Quarterly report pursuant to Section 13 or 15(d)

Equity and Incentive Plans

v3.7.0.1
Equity and Incentive Plans
6 Months Ended
Jun. 30, 2017
Equity and Incentive Plans [Abstract]  
EQUITY AND INCENTIVE PLANS

NOTE 12 – EQUITY AND INCENTIVE PLANS

 

Effective March 10, 2016, the Board of Directors (the “Board”) of the Company approved, authorized and adopted the 2016 Equity and Incentive Plan (the “Plan”) and certain forms of ancillary agreements to be used in connection with the issuance of stock and/or options pursuant to the Plan (the “Plan Agreements”). The Plan provides for the issuance of up to 375,000 shares of common stock, par value $.025 per share (the “Common Stock”), of the Company through the grant of nonqualified options (the “Non-qualified options”), incentive options (the “Incentive Options” and together with the Non-qualified Options, the “Options”) and restricted stock (the “Restricted Stock”) to directors, officers, consultants, attorneys, advisors and employees.

 

On March 11, 2016, the Company entered into a restricted stock agreement with Mr. Jeff Cosman, CEO, (the “Cosman Restricted Stock Agreement”), pursuant to which 212,654 shares of the Company’s common stock, subject to certain restrictions set forth in the Cosman Restricted Stock Agreement, were issued to Mr. Cosman pursuant to the Cosman Employment Agreement and the Plan.

 

The entire 212,654 shares fully cliff vested on January 1, 2017. The expense related to this award totaled $2,764,502 which was recognized ratably over the service period through December 31, 2016. Accordingly the stock based compensation related to this award for the six months ended June 30, 2017 was nil.

 

The restricted stock roll forward is as follows:

 

    Shares     Fair Value  
             
Unvested Restricted Stock balance, December 31, 2016     212,654     $ 13.00  
                 
Vested     (212,654 )   $ 13.00  
                 
Unvested, June 30, 2017     -     $ -  

 

Unrecognized compensation cost at June 30, 2017 was nil.