LGL GROUP INC

9. 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, 2024*,975,188 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, 2024* follows:

As of* December 31, 2024*, there was $67 of total unrecognized compensation cost related to nonvested shares granted. The cost is expected to be recognized over a weighted-average period of 2 years. Total fair value of shares vested during the years ended* December 31, 2024and2023* was $0 and $34, respectively.

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