Stock-Based Compensation |
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Stock-Based Compensation |
Note 7 – Stock-Based Compensation
Equity Compensation Plans
The Company maintains the 2021 Omnibus Incentive Plan (the “2021 Plan”), which has been approved by our stockholders and provides for the issuance of shares of common stock to our employees, officers, directors, consultants and advisors, subject to its terms. The 2021 Plan is administered by the Compensation Committee of our Board of Directors. Awards granted under the 2021 Plan are subject to individual award agreements that, among other things, specify the conditions for vesting, termination and forfeiture. The requisite vesting periods for time-based awards made to date range from vesting on grant date to as late as four years from the date of grant. The expiration date of the 2021 Plan, on and after
which date no awards may be granted under the 2021 Plan, is May 7, 2031 (the tenth anniversary of the effective date of the 2021 Plan); provided, however, that such expiration shall not affect awards then outstanding under the 2021 Plan, and the terms and conditions of the 2021 Plan shall continue to apply to such awards.
The maximum number of shares of our common stock that can be made available for awards under the 2021 Plan (the “Absolute Share Limit”) automatically increases on the first day of each fiscal year by the lesser of (a) 4,653,484 shares of common stock, (b) 5% of the total number of shares of common stock outstanding on the last year of the immediately preceding fiscal year and (c) a lower number of shares of common stock as determined by our Board of Directors. The Absolute Share Limit is also automatically increased by any shares of common stock underlying awards outstanding under the Fly Blade, Inc. 2015 Equity Incentive Plan (the “2015 Plan”) that, on or after the effective date of the 2021 Plan, expire or are canceled, forfeited, terminated, settled in cash or otherwise settled without issuance to the holder. Pursuant to the annual automatic increase feature of the 2021 Plan, our Board of Directors approved an increase to the Absolute Share Limit of 3,970,951 shares, effective January 1, 2025. As of January 1, 2025, these were a total of 12,371,449 shares available for issuance under the 2021 Plan.
Stock Option Awards
All of the outstanding stock options awards are fully vested. For the year ended December 31, 2024, there have been no stock option awards granted under the 2021 Plan (as defined above).
Following is a summary of stock option activities for the year ended December 31, 2024:
Restricted Stock
During the year ended December 31, 2024, the Company granted an aggregate of 8,129,630 of the Company’s RSUs to various employees, officers, directors, consultants, and service providers. The RSUs have various vesting dates, ranging from vesting on the grant date to as late as four years from the date of grant.
PSUs were granted in the first quarter of 2024 to named executive officers and key employees under the 2021 Plan, with a four-year service period ending on December 31, 2027. The PSUs will vest subject to the achievement of certain financial performance metrics by the Company. The grant date fair value of these PSUs was $3.94 per share.
(1) 4,628,569 are PSUs that will vest subject to the achievement of certain financial performance metrics by the Company as discussed above.
For the years ended December 31, 2024 and 2023, the Company recorded $19,893 and $12,501, respectively, in employee and officers restricted stock compensation expense. As of December 31, 2024, unamortized stock-based compensation costs related to restricted share arrangements was $29,673 and will be recognized over a weighted average period of 2.6 years.
Stock-Based Compensation Expense
Stock-based compensation expense for stock options and restricted stock units in the consolidated statements of operations is summarized as follows:
(1) For the year ended December 31, 2023, includes an expense of $3,022 in connection with the equity-based portion of Trinity’s contingent consideration, offset by a credit of $339 in connection with the settlement of the 2022 equity-based portion of contingent consideration related to the acquisition of Trinity.
(2) Total stock-based compensation expenses for the year ended December 31, 2024 include $102 of accrued expenses.
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