SHARE-BASED COMPENSATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SHARE-BASED COMPENSATION |
14. SHARE-BASED COMPENSATION
In August 2021, the Company adopted the 2021 Inducement Plan (“the Plan”). Under the 2021 Inducement Plan, the Company can grant stock options and stock awards. There are shares of common stock reserved for issuance under the Plan. As of December 31, 2021, shares remained available for future grants.
In November 2021, the Company adopted the 2021 Equity Incentive Plan (the “Incentive Plan”). Under the 2021 Incentive Plan, the Company can grant stock options and stock awards. The stockholders of the Company approved the Incentive Plan on December 30, 2021. There are shares of common stock reserved for issuance under the Incentive Plan. As of December 31, 2021, shares remained available for future grants.
Share-based awards generally vest over a period of three years, and share-based awards that lapse or are forfeited are available to be granted again. The contractual life of all share-based awards is five years. The expiration date of the outstanding share-based awards is August 2026.
The Company measures share-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the service period of the awards. Share-based compensation is allocated to employees and consultants based on their respective departments.
The Company recorded share-based compensation expense of $ in general and administrative expenses during the year ended December 31, 2021.
Amergent Hospitality Group, Inc. and Subsidiaries Notes to the Consolidated and Combined Financial Statements
The weighted average fair value of share-based awards granted during the year ended December 31, 2021 was $ . As of December 31, 2021, the unrecognized compensation cost related to outstanding share-based awards was approximately $ and is expected to be recognized as expense over a weighted-average period of approximately years.
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