LGL GROUP INC

10. Stock-Based Compensation

On* December 28, 2021,the Company’s stockholders approved the2021* Incentive Plan (the "Plan"), including the authority to issue 1,000,000 shares of common stock. This Plan is the only long-term plan under which equity compensation* maybe awarded to employees, advisors and members of the Board aligning their interest with those of stockholders. A new plan was implemented rather than amending the Company’s prior plan, the Amended and Restated2011* Incentive Plan, to address certain tax law changes. As of* December 31, 2023*,955,070 shares remained available for future issuance under the Plan.

Restricted stock awards are measured at a value equal to the market price of the Company's common stock on the date of grant which is recognized over the service period of the shares . Option awards are generally granted with an exercise price either at or 10% above the market price of the Company's common stock at the date of grant, which generally have a 5-year contractual terms and vest over three years.

The following table summarizes stock-based compensation expense, which includes expenses related to awards granted under the Plan for the periods indicated:

Restricted Stock Awards

A summary of the Company's restricted stock awards for the year ended* December 31, 2023* follows:

As of* December 31, 2023*, there was $102 of total unrecognized compensation cost related to nonvested shares granted. The cost is expected to be recognized over a weighted-average period of 3 years. Total fair value of shares vested during the years ended* December 31, 2023and2022* was $34 and $313, respectively.

In* October 2022,*in connection with the Separation, the Company cancelled 52,533 unvested, restricted LGL Group shares that had been issued to MtronPTI management.