Related Parties |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Parties [Abstract] | |
| Related Parties | 13. Related Parties
The Company has certain promissory notes outstanding with executives and directors as of March 31, 2026 and December 31, 2025. See Note 9.
On January 15, 2020, Legacy Abpro entered into an agreement for various consulting services, as defined in the agreement, with a former director of Legacy Abpro. On January 1, 2023, the Company entered into a new consulting agreement with the same director, which superseded the agreement dated in January 2020. The agreement was terminated during the year ended December 31, 2024. In the fourth quarter of 2025, the Company made a $140 payment on this claim. As of both March 31, 2026 and December 31, 2025, the unpaid amounts were $47. The outstanding balance under this agreement was fully settled in April 2026. See Note 7 for the details of the complaint from the former director.
On December 1, 2021, Legacy Abpro entered into a consulting agreement with a member of the Company’s Board of Directors. Under the agreement, Legacy Abpro is obligated to pay fees for various consulting services, as defined in the agreement. This agreement was terminated in May 2022. The Company did not incur any expenses under this agreement during the years ended December 31, 2025 and 2024. As of March 31, 2026 and December 31, 2025, the unpaid amounts were $0 and $8, respectively.
On March 13, 2023, the Company’s Former CEO, upon the approval of the Company’s Board of Directors, transferred $5,000 from the Company’s bank account at First Republic Bank to his personal bank account as an emergency response to the collapse of First Republic Bank. This amount was recorded as a receivable from related party as of March 31, 2023. The full amount of $5,000 plus accrued interest of $18 was returned to the Company on May 3, 2023, and the remaining balance of accrued interest was $3 as of March 31, 2026 and December 31, 2025.
On July 20, 2025, the Company entered into a consulting agreement with the Company’s CEO (the “CEO Consulting Agreement”). In connection with the CEO Consulting Agreement, the Company issued 16,667 RSUs, which vest in three equal installments on March 3, 2026, March 3, 2027, and March 3, 2028 and provides for an annual compensation of $300,000. The term of the CEO Consulting Agreement commenced on March 3, 2025, the date the Company’s board of directors appointed the CEO, and shall remain in full force and effect until terminated by mutual written agreement between the Company and the CEO, or by sixty days’ prior written notice by either party. Under the terms of the CEO Consulting Agreement, the Company is obligated to make the payment equal to three times the fair market value of the CEO’s equity interests in the Company, if within 12 months of a change of control event (as defined in the CEO Consulting Agreement), the CEO is involuntarily terminated without cause or resigns for good reason. The unpaid amounts owed under the CEO Consulting agreement were $0 and $175 as of March 31, 2026 and December 31, 2025, respectively. |