STOCK INCENTIVE PLANS

12 Months Ended

Dec. 31, 2019

Employee Benefits And Share Based Compensation [Abstract]

Stock incentive Plans

NOTE 12. STOCK INCENTIVE PLANS

On August 12, 2011, Bimini Capital’s shareholders approved the 2011 Long Term Compensation Plan (the “2011 Plan”) to assist the Company in recruiting and retaining employees, directors and other service providers by enabling them to participate in the success of Bimini Capital and to associate their interest with those of the Company and its stockholders. The 2011 Plan is intended to permit the grant of stock options, stock appreciation rights (“SARs”), stock awards, performance units and other equity-based and incentive awards. The maximum aggregate number of shares of common stock that may be issued under the 2011 Plan pursuant to the exercise of options and SARs, the grant of stock awards or other equity-based awards and the settlement of incentive awards and performance units is equal to 4,000,000 shares.

Performance Units

The Compensation Committee of the Board of Directors of Bimini Capital (the “Committee”) has issued, and may in the future issue additional, Performance Units under the 2011 Plan to certain officers and employees. “Performance Units” represent the participant’s right to receive an amount, based on the value of a specified number of shares of common stock, if the terms and conditions prescribed by the Committee are satisfied.  The Committee will determine the requirements that must be satisfied before Performance Units are earned, including but not limited to any applicable performance period and performance goals.  Performance goals may relate to the Company’s financial performance or the participant’s performance or such other criteria determined by the Committee, including goals stated with reference to the performance measures discussed below.  If Performance Units are earned, they will be settled in cash, shares of common stock or a combination thereof.

The following table presents the activity related to Performance Units during the years ended December 31, 2019 and December 31, 2018:

	2019			2018
			Weighted-			Weighted-
			Average			Average
			Grant-Date			Grant-Date
	Shares		Fair Value	Shares		Fair Value
Nonvested, at January 1	-	$	-	41,000	$	0.84
Vested during the period	-		-	(35,000)		0.84
Forfeited during the period	-		-	(6,000)		0.84
Nonvested, at December 31	-	$	-	-	$	-